The graph to the right depicts an economy, Home, which produces flowers and soybeans. Its production possibilities frontier is shown as TT. One of Home's isovalue lines is also shown as VV. Ps = $2 ... the price of a unit of soybeans Q = 5 ... the number of units of soybeans currently being produced at point X P $2... the price of a unit of flowers = Q₁ = 5... the number of units of flowers currently being produced at point X. What is the significance of Home operating at point X on the graph to the right? A. It maximizes Home's value of output. B. It minimizes Home's total cost of production. OC. It maximizes Home's profit. OD. It maximizes the utility of Home consumers. C Production of soybeans, Qs 16- 15- 14- 13- 12- 11- 10- 7- Home Production 6- ☑ 5- 4- 3- 2- 1- 0- TT ⚫JVV 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Flower production, Qf

Assume that the graphs show a competitive market for the product stated in the question. Which graph would explain the change in the market for apples if the market price of apples increases and the quantity sold in the market decrease?

2.13 APPLYING KEY CONCEPTS Learning curve. In each problem below, there is an explanation of something that has happened to one of the non-price factors that affects supply. The original supply curve, labeled "S1," has been drawn for you. Draw a new supply curve that reflects the change in supply. Label the new curve "S2." | Change | Your Response Ex: The price of low-grade meat increases. Supply of DECADOGS Indicate what will happen to the supply of DECADOGS, a nationally- recognized brand of hotdog. S2, S,

The market for bell peppers is competitive. For bell peppers to grow properly they need substantial rainfall. A very dry winter in California did not produce enough rain to grow bell peppers in California, one of the major bell pepper growing regions of the world. In the graph below, click on the equilibrium point that illustrates the effect of insufficient rainfall on the market for bell peppers. P 0 D" S $

N.B: It is note an exam

Suppose the daily demand for soda is given by P=4-(2/3)Q and the daily supply of soda is given by P= 1+ (1/3)Q, where P is the dollar price of a can of soda and Q is the number of cans of soda (in thousands). a. Sketch the demand curve and the supply curve. Instructions: Use the tools provided to draw the demand and supply curves. Plot each end point (4 points total). Ⓡ Price ($/can) 6 LO 5 + 3 2 1 0 Market for Soda 1 2 3 4 5 6 Quantity (1,000s of cans per day) Tools / Demand / Supply

pls, solve this ques within 10-15 minutes with clear explanations and also explain why other options are wrong I'll give you multiple upvotes.

SECTION A Answer All Questions 1. Which of the following questions is a type that tools of econometrics are meant to answer? A. If goods A and B are substitutes and the price of good A increases by KSH 10, by how much will the quantity demanded of good B change by? B. If goods A and B are substitutes and the price of good A increases, how will this affect the demand for good B? C. If an income increase causes the sales of good A to fall, everything else held constant, what type of good is good A? D. Everything else the same, would the price of good A be higher in a competitive industry or a monopolistic industry? 2. Consider the model Qª = ƒ (P, P³,Pº, INC) where Qªis quantity demanded of a bar soap per month, P is the price per bar of soap, Ps is the price of substitutes, P is the price of complements, and INC is monthly income. This equation represents A. a non-linear model B. an economic model C. an econometric model D. an interval forecast

Consider the market for new houses.  If the price of lumber increases significantly, explain the effect of the change on the market equilibrium for new houses.  Use the 4 step process in your answer. View keyboard shortcuts

Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Teapots 100 I Price (Dollars per teapot) 90 20 Supply 80 Quantity Supplied (Teapots) Quantity Demanded 190 310 70 (Teapots) 60 50 40 Demand 30 20 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Teapots) The equilibrium price in this market is $ per teapot, and the equilibrium quantity is teapots bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per teapot) Shortage or Surplus (Teapots) Pressure 40 60 PRICE (Dollars per teapot)