Subject: Business economics Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events B) The market for the Krugman and Wells economics textbook Case 1: Your professor makes it required reading for all of his or her students. Case 2: Printing costs for textbooks are lowered by the use of synthetic paper.
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- Subject: Business economics Show in a diagram the effect on the demand curve, the supply curve, the equilibrium price, and the equilibrium quantity of each of the following events B) The market for the Krugman and Wells economics textbook Case 1: Your professor makes it required reading for all of his or her students. Case 2: Printing costs for textbooks are lowered by the use of synthetic paper.com/courses/26116/discussion_topics/176523?module_item_id%3D1255293 LTaJtiCTty arna Topic According to the law of supply, if buyers are willing to pay more, sellers are willing to supply more. The price elasticity of supply is a measure of how much sellers are able to adjust the quantity supplied in response to changes in price. Read the following scenario and answer the corresponding questions. World renowned fashion designer Alvin Stein died recently. His company, Alvin Stein Designs has released the last 100 pair of his signature ASD Original jeans. The pattern and design sketches for the ASD Originals were buried with Alvin, per his last wishes. The current price of a pair of ASD Originals is $10,000. • What is the current price elasticity of supply for a pair of ASD Originals? Explain your answer. • Five years after his death, Alvin's sister, Jan released an exact replica of the signature jeans, called ASD Original 2.0, priced at $5000. How might this affect the demand for the…1. Distinguish between Microeconomics and Macroeconomics with their obiectives
- Business Math 16. Use the following supply and demand data for a cake business to draw a supply and demand curve. Circle the equilibrium point. How many cakes should the entrepreneur supply each week? Why? What price should the entrepreneur charge for each cake? Why? Supply Quantity per wk. 2 4 6 8 12 14 Price per cake $5 $10 $15 $20 $30 $35 Demand Quantity per wk. 19 16 13 10 7 4 Price per cake $10 $15 $20 $25 $30 $35IV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?Name: Discussion day/time: Discussion Problems Week 5 Efficiency of Markets Econ 20A Introduction to Microeconomics Prof. Branch Your economic consulting firm has been hired by the Mayor of Las Vegas to provide economic analysis of the consequences of sales taxes on hotel rooms. Background: guided discussion You begin your presentation to the Mayor with some background on the efficiency of the market for hotel rooms in Las Vegas. You estimate that the supply and demand for hotel rooms are described by the following equations: Supply : Q* Demand : Qd 4P – 80 100 – 2P (a.) Graph the supply curve and the demand curve. What is the equilibrium price and quantity? (b.) Calculate (and label in the graph) consumer surplus, producer surplus, and total surplus at the equi- librium. (c.) If the Mayor decided to ban all hotel rooms in Las Vegas, who wold bear the larger burden – the buyers or sellers of broccoli? 1
- 4: What are five fundamental questions (and answers) in economics? Five fundamental questions How do market system answer the question? 1. 2. 3. 4. 5. Chapter 3 starts here. Define "demand" and State the law of demand. Demand is a (s (w_ specified period of (t d ) or a curve which shows the various amounts of a product buyers are ) to purchase at each price in a series of possible prices during a ) and (a ). Demand portrays relationship between ), they are (positively, negatively) related either in the table or in the ( graph ). The law of demand states that, other things being equal, as price increases, the corresponding quantity demanded (rises, falls). Restated, there is a (an) ( direct, inverse ) relationship between price and ) and ( q. quantity demanded with everything else held constant.4. Study Questions and Problems #4 The following graph shows the supply curve for condominiums in a large city. Assume that all condos are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average excise taxes are 15% per year, and the price of business parks is $1,000,000. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. (Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.) PRICE (Thousands of dollars) 500 450 400 350 300 250 200 150 - 100 50 0 0 Supply for Condominiums Supply 20 40 60 80 100 120 140 160 180 200 QUANTITY (Condos built per year) Graph Input Tool Supply of Condominiums Price of a Condo (Thousands of dollars) Quantity Supplied (Condos per year) Supply Shifters Taxes (Percent) Price of a Business Park (Millions of dollars) Suppose that the price of a…The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
- MicroEconomics Practice: Ethanol is a motor fuel manufactured from corn. Ethanol and Gasoline are both used independently to power the engines of automobiles. Suppose bad weather negatively affects Corn production. Explain the effect of the bad weather on demand and supply of Corn. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Corn on demand and supply of Ethanol. What is the effect on equilibrium price and Quantity. Explain the effect of changes in market for Ethanol on demand and supply of Gasoline. What is the effect on equilibrium price and Quantity.e.com/courses/8344/discussion_topics/203862 国 >> O My ICEV | My Cours. Student Response |. SIS Powerschool d Desmos Classroom. omics a. due Oct This is a graded discussion: 5 points possible 39 Module 3 Discussion Economics & Personal Finance Module 3 Discussion Discussion Prompt Give an example of the price of a good changing. Explain what determinant of supply or demand you think led to this change. (For example, the price of laptop computers has decreased in recent years due to technological change.) Post a brief paragraph responding to the discussion prompt above. Your post should use concepts presented in this module. Your post must be completed before you can see posts from your classmates. Discussion Response Reply to one classmate's post. Positive comments regarding the quality of the post are fine, but do not earn points (e.g., "that's a great point" or "I like your post"). To earn credit, a response should contain 1-3 sentences extending the point made in the classmate's…Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Question 1 - Learning Activity 4.4 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated…
