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what would happen in the market for lobster of the government reduces the income tax and lobsters are a normal good
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- The US government reduces the tariff on imported coffee will this affect the supply or the deman for coffeeProvide examples and/or latest news or updates of the supply and demand in USAIn a country the Government determines to increase the tax on gasoline by $0.20 per gallon. The price of gasoline after taxes though only goes up by $0.15. Does this mean the gas station is not collecting the correct amount of taxes?
- Serious natural disasters like hurricanes and tornadoes cause widespread and extensive damage to buildings. As a result of a natural disaster, what would you expect to happen in the market for building supplies? DescribeWho are on the supply side of the market?How does a tax on buyers affect the market equilibrium?
- Draw a supply and demand curve for oil. The government says we can no longer import oil from overseas, what happens to the supply or demand of oil? Why?The graph shows the car market in Mexico when Mexico places no restriction on the quantity of cars imported. The world price of a car is $10,000. Suppose the government of Mexico introduces an import quota on imported cars of 4 million a year. Draw a line that shows the effect of the import quota on supply. Label it S + quota. Label it. Draw a point to show the quantity of cars bought in Mexico and the price paid. When the government of Mexico introduces an import quota of 4 million cars, Mexico imports nothing million cars and produces nothing million cars.If a farmer has a shortage of pumpkins, but the demand stays the same, what happens to the price of the pumpkins? The price is regulated by the government. The price stays the same. The price increases. The price decreases.
- How does the price of corn affect the supply of wheat?Use the supply and demand data to complete the table. Price Quantity Demanded Quantity Supplied $5 5000 800 10 4000 1200 15 3000 1600 20 2000 2000 25 1000 2400 30 500 3000 Find the equilibrium price and quantity. The country allows free trade with no restrictions. The free trade price of this good is $10.What is the equilibrium price? What is the equilibrium quantity? Quantity Demanded 5 6 7 8 9 10 11 Price $7 6 5 4 3 2 1 Quantity Supplied 9 8 7 6 5 4 3