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- suppose the price of orange juice rises and the apples falls. what would you expect ti happen to the price and quantity of apple juice? why would the equilibrum quanity increase while the impact onbthe equilbrum price be uncertain?Prepare a graph of the monthly forecasts and average forecast demand for Garden Room Furniture Ltd., a manufac-turer of outdoor furniture. MONTH PRODUCTION DAYS DEMAND FORECASTJanuary 16 300February 16 300March 23 500April 21 500May 22 800June 22 1000July 21 1200August 20 1500September 20 900October 20 500November 16 300December 16 300If the budget line rotates from blue to red: Good A 1200A, OBI (100A, OB) Bligertneone -S0. F-SL S2 (0A, SO8) Good B O The monetary price of B is rising. O The monetary price of B is falling. The monetary price of A is rising. O The monetary price of A is falling. The relative price of A is rising. The relative price of A is falling. The relative price of B is rising. O The relative price of B has fallen.
- indicates how much of a product consumers are both willing and able to but at each possible price during a given period, other things constantThe price of crude oil increased to its highest level due to conditions which impactedsupply. Historically, crude oil has traded at between 70 and 150 USD per barrel. But theprice increased to over 200 USD in March 2022. Growing demand in Canada for crude tobe turned into refined petroleum, coupled with a sharp fall in production in Saudi Arabiahave both been factors in the price increase. Bauxite production in Saudi Arabia for 2017-18 fell 65% year-on-year due to an agreement with OPEC. The Energy InformationAdministration predicts that global consumption of crude oil is likely to be greater thanproduction by 20 million barrels this year.In the US, companies in the steel and alumina industry have put pressure on the USgovernment to relax import controls, warning that otherwise they might run out of petrol.Commentators predict that most steel and alumina producers will be unaffected becausecrude is such a small part of their spending.a. Explain, using supply and demand analysis, why…5. a) The table shows the prices of fruit purchased by the typical college student from 2001 to 2004. What is the amount spent each year on the "basket" of frult with the quantities shown in column 2? 2003 Items Qty. 2001 2002 2004 Amount Amount Amoun Price Amount Price Price Price t Spent Spent Spent Spent $0.75 $0.25 $0.70 $0.85 $0.25 $0.90 $0.88 $0.29 $0.95 Apples 10 $0.50 $0.20 $0.5 $2.00 12 2. Grapes Raspberries 1 Total Price Index Inflation 2.05 2.13 Rate b) Construct the price index for a "fruit basket" in each year using 2003 as the base year. c) Compute the inflation rate for fruit prices from 2001 to 2004.
- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?Go to this website (http://www.measuringworth.com/ppowerus/) for the Purchasing Power Calculator at measuringWorth.com. How much money would it take today to purchase what one dollar would have bought in the year of your birth?Please answer Not a grade Was this change an increase or decrease? As a result did the equilibrium price and quanity increase of decrease?
- Need help with Evaluation Evolution Question 3 asks how easily the quantity supplied of salmon can be changed in response to changes in its price. In your answer, write about the short term - if the price of salmon doubled today, for example, could the quantity supplied of salmon double in the next year? What are the constroints on increasing supply? Then consider the long term. What are the constraints on increasing supply and how important are they? Come to an overall condusion about the short term and long term.suppose the price of an item icreases by 10% that the quanity supplied of that same item decreases by 2%. what does the value tell you about the good in question?PROBLEMConsider the following: If the price per unit of good A is P175 quantity purchased is valued at5,250 units and quantity supplied equals 2,500 units. If price changes by P1, quantitydemanded changes by 4 units for consumer demand and quantity supplied changes by 2units.Required (Show supporting calculations.):1. Determine the demand and supply functions.2. Determine the price and quantity at equilibrium, using algebraic solution.3. Graph demand and supply curves on one set of axes and highlight the following: priceintercepts of demand and supply curves, quantity-intercepts of demand and supplycurves, and the equilibrium point. (Make sure to LABEL your graph accordingly.)