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1. most people demand goods and services much less than they want. True or false? Explain your answer.
2. How might the price of wheat affect the supply of rice?
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- Explain the impact of higher corn prices on consumers. Draw a graph explaining the impact of higher corn prices on consumers. Explain which curve will shift on your graph and the change in price and quantity demanded. Explain the impact of higher corn prices on producers. Draw a graph explaining the impact of higher corn prices on producers. Explain which curve will shift on your graph and the change in price and quantity supplied.In each problem, you must explain the scenario’s effect on the market. If the quantity supplied or the quantity demanded changes, state how (increase or decrease). If one of the curves shifts, state why and the direction it shifts (left or right). You should then state the effect on price (increase or decrease). 1. Your product was declared one of "Oprah's Favorite Things." 2. You grow cotton and Eli Whetney just invented the cotton gin. 3. A hurricane is predicted to hit the rich coffee growing areas of Colombia. You sell coffee. 4. Congress just passed a tax credit for energy effiecent home improvements. You sell solar panels. 5. Soldiers comes home from WWII, get married, and need housing for their familes. You build houses.1. California is a large producer of strawberries. Oh No! There is a killer frost that kills half of the crop! (A) How has this affected supply or demand of strawberries? (B) What has happened to the price of strawberries? Please justify your answer by graphing the change in either supply or demand, as well as the change in price.
- Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity.Complete the paragraph by filling in the blanks based on what you have learned from the lesson. Choose your answer from the words below. INCREASES PRICE SCHEDULE TECHNOLOGY LESSER PREFERENCES SUBSTITUTE PRODUCT CURVE WEATHER GOVERNMENT POLICY SEASONAL PRODUCTS SURPLUS SHORTAGE I learned additional lessons in Applied Economics. This week I learned about the law of supply which states that when the increases the quantity of products that the producer is willing to sell. and the law of demand which states that the higher the the the demand. To be able to analyze the demand and supply I can use the demand and supply and the demand and supply graphical representation of the relationship of price and quantity. I also understand that aside from price, there are other factors that may affect the supply some of these are and There are also factors that may affect demand like and I can say that it is better if there is market equilibrium which means that the quantity supplied and the quantity…Carefully explain whats happening to the market for a regular cup of coffee. Indicate the impact if any on demand, supply, price and quantity: Droughts affecting the major producers of coffee beans.
- In each problem, you must explain the scenario’s effect on the market. If the quantity supplied or the quantity demanded changes, state how (increase or decrease). If one of the curves shifts, state why and the direction it shifts (left or right). You should then state the effect on price (increase or decrease). 1. You grow cotton and Eli Whetney just invented the cotton gin. 2. A hurricane is predicted to hit the rich coffee growing areas of Colombia. You sell coffee. 3. Congress just passed a tax credit for energy effiecent home improvements. You sell solar panels. 4. Soldiers comes home from WWII, get married, and need housing for their familes. You build houses. ANSWER QUESTIONS 1-4A change in resources. Change in prices of other goods. A change in producer expectation. How are those changes that are mentioned affect the quantity supplied?how do oil prices affect the market for this good (fertilizer).
