Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: (a) In Academic year 2020/21, the University of the West Indies mandates that all students must take Principles of Economics as a core requirement for their majors. Concurrently, The University Bookshop made their order for Principles of Economics textbook based on the number of registered students in the last academic year (2019/20). Impact on supply Choose..
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- Hashtags such as “toiletpaperapocalypse”, “toiletpapergate”, etc were trending on Twitter in Australia in early March 2020. Such trends occurred as a significant number of Australians rushed to panic-buying toilet papers amid fears of the coronavirus outbreak. When asked, many shoppers said they wanted to stockpile in case the virus was to spread across the community. a. Draw appropriate supply & demand graph(s) to illustrate the effects of the above shock on the market for toilet papers in Australia. In your own words, explain which curve(s) would shift and the reason behind the shift. b. Comment clearly on the changes in price and quantity of toilet papers in Australia following the shock above. c. Supermarkets have vowed not to increase the price of toilet papers. At the same time, they have moved to limit purchases to 4 packs per customer. What would happen to the market of toilet papers following the above policies by supermarkets? Suppose now toilet papers could be imported…Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quality. An academic year 2020/21, the university of the west indies mandate that all students must take principles of economics as a core requirement f0r their majors. concurrently the university bookshop made their order for principles of economics textbook based on the number of registered students in the last academic year 2019/20. Impact on supply impact on price impact on quantity impact on demandcom/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…
- Using 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.CAREFULLY EXPLAIN WHAT IS HAPPENING IN THE FOLOWING MARKETS. INDICATE THE IMPACT IF ANY ON THE PRICE, QUANTITY, DEMAND AND SUPPLY IN THE MARKET FOR AIRLINE TICKETS, AIRLINE CARRIERS HAVE DRASTICALLY CUT FARES FOR INTERNATIONAL AIR TRAVEL RESULTING IN A 3% TICKET SALES. MEAN WHILE RECENT HEALTH CONSIDERATION DUE TO COVID-19 HAVE CAUSED AN 11% REDUCTION IN THE DEMAND FOR INTERNATIONAL TRAVEL. IMPACT OF DEMAND IIMPACT OF SUPPLY IMPACT OF PRICE IMPACT OF QUANTITYThe following table shows the weekly demand and supply in the market for ice cream in Detroit. dy Tools Price Quantity Demanded Quantity Supplied (Dollars per gallon of ice cream) (Gallons of ice cream) (Gallons of ice cream) 4 2,000 200 Tips 1,600 600 12 1,200 800 Tips 16 800 1,200 20 400 1,800 כ On the following graph, plot the demand for ice cream ușing the blue point (circle symbol). Next, plot the supply of ice cream using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for ice cream. g Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 24 Demand 20 16 Supply 12 MacBook Air per gallon of ice cream)
- There is a debate about whether sterile hypodermic needles should be passed out free of charge in cities with high illegal drug use. Proponents argue that doing so will reduce the incidence of diseases, such as HIV/AIDS, that are often spread by needle sharing among drug users. Opponents believe that doing so will encourage more drug use by reducing the risks of this behavior. As an economist asked to assess the policy, you must know the following: (i) how responsive the spread of diseases like HIV/AIDS is to the price of sterile needles and (ii) how responsive drug use is to the price of sterile needles. Assuming that you know these two things, use the concepts of price elasticity of demand for sterile needles and the cross-price elasticity between drugs and sterile needles to answer the following questions. Which of the following would have to be true for this policy to be beneficial to cities? 0 The price elasticity of demand for sterile needles is relatively elastic. The…CAREFULLY EXPLAIN WHAT IS HAPPENING IN THE FOLOWING MARKETS. INDICATE THE IMPACT IF ANY ON THE PRICE, QUANTITY, DEMAND AND SUPPLY IN ACADEMIC YEAR 2020/2021 UNIVERSITY STUDENTS MANDATES THAT ALL STUDENT MUST TAKE PRINCIPLES OF ECOMONICS AS A CORE REQUIREMENT FOR THERE MAJORS. CONCURRETLY THE UNIVERSITY BOOKSHOP MADE THEIR ORDER TEXTBOOK BASED ON THE NUMBER OF REGISTERED STUDENTS IN LAST ACADEMIC YEAR. IMPACT ON SUPPLY………………… IMPACT ON DEMAND IMPACT ON PRICE IMPACT ON QUANTITYThe 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)
- Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events:Suppose the Doctors recommend eating Apples every morning. The Monsoon rains adversely affect the Apple Harvest. The government announces increase in Wages of workers. The price of petrol in the market comes down. Consumers Income falls during government imposed Lockdowns due to health concerns. Given below is the Supply Schedule of Nestle Milk per liter:Price of Milk per liter (in Rs) 100 200 300 400Quantity Supplied per day in liters (in 1000s) 100 200 300 400Use the above data to illustrate the Supply Curve in a graph with complete labels. Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply. Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied?Illustrate the impact of (C) on the graph. Is this a movement along the supply curve or shift of the curve?ECON1000 - Principles of Economics | S1 20/21 Question 4 Question 1d Incomplete Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity: answer Marked out of (d) Electricity is a major input into the production of aluminium, and aluminium is a substitute in supply for steel. In the market for steel, the effect of an increase in price of electricity. 6.00 Remove flag Impact on demand No impact Impact on supply Shift outwards /to right Impact on price Decrease equilibrium price Impact on quantity Choose.. Please answer all pa Choose... Increase equilibrium quantity Next page No impact Previous page Change in price uncertain Excess supply Increase equilibrium price Decrease towards equilibrium Decrease equilibrium price Increase towards equilibrium Change in quantity uncertain Shift inwards / to left Excess demand Decrease equilibrium quantity Shift outwards / to right A WI need help with scenario 3 A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. With this assignment, you get a chance to demonstrate your ability to apply what you have learned to the coffee market. Be sure to answer all parts of each of the scenarios below. Students may utilize Paint, Word (the shapes tool), or hand draw the graphs. Scenario 1: Suppose that, as part of an international trade agreement, the U.S. government reduces the tariff on imported coffee. Will this affect the supply or demand for coffee? Why? Which determinant of demand or supply is being affected? Show graphically with before and after curves on the same axes. How will this change affect the equilibrium price and quantity of coffee? Explain your reasoning. Scenario 2: Suppose the National Institute of Health publishes a study finding that coffee drinking reduces the probability of getting colon cancer. How do you imagine this will affect the market for…