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- How will. each of the following demand and Leeppy affecte eqpelibniuem Prkce and equilibrium quantity Competitive in market: @Supply deereases and demand iK constantProducer surplus is the difference between the?Name two types of market failure. Explain why eachmay cause market outcomes to be inefficient.
- E Unit 3 Midterm Economics A docs.google.com/forms/d/e/1FAlpQLSfDzcagnpq9EUKBs3AWMb. is determined by the interaction of supply, demand, and price. * 2 points Effective Demand O Simple Demand Quantity Demand Actual Demand All of These O None of These Market Systems/Capitalist Economies are controlled by is what is actually bought by consumers, businesses, and government) (which Effective Demand Simple Demand Quantity DemandedHow will each of the following demand and buppyaffects euelionium price and exuelibrium quantityi market: Competitive @Demand deereatee and Sepply is ConstantEnergy dnnKS has been causing dea th Senator Miller proposes 8 2 tax ( that on average cost $ 2. on the arnnks Senator cruz thinks is too nigh. in response, the Miller Bill was fixed to make it a $ I tax. DRAW A ORAPA. Locate equilibrium price and quantity. which letters reppsent the proaucer and oonsumer $urplus Z ata before the tax ? which repruent after the tax ? Did the surplus increase or decrease? why}
- What is Market MechanismAs discussed in the lecture, if producers limit the supply of a product (like chickens) they are counting on what to dirive prices up? Multiple Cholce Producer-producer nvalty Consumer-consumer rivoiry Producer-consumer mairy None of the abowSuppose Alphonsos town raised the price of bus tickets to 1 per trip (while file price of burgers stayed at 2 and his budget remained 10 per week.) Draw Alphonsos new budget constraint. What happens to file opportunity cost of bus tickets?
- illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of thenewequilibrium, ineachofthefollowingsituations: a. The price of milk, a key input for cheese production,rises,sothatthesupplydecreasesby 80 pounds at every price. b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price.Your grandmother likes old-fashioned yard salesand doesn’t understand why everyone is so excitedabout eBay. Explain to her why the creation of amarket that enables people who don’t live in thesame town to buy and sell used goods increasestotal surplus over the yard-sale market.Questoon 3 a)It is Soud that change in demanol ond change in quantty demanded are dofferent Concepts thot cannot Sub Stitute ealh other. With the aid of a grophical Elestrotion, discurs the truth obout this Stotement. 6) Economists argue that ot os #hot wrong for the government to intefere with the operotions of the market System because government interention with ecther ceiling prices or floor prèces or fl0or prices does not serve the interest the masses of society but rother aggravates their pioblems- DisE of Discuss. C) hist s cherocteristis of perfect Competition.