Identify what sort of effects the following listed events have. You are required to define the market under study (for example: the labour market, oil market, etc). Explain whether the event acts on the demand or supply side, and whether the event leads to a quantity or price change, or leads to a shift in demand and/or supply. Make sure to explain what sort of assumptions you are making on the elasticities of demand and supply. d) The implementation of a Carbon tax in the economy. A Carbon tax is         charged according to the level of emissions of greenhouse gases in an         economy. e) The implementation of an increase in tuition in University studies

Match the non-price determinates of supply with the change in supply. There is only 1 change in quantity supplied.

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For each of the following changes, determine whether there will be a movement along the demand/supply curve or a shift in the demand/supply curve. If there is a shift in the curve, indicate the direction of the shift. • an increase in the price of a complement in production   • a decrease in tastes of consumers for a product   • a decrease in the number of buyers in the market   • a lowering of the product price   • a worsening of business expectations   • a decrease in government subsidies to firms

the need for oil, an input into gasoline, increased one year because of a severe winter. Many homes in the northeast heat their homes with oil. 2. Why would supply and demand theory suggest that price controls (to deal with the situation described in the previous question) have negative consequences? They are politically unpopular. They cause shortages of gasoline. They shift the demand for gasoline to the right because of a change in tastes. Both b) and c) are correct. а. b. С. d.

The following five individuals have different utility functions over food (good x) and clothing (good y): 1) u₁(x, y) = 3x²y 2) u₂(x, y) = 2√x + y 3) Uz(x, y) = x0.6y0.4 4) u₁(x, y) = x² + y² 1 5) us(x, y) = x + 3y For each of these people: a) Compute their marginal utilities of good x, MUx = Ju(x,y) MU, = ду du(x,y) ax b) Check whether the property of "more is better" is satisfied for both goods? Explain. [Hint: Check whether marginal utilities are positive assuming positive amounts of good x and good y] ƏMUX əx and marginal utility of good y, c) Does the marginal utility of good x diminish, remain constant, or increase as each of the individuals buys more x? Explain. [Hint: There are 2 ways to do it: 1) visually check what happens to the expression of MUx when x increases (does it decrease, keep constant or decrease?); or 2) take the partial derivative of this marginal utility with respect to x, that is ƏMUx .aMUX ƏMUX If 0, the marginal utility of x is increasing in x] d) Does the…

QUESTION 46 46. Given that the U.S. government mandates the use of ethanol as a partial substitute for gasoline (10% by volume), and that ethanol manufactured in the U.S. is made from corn, what will happen if the government eliminates the price support for corn? a) Demand for ethanol will increase. b) Demand for ethanol will decrease. c) Supply of ethanol will increase. d) Supply of ethanol will decrease. e) Both (a) and (c)

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If the costs of producing tomatoes increase, what is the likely impact on equilibrium quantity? Group of answer choices -quantity stays the same -quantity increases -quantity decreases -I don't know.

A: Decide whether each of the following statement is TRUE or FALSE, and explain the reason for your justification and correct the false statements: A firm is adopting a new technology in the production of its good. We should expect that demand for this good will shift to the right.