The graph below shows domestic supply and demand for bushels of tomatoes in the U.S. Suppose that at any price, foreign suppliers of tomatoes will supply 70 pounds of tomatoes. The "Domestic Supply + Imports" curve is misplaced. Re-position the curve to reflect the 70 pounds that will be imported. Provide your answer below: -150-P -1.00- \ Demand -50 Domestic Supply (40,$50) Domestic Supply+imports (65,$50) 0 50 50 100 150 ё

The graph below shows domestic supply and demand for bushels of tomatoes in the U.S. Suppose that at any price, foreign suppliers of tomatoes will supply 70 pounds of tomatoes. The "Domestic Supply + Imports" curve is misplaced. Re-position the curve to reflect the 70 pounds that will be imported. Provide your answer below: -150-P -1.00- \ Demand -50 Domestic Supply (40,$50) Domestic Supply+imports (65,$50) 0 50 50 100 150 ё

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 9P

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Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows: Price of lobster Quantity of lobster supplied (pounds) (per pound) $25 100 20 300 15 500 10 700 900 b. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that illus- trates the new equilibrium price and quantity of lobsters. What will happen to the price at which fishermen can sell lobster? What will happen to the price paid by U.S. consumers? What will happen to the quantity consumed by U.S. consumers?
Required information Below is the total market demand and supply of wine for France and Germany. Quantities are in millions of litres per month. Total Market Quantity Quantity Quantity Quantity Quantity (per litre) Demanded Supplied DemandedSupplied Demanded Supplied France Germany Price Quantity $424 519 13 14 12 11 12 615 15 10 4 12 16 19 15 8 17 18 6 810 99 Refer to the information above to answer this question. Assuming no trade, what are the equilibrium price and quantity of wine in France? Multiple Choice $7 and 14. Next > 14 of 33 11 12 13 < Prev
Question 1: QUESTION d Read the scenario and determine if it wil change the supply or the demand of the market listed. Will equilibrium price increaseor decrease ? Will equilibrium quantit increase or decrease? Market: Sugar produced in the United State Scenario: Tarifts on imported sugar lead U.S, sugar to buy more from U.S, sugar producers. Supply or demand? Equilibrium price? Equillbrium quanity? Market: Chunky Monkey Icecream Scenario: Social Media Influencer Addison Rae advertises Kemps vanilla frozen yogurt to her 100 million followers. Supply or demand? Equilibrium Price? Equilibrium Quanity? Market: New computer Scenario: U.S treasury announces new stimulus check that would be sent to all households. Supply or demand? Equillibrium Price? Equillibrium Quantiy? Market: Trucking Service Scenario: OPEC announces a massive oil production increase driving down the cost of gas Supply or demand? Equilibrium Price? Equilibrium Quantity?
In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand.i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time. iii. Illustrate the effect of major gasoline suppliers increasing supply as well as usersreducing their demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price…
In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time.
The following graph shows intra-industry trade in the United States for two types of yogurts: Yoplait (a famous French brand) and Dannon (a famoud American brand): 13 12 11. 10 A 9 83 7 2 1 0 -1 10 1 -11 CHG. O GHOI. O HLP. US Market for Yoplait (Y) Supply of Yoplait O GHPK. 8 Demand for Yoplait 9 10 11 12 13 Yoplak 15 12 Price 11 10 A 0 1 2 US Market for Dannon (D) Refer to the above graph. At the price of $6 for Y, and relative to an autarkic situation, intra- industry trade leads to a loss for producers of: Supply of Dannon Demand for Dannon Dannon 10 11 12 13
In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years.
Suppose a decrease in the world demand for desktop computers causes the price of desktop computers to fall from $600 to $500. Before the fall in demand, Juna, a local computer dealer in Japan, used to produce 9,000 desktop computers and exported 50 percent of it to other countries every week. However, after the fall in demand, Juna reduced its production to 8,000 units and exports only 40 percent of its total output.a. What are the changes in the quantity sold to domestic consumersb. What are the changes in the consumer surplus?c. Sketch a diagram to illustrate the changes for Juna.
What does the term "import demand" describe? O A. Relative demand for the importing country. B. The excess of domestic demand over domestic supply. OC. The excess of foreign supply over foreign demand. O D. Demand for a good the country would like to import because it does not produce this good domestically.
China is a major producer of grains, such aswheat, corn, and rice. Some years ago, the Chinesegovernment, concerned that grain exports weredriving up food prices for domestic consumers,imposed a tax on grain exports.a. Draw the graph that describes the market for grainin an exporting country. Use this graph as thestarting point to answer the following questions.b. How does an export tax affect domestic grainprices?c. How does it affect the welfare of domesticconsumers, the welfare of domestic producers,and government revenue?d. What happens to total welfare in China, asmeasured by the sum of consumer surplus,producer surplus, and tax revenue?
7) Refer to the Figure 3 below, the total emclency loss ls Figure 3 Price, P Pr Pw D D D' Quantity, O Select one: O AD+C O B.D+C+d OC.c+e O D.b+d
6. Suppose that the supply schedule of Maine lobsters is as follows: Price of lobster Quantity of lobster supplied (pounds) (per pound) $25 800 20 700 15 600 10 500 400 Suppose that Maine lobsters can be sold only ir the United States. The U.S. demand schedule for Maine lobsters is as follows: Quantity of lobster demanded (pounds) Price of lobster (per pound) $25 200 20 400 15 600 10 800 1,000 a. Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters?