Draw a new figure depicting the following situation: The weather is suddenly unseasonably hot and at the same time the wage of ice-cream salespeople increases. Explain your figure, and report on your new equilibrium price and quantity.

Explain the concept of changes in price and impact on changes in quantity demanded and quantity supplied. Graphically illustrate

Show the impact of the decrease in the price of chicken by shifting the demand curve on the following graph. PRICE (Dollars per pound) Demand QUANTITY (Pounds of beef) Demand The following graph shows the current market demand for coffee. Suppose that people expect the price of coffee to rise in the near future.

Silicon is an important input in the production of computer chips. If the price of silicon decreases, then we would expect the supply of computer chips to increase. computer chips to decrease. computer chips to be unaffected. ooo silicon to increase.

Suppose the price of leather used to produce shoes increases. The higher price of leather the supply of shoes and the supply curve of shoes A) decreases; shifts leftward B) decreases; shifts rightward C) increases; shifts rightward D) increases; shifts leftward E) does not change; does not shift

A.Draw a figure depicting market equilibrium in the ice-cream market. Label the figure properly. Briefly explain the figure. b. Draw a new figure depicting the following situation: The weather is suddenly unseasonably hot and at the same time the wage of ice-cream salespeople increases. Explain your figure, and report on your new equilibrium price and quantity.

How would each of the listed events affect the supply of compact cars? I. The price of steel rises. II. The production technology for car manufacturing improves. III. The price of sport utility vehicles falls.

Using a separate graph for each, show the effects of the following on the supply of autos. Use the demand and supply diagram to identify the effects of this change on the equilibrium price and quantity exchanged of autos. Decrease in the price of steel  Increase in wages of auto workers

Question:  [Mia has just found a new job with a salary that is 30% higher than her old salary.] [ Will this change in income affect her consumption habits or in other words, affect the quantity demanded of different goods? Use the appropriate economic concept and explain in 100 words or less.  [Suppose after increase in income, Mia ‘s visit to dentist increases by 15%, her frequency of dining out increases by 35%, her consumption of white rice falls by 25% than before. Using this information, categorise these goods (dentist visits, dining out, white rice) into ‘normal good’, ‘luxury good’ and/or ‘inferior good’. You must demonstrate all your calculations and explain logic behind your answer. There is no word limit as such but show the calculation and explain the logic in no more than 1-2 sentences.]    3. [Do you think change in Mia’s consumption behaviour in response to change in income represent the behaviour of a typical consumer. Why or why not? Present evidence to support your…

Consider the market supply of cereal. Complete the following table by indicating whether an event will cause a movement along the supply curve for cereal or a shift of the supply curve for cereal, holding all else constant. Event Movement Along Shift A decrease in the price of cereal       A change in technology that makes it less costly to produce cereal       A decrease in the price of oats (used in the production of cereal)