Recent medical research has established that drinking wine in moderation can improve heart health and lead to a longer life. Explain the impact of this medical research on the equilibrium price and quantity of wine. Your explanation will be in terms of shifts in demand or supply (or both, or neither) and the effects of any shift. Describe the process by which the shift moves us to a new equilibrium price and quantity of wine.

How would each event affect the market for COVID-19 vaccines? Does the event cause a change in demand or a change in the quantity demanded?  Is the change positive or negative?  Or does the event cause a change in supply or a change in the quantity supplied?  Is the change positive or negative?  Explain the mechanism for the change and what happens to equilibrium price and quantity. a) The vaccine is approved for children under the age of 12. b) The U.S. government provides a subsidy that allows the price of the vaccine to be $0 for everyone. c) Several vaccines pass Phase 3 (large-scale efficacy tests) and are approved by the FDA for full use. d) A truck carrying the Pfizer vaccine has a malfunction and the refrigeration requirements aren’t met, so all the doses go bad. e) School districts and health care facilities add a requirement for getting the vaccine for all employees.

What happens in the market for bagels if the price of cream cheese increases? Assume that bagels and cream cheese are complementary goods.   Question 34 options:   A)  Both the equilibrium price and equilibrium quantity of bagels fall   B)  Both the equilibrium price and equilibrium quantity of bagels increase.   C)  The equilibrium price increases and the equilibrium quantity decreases in the market for bagels   D)  The equilibrium price decreases and the equilibrium quantity increases in the market for bagels.

Draw a demand and supply graph for each of the following questions. For each question, start by drawing a correctly labeled graph of the market for cookies in equilibrium. Your starting graphs should each have correctly labeled axes and demand and supply curves. Label the equilibrium price and quantity as p1 and p2 on the axes of each of the starting graphs. 1. Show the effect on the equilibrium price and quantity in the market for cookies if the price of milk increases. Determine which curve is affected by the change in the price of milk and whether it increases or decreases. On your graph, draw a new curve indicating the shift- either to the right or the left. Label the new equilibrium price and quantity as p2 and q2. 2. Show the effect on the equilibrium price and quantity in the market for cookies if the price of flour decreases. Determine which curve is affected by the change in the price of flour and whether it increases or decreases. On your graph, draw a new curve indicating…