I need help with question 4 5 and 6 What Happens When... ?Directions: For each scenario, determine if there will be an increase or decrease in either the supply orquantity supplied. Delete the incorrect option, so that the remaining answer makes the sentence correct.1. If the price of gum decreases, the (supply/quantity supply) for gum will (increase / decrease).2. If market experts announce that price of gold is expected to rise 25% in May, the (supply/quantitysupply) for gold will (increase / decrease) in April.3. If dairy farmers announces a price increase on milk, the (supply/quantity supply) for cheese will(increase / decrease).4. If firms notice that people are stockpiling toilet paper causing profits in that industry to rise, the(supply/quantity supply) for napkins will (increase / decrease).5. If innovations occur in the chatbot field, the (supply/quantity supply) of customer service options will(increase/ decrease).6. If Congress and the Federal Reserve announce stimulus packages for businesses during economicdownturns, the (supply/quantity supply) for airlines will (increase / decrease).7. If new arable land 1s discovered in Georgia, there will be an (increase/decrease) in the(supply/quantity supply) of peaches8 If the price of socks increases, there will be an (increase decrease) in the (supply/quantity supply) forsocks.

When analyziy the supply of an output, it can be seen that the change in the price of a product will…

Answered: What Happens When... ? Directions: For…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example. EXAMPLE/ Product - Hamburgers Event - The price of steak increases Answer/ Demand increases - Curve shifts right - Price of substitutes 1. Pepsi - The price of Coke decreases dramatically. 2. Steak - Incomes fall due to the recession 3. Hair dye - Hair dye is successfully advertised in the media. 4. Computer software - The price of computers goes down.
In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example. EXAMPLE/ Product - Hamburgers Event - The price of steak increases EXAMPLE ANSWER/ Demand increases - Curve shifts right - Price of substitutes Rock Salt - It snows 8 inches over night
In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example. EXAMPLE/ Product - Hamburgers Event - The price of steak increases EXAMPLE ANSWER/ Demand increases - Curve shifts right - Price of substitutes Salt - The price of salt doubles. 2. Sunscreen - Summer approaches. 3. Big Macs - The population in the United States increases by 20%. 4. Rock Salt - It snows 8 inches over night
How does a sudden decrease in consumer confidence due to a significant political event impact the demand for luxury goods in an economy?
In the following scenarios, you will be given a product and an event. Determine what will happen to the demand for the product based on the event, what happens to the demand curve, and give the non-price determinant that caused it to occur. (chose from the 7 determinants listed in the notes). The first one is answered for you as an example. Example a. Product - Hamburgers Event - The price of steak increases Example answer a. Demand increases - Curve shifts right - Price of substitutes b. Gym memberships Society becomes more health conscious. c. Golf Balls The price of golfing increases. d. Spam (Inferior good) There is an decrease in people’s salaries. e. Pepsi The price of Coke decreases dramatically. f. Steak Incomes fall due to the recession g. Hair dye Hair…
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Suppose the demand for Car is given by Qd = 1000-0.5P and that the supply of Car is given by Qs=2P-300 .a. Solve for the equilibrium price. Plug the equilibrium price back into the demand equation and solve for the equilibrium quantity.b. Draw a diagram, depicting supply and demand.c. Suggest a method how you can check your result from A and implement it. Is your result that you gave in A) correct?d. Calculate the Consumer Surplus for the given setting.
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It is expected that the price of a bushel of wheat will increase in one month. This belief will result in A) an increase in the current supply of wheat. B) a decrease in the current supply of wheat. C) a decrease in the future supply of wheat. D) no change in the current or future supply of wheat. E) an increase in the current quantity supplied of wheat.

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