(a) Explain the slopes of the long-run supply curves in each industry. (b) If Australia and Korea had a free trade agreement, what is likely to happen to the demand curves and the prices in each industry over time?
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- Question 1 Australia exports wine that are very popular in China. What determinants of demand would be influenced by the following events? (a) Due to political and trade tensions between Australia and China, a 100% import tariff has been imposed on the Australian wine. (b) Incomes in China grow rapidly (c) The price of French wine becomes less expensiveQuestion 1 Item 1 Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. (a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain. (c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets. (d) Assume instead there is an increase in the price of tin, a major input in producing…Price ($/ton) 439 400 330 300 1. Answer the following questions based on the below diagram of the U.S. steel industry. For simplicity, you may assume that the United States is a "small country" (except in part c.), and please note that the precise numbers in this question are strictly hypothetical. U.S. Steel Market 80 88 100 130 Domestic Supply Domestic Demand ¹142 50 Quantity of Steel (in Millions of tons) Refer to the graph above. Assume that the price of steel from Korea is $300 per ton and the price of steel from Brazil is $330. a. Assume the US originally placed a 33% tariff on Korean and Brazil steel. Then the US engages in a preferential trade agreement with Brazil, which removes the tariff on Brazilian steel. Will the agreement result in trade diversion or trade creation? Show the result by calculating the area of consumer surplus, producer surplus and change in government revenue.
- Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per box) 50 45 40 35 30 25 20 15 10 5 0 0 50 Supply Demand 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Graph Input Tool Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 Quantity Supplied (Millions of boxes) (?) 210Q3. Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year data given in table: Year 2012 2013 2014 2015 2016 2017 2018 Population (millions) 10 12 15 20 25 30 40 Rice consumed (million tonnes) 40 50 60 70 80 90 100Price (dollars par bar 3.00 2.50 2.00 1.50 1.00 0.50 0 5 10 15 Supply of energy bars (original) Supply of energy bars (new) Demand for energy bars 20 25 30 35 Quantity (millions of bars per week) Based upon the above graph, answer the following questions A) The shift in supply to the right represents a(n) in supply and new equilibrium quantity is B) Based upon your answer to A, name two factors that may have caused the change in supply? C) Would this occurrence result in a surplus or shortage of energy bars? Explain why
- Question: The demand for goods of an industry is given by the equation PQ = 100, where p stands for price and q for quantity demanded. Supply is given by the equation 20 + 3p = q. What is the equilibrium price and quantity demanded?onsider the market for some product. Suppose the market demand and supply curves are as given below. e quantity is in million units. Demand: p= 18 - 4QD Supply: p=4+2Q⁹ Plot the demand and supply curves on a scale diagram. Compute the equilibrium price and quantity. ) Use the line drawing tool to draw and label these demand and supply lines in the graph at right. ) Use the point drawing tool to plot and label the equilibrium point. arefully follow the instructions above, and only draw the required objects. Price ($) 18.00- 16.00- 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- 0.00+ 0.0 1.0 2.0 3.0 Quantity (million units) 4.0 5.0 QUsing supply and demand diagrams, SHOW AND EXPLAIN the market of onions (red or white) based from the article stated below. Identify the factor/determinant, link it with briefly the event, then indicate the effect on either the demand or supply, and equilibrium price and quantity. Complete notation applies which means numerical figures of onion prices should be seen in the graph matching the figures stated in the news article. Please do not research anymore prices other than what is specified in the article. Scanned handwritten/digitally hand-drawn graphs are allowed in the PPT slide. Source: "DA exec rules out option to import onion as farm harvest season starts" https://businessmirror.com.ph/2022/12/20/da-exec-rules-out-option-to-import-onion-as-farm-harvest-season-starts/#:~:text=DA%20exec%20rules%20out%20option%20to%20import%20onion%20as%20farm%20harvest%20season%20starts,-byJasper%20Y&text=Any%20plans%20to%20import%20onion,Panganiban%20said.
- Draw a supply and demand diagram with this information: Please include the The price axis with a label and a scale showing various number The quantity axis with a label and a scale showing various numbers The Supply curve with a label The Demand curve with a label The equilibrium price, also labeled The equilibrium quantity, also labeled information- Product: Sweatshirt Time period: Sweatshirts sold per week. Geographic area: Buckley Range of prices: $0-$25 Quantity Range: 1,000 sweatshirtsCircle the letter associated with the correct answer and write the correct letter on the line (and use corresponding online answer key to submit your answers..make sure you read the associated questions and responses). The following data for gasoline sales and prices at a Slurpico Station in West Valley, Washington are from the United States Department of Energy. Prices are in dollars and sales are in gallons per day and driven by the quantity of gallons demanded: Sales 330 340 350 360 370 380 390 400 410 420 430 Price 3.50 3.25 3.00 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 Compute the price elasticity of demand when the price increases from $3.00 to $3.25 and determine what type of product gasoline is: (hint: use the midpoint method) а. Formula Calculation Answer Price elasticity of demand for gasoline is Compute the price elasticity of demand when the price increases from $1.25 to $1.50 and determine what type of product gasoline is: (hint: use the midpoint method) b. Formula…Need expert assistanance please SECTION A: Microeconomics Question 1 (a) Assume that the markets for sugar cane, rum and whiskey are initially in equilibrium(i.e., supply equals demand in each case). Assume further that a good harvest impactsthe world’s sugar cane crop. Sugar cane is a principal ingredient in rum, but it is notan ingredient in whiskey. Rum and whiskey are substitutes in consumption.(i) Discuss the impact of the good harvest on each of the three markets.(ii) Discuss the effect on the markets for each of the three products if thegovernment implements a price restriction in the sugar cane market with the aimof protecting the farmers. How will this impact the revenues for sugar growers,rum producers and whiskey producers?