Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Question
Chapter 3, Problem 5SPA
(a)
To determine
The fall in price and the law of supply.
(b)
To determine
The change in crop.
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Students have asked these similar questions
In 2008, the price of corn increased by 35 percent and some cotton farmers in Texas stopped growing cotton and started to grow corn:
a. Does this fact illustrate the law of demand orthe law of supply? Explain your answer.b. Why would a cotton farmer grow corn?
The market for tomatoes is in equilibrium. This week scientists developed a new type of technology that will make production of tomatoes more resilient to plague and improve production. In addition, other scientists discover that eating tomatoes can make you live longer. How this will affect the Supply and Demand in the tomatoes market. You need to graph on paper (no need to write here). In your graph, the effect on supply will be greater than the effect on demand. REQUIRED
A. What will happen to the price of tomatoes?
B. What will happen to the quantities of tomatoes produced?
Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity.
Chapter 3 Solutions
Macroeconomics
Ch. 3.1 - Prob. 1RQCh. 3.1 - Prob. 2RQCh. 3.1 - Prob. 3RQCh. 3.2 - Prob. 1RQCh. 3.2 - Prob. 2RQCh. 3.2 - Prob. 3RQCh. 3.2 - Prob. 4RQCh. 3.2 - Prob. 5RQCh. 3.3 - Prob. 1RQCh. 3.3 - Prob. 2RQ
Ch. 3.3 - Prob. 3RQCh. 3.3 - Prob. 4RQCh. 3.3 - Prob. 5RQCh. 3.4 - Prob. 1RQCh. 3.4 - Prob. 2RQCh. 3.4 - Prob. 3RQCh. 3.4 - Prob. 4RQCh. 3.4 - Prob. 5RQCh. 3.5 - Prob. 1RQCh. 3.5 - Prob. 2RQCh. 3.5 - Prob. 3RQCh. 3 - Prob. 1SPACh. 3 - Prob. 2SPACh. 3 - Prob. 3SPACh. 3 - Prob. 4SPACh. 3 - Prob. 5SPACh. 3 - Prob. 6SPACh. 3 - Prob. 7SPACh. 3 - Prob. 8SPACh. 3 - Prob. 9SPACh. 3 - Prob. 10SPACh. 3 - Prob. 11APACh. 3 - Prob. 12APACh. 3 - Prob. 13APACh. 3 - Prob. 14APACh. 3 - Prob. 15APACh. 3 - Prob. 16APACh. 3 - Prob. 17APACh. 3 - Prob. 18APACh. 3 - Prob. 19APACh. 3 - Prob. 20APACh. 3 - Prob. 21APACh. 3 - Prob. 22APACh. 3 - Prob. 23APACh. 3 - Prob. 24APACh. 3 - Prob. 25APACh. 3 - Prob. 26APACh. 3 - Prob. 27APA
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Similar questions
- What is the law of supply? How many of the following "goods" do you think conform to the general law of supply? Explain your answer in each case. a. Gasoline b. Cheating on exams c. political favors from legislators d. The services of heart specialists e. Children f. Legal divorcesarrow_forwardSuppose that many vineyards in California were burned by wildfires during and shortly after the release of the movie Sideways. If both the quantity sold and price of Pinot Noir increased in the market after the movie release, what does this imply? Select one: a. The decrease in supply was greater than the increase in demand. b. The increase in demand was greater than the decrease in supply. C. The increase in supply was greater than the decrease in demand. d. The decrease in demand was greater than the increase in supply.arrow_forwardDefine market supply in one sentence.arrow_forward
- c. More computers are produced and sold at the lower price than at the higher price. Does this mean the price effect doesn't apply to the supply of computers? Explain.arrow_forwardExplain the circumstances where the law of supply may not hold.arrow_forwardWhat happens in the graph when the price of bottled water rises? What happens when the price of flavored water( a subsistute in production for bottled water) rises? When the price of bottled water rises, _____. When the price of flavored water rises, ____.? A. There is a movement along the supply curve; the supply curve shifts rightward. B. The supply curve shifts leftward; there is a movement down along the supply curve. C. The supply curve shifts rightward; there is a movement up along the supply curve. D. there is a movement up along the supply curve; the supply curve shifts leftward.arrow_forward
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