Foundations of Economics (8th Edition)
8th Edition
ISBN: 9780134486819
Author: Robin Bade, Michael Parkin
Publisher: PEARSON
expand_more
expand_more
format_list_bulleted
Question
Chapter 4, Problem 10IAPA
To determine
To explain the influence of an economic slowdown in the global market in china and its effect onthe
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
The monthly market for U.S. steel production (in millions of tons per month) is described in the table below. An increase in the price of
iron ore, a critical input in the production of steel, shifts the supply curve to the left, decreasing supply by 200,000 tons at each price.
(Hint 200,000 tons = 0.2 million tons.)
Instructions: Round your answers to one decimal place.
a. Fill in the new supply schedule in the table using the "New Quantity of Steel Supplied" column.
Market for U.S. Steel
Price (dollars per Initial Quantity of Steel Demanded
ton)
(millions of tans)
$650
1.2
6480
630
620
618
608
598
580
570
568
P=$
per ton
P=$
1.3
1.4
1.5
per ton
1.6
1.7
1.8
1.9
b. What are the initial equilibrium price and quantity in the steel market?
2
2.1
million tons of steel
s. What are the new equilibrium price and quantity in the market?
Initial Quantity of Steel Supplied
(millions of tons)
2.2
million tons of steel
2.1
2
1.9
1.8
1.7
1.6
1.5
1.4
1.3
New Quantity of Steel Supplied
(millions of…
Country A raises the wage of workers. Many workers lose their jobs and move to Country B. How would this affect the supply and demand graph?
In the North, if the price goes down by $0.20 per pound, then the quantity supplied in the North goes down by 200 pounds per year. If the price of cherries goes down by $0.20 in the South, what will happen to the quantity supplied?
There is not enough information given to determine the supply change in the South.
The quantity will decrease by 200 pounds per year.
The quantity will increase by 200 pounds per year.
The quantity will increase by 100 pounds per year.
Knowledge Booster
Similar questions
- The A Index is a proxy for the world price of cotton. From January 2019 to October of 2019, the price reflected by the A Index increased about 80%.Provide two separate explanations for this price increase using shift in supply or shift in demand.What one piece of information would allow you to decide which of the two is a better explanation?arrow_forwardBefore pandemic, face masks are only used in certain hospitals handling highly contagious pulmonary diseases such as San Lazaro Hospitals and the ICUs of every hospital. However, studies and other health organizations and agencies talk about it’s effectivity to prevent people from contacting the virus. Which of the following non-price determinants will affect the supply and in what way? How will it affect the country’s economy?arrow_forwardDraw a supply and demand curve for oil. The government says we can no longer import oil from overseas, what happens to the supply and demand of oil? Why?arrow_forward
- Write down the factors affecting supply. Which of the following factors will cause the following products to increase or decrease? Crude oil Beef Hotel rooms Fast food outlets Credit cards issued by financial institutions Laptop computersarrow_forwardPlease explain how an increase in the price of crude oil can affect the Canadian economy.arrow_forwardTornado Bulbul hits Bangladesh and affects the crops and fish hatcheries in the coastal areas.What will happen to shrimp production if the hatcheries were affected due to the tornado? How will it affect the equilibrium price and quantity of the local shrimp market?arrow_forward
- 同 Kontrol paneli Site ana sayfası Takvim Nişanlar Tüm dersler Course dashboard Soru 18 Answer the following question according to the information given below: Henüz The following supply and demand functions belong to the wheat market in a country, where Qs = quantity supplied per week, Qd is quantity demanded per week, P = price. The currency of cevaplanmadı 4 üzerinden the country is TL. işaretlenmiş Based on the price elasticity of demand at the equilibrium point, a 2 % increase in equilibrium p Soruyu işaretle price causes a in quantity demanded. Lütfen birini seçin: O A. 1/200 % decrease O B. 2 % decrease O C. 20% decrease O D. 1% decrease O E. 0.5% decrease ÖNCEKİ SAYFA SONRAKİ SAYFA O Aramak için buraya yazın 目。arrow_forwardWhy should the owner of the crude oil resource be willing to supply it in exactly the right amount? What accounts for the tilt in the price?.arrow_forwardAssume that the whole world is one lithium market. As more lithium deposits are discovered and more countries begin mining lithium, we can expect the price of lithium to (rise, fall, remain the same) and the quantity of lithium to (rise, fall ,remain the same)arrow_forward
- what happen imports when price level increase and decrease? Explanationarrow_forwardConsider the market for minivans. For each of the events listed here, identify which of the determinants of demand or supply are affected. Also indicate whether demand or supply increases or decreases. Then draw a diagram to show the effect on the price and quantity of minivans. People decide to have more children. A strike by steelworkers raises the prices. Engineers find a new automated machinery. The price of midsize cars increases. A stock market crash lowers people’s wealth.arrow_forwardWhat are the effects on the equilibrium price and quantity of steel if the wages of steelworkers rise and, simultaneously, the price of aluminum rises?arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Economics: Private and Public Choice (MindTap Cou...EconomicsISBN:9781305506725Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. MacphersonPublisher:Cengage Learning
Managerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage Learning
Economics: Private and Public Choice (MindTap Cou...
Economics
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning