THE GREAT TOILET PAPER SHORTAGE OF 2020 Why was there a shortage of toilet paper in early 2020 at the height of the Corona virus pandemic? There are many answers, but the most common explanation is hoarding people wanting to make sure they had enough supply at home. But why toilet paper? It makes sense to hoard hand sanitizer and face masks, but toilet paper? Most of us had first hand experience with this shortage. Answer the questions below. Be sure to read chapter section 3.3 before attempting this assignment. YOU WILL NEED TO USE THE FOUR STEP PROCESS OUTLINED IN THE TEXT.
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- The graphs below show the demand and supply schedules of COVID-19 vaccine. Base on the graphs below, answer the following questions. Graph 1 Graph 2 Quantity Quantity Graph 3 Graph 4 Quantity Quantity 1. If the importation fee increased, what would be the resulting graph/s? Would there be shortage or surplus? Explain. 2. If the number of cases increased, what would be the resulting graph/s? Would there be shortage or surplus? Explain Price Price Price PriceThe table below shows the market for AA batteries in Tulsa, Oklahoma, when tornadoes threaten the area. Market for AA Batteries with Tornado Threat Quantity of Quantity of Batteries Batteries Demanded Supplied (packages) 100 80 60 40 20 Price (dollars) $15 13 9 7 5 (packages) 40 50 60 70 80 90 Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.What would happen if, in order to provide lower cost healthcare, the government decided to set a price ceiling (Pmax) in the health insurance market? What is the effect of this maximum price legislation on the market for health insurance? Briefly explain the situation for both consumers and producers (i.e. healthcare providers). What might the government do to achieve their intended aims (i.e. lower costs and increased quantity)?
- Below is an example of supply and demand for healthcare services in the U.S. (Third-Party Payer Market) 1) In the U.S. patients pay an average of 20% of total healthcare expenditures. Using the table below, if patient's pay an average copay is $647 per visit, what would be the average total cost per visit? At that price, what quantity will be exchanged in this market? What is the total amount spent on Healthcare? (Remember, this is a Third-Party Payer Market) 2) Healthcare costs continue to rise faster than GDP, taking up an increasing share of total U.S. expenditures. What is one way that we might reduce total healthcare expenditures? Use the values on the table (estimates are totally fine) to illustrate how your proposal would reduce the total cost of healthcare. Feel free to attach an image of a graph to help explain your point. Average Total cost per visit (Insurance Cost plus Co-Pay) Demand for office visits Supply of office visits (Millions/yr) (Millions/yr)Suppose the government decides that public health requires that people can get cheap condoms. Congress passes a law saying that condoms cannot be priced higher than $0.20 each. a. Show (with supply/demand) and explain how this law will affect the market for condoms. Show (with supply/demand) and explain how this will affect rates of sexually transmitted infections, teen pregnancy, or abortion (you pick whichever one you want).1. Before cross-country transport of rescue dogs, what was the primary factor that determined the supply of rescue dogs? a. The number of certified dog trainers in the area. b. Whether people wanted to adopt a rescue dog instead of buying one from a breeder. C. The number of dogs that were spayed or neutered. d. Weather patterns, including hurricanes and other big storms.
- Consider the market for medical services when there is no insurance using demand and supply graph. Show how the availability of health insurance is likely to affect this market. clearly explain how supply and demand curve will shift or both curve will shift. discuss the impact on market equilibrium quantity and prices. explain patients pay higher or lower price than before.Serious natural disasters like hurricanes and tornadoes cause widespread and extensive damage to buildings. As a result of a natural disaster, what would you expect to happen in the market for building supplies? DescribeRead this article, paying particular attention to the first 3 paragraphs. The following excerpt describes some of the changes that have occurred in the used car market. The market is the Used Car Market. “With production of many new-vehicle lines being slowed or halted by the current microchip shortage, a lack of supply has sent more U.S. consumers (even rental companies) to the used-car market. In turn, the upsurge in demand along with a short supply of product to sell (fewer new models sold means fewer trade-ins winding up on used-vehicle lots) has caused prices to skyrocket literally across the board.” First, “With production of many new-vehicle lines being slowed or halted by the current microchip shortage, a lack of supply has sent more U.S. consumers (even rental companies) to the used-car market.” Is this a demand or supply issue for used cars? (please answer) Will this increase or decrease it? (please answer) Please draw a graph (below) to show the change and the effects on…
- How do technologies affect changes in both supply and demand? Cite an example. Do you agree that government intervention in the market can overcome market failure? Explain your answer and cite examples. PRICE ELASTICITY: Given the quantity demanded and price for chicken, compute and determine if the elasticity of the commodity and the decision of the firm. POINT PRICE QUANTITY DEMANDED FOR CHICKEN A 100 10 B 90 20 INCOME ELASTICITY: Given the quantity demanded and price for chicken, compute and determine if the elasticity of the commodity and the decision of the firm. POINT INCOME QUANTITY DEMANDED FOR CHICKEN IN KILO A 20,000 8 B 25,000 10 CROSS ELASTICITY: Given the quantity demanded and prices for commodities below, compute and determine if the goods are either substitutes or complements. GOOD QD1 QD2 P1 P2 COFFEE 4 7 8 6 TEA 5 3 7 9 GOOD QD1 QD2 P1 P2 JUICE 8 9 10 11 SOFTDRINK 6 7 9 12The table below shows how supply and demand of gasoliine vary depending on the price: Demand (million of gal.) Price ($/gal) Supply (million of gal.) 1 787 483 1.2 700 550 1.4 640 600 1.6 580 623 1.85 531 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 2.9 357 765 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = Round your answer to 3 decimal places Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to…Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?