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Question 1
Consider the market for minivans. Indicate the impact if any on demand, supply,
(a) People decide to have more children.
(b) A strike by steelworkers raises steel prices.
(c) Engineers develop new automated machinery for the production of minivans.
(d) The price of station wagons rises.
(e) A stock-market crash lowers people’s wealth
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- 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 machinery for the production of minivans.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 machinery for the production of minivans. (d) The price of station wagons rises. (e) A stock-market crash lowers people’s wealth acThe equilibrium price of rental houses has increased by 7 per cent in the last three years. Which of the following will NOT be a cause for the increase in rental price? (a) There has been an increase in the number of investment properties available for rent. (b) The landlord faces increased advertising fees. (c) New laws require that all rental house owners must provide insurance for their tenants. (d) The cost of building materials has increased.
- How would the equilibrium quantity and price of smartphones be altered if the prices of their electronic components increase, and labor costs to produce them rise, while alternative communication methods become more accessible and user-friendly? (A) Quantity will fall, and the effect on price is ambiguous. (B) Price will fall, and the effect on quantity is ambiguous. (C) Quantity will rise, and the effect on price is ambiguous. (D) Price will rise, and the effect on quantity is ambiguous.Which of the following would you expect to displace the demand for beef?Response option group (a) An increase in the price of beef. (b) A reduction in the price of beef. (c) An outbreak of mad cow disease. (d) None of the above.Graphically illustrate how the demand curve for electric vehicles will be affected in each of these cases below.(a) A major climate change awareness campaign is instituted which teaches consumers about clean energy vehicles. (b) The price of gas-powered vehicles falls significantly, due to lower costs of production. (c) Gas prices experience a significant and long-standing increase.(d) The price of electric vehicles falls due to a fall in the cost of production.
- (d) What will happen in the market for tomatoes if a new study is released that shows tomatoes contain antioxidants (may help prevent cancer)? (e) What will happen in the market for corn if a new crop rotation technique is discovered that allows the corn to be grown more easily and the price of green beans, a substitute, decreases? (f) What will happen in the market for gasoline if the price of oil increases and there is a vast increase in the population (e.g., another baby boomer generation)?Question 4(a) The freezing cold spell at the beginning of 2010 increased demand for gas in the UK. Usage reached 454 cubic metres; the previous record was 449 metres set in January 2003. The National Grid which is responsible for energy in the UK issued several warnings in a matter of days that demand could outstrip supply and asked suppliers to increase the supply.(i) Illustrate the effect of the cold spell on the demand for gas using a demand curve diagram.(ii) Analyze two other factors that you think influence demand for gas.(iii) Do you think demand for gas is price elastic or price inelastic? Explain your reasoning.(b) Using a normal demand curve, explain how consumer surplus occurs. (c) Explain and illustrate with diagrams how and why a marginal cost curve maps out a supply curve.Question one Plot the demand curve from the demand schedule information provided. Price Quality Demanded 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?
- 25. What will happen to the price and quantity of footballs as a result of an increase in the price of leather used to make footballs? (A) Price will increase, and quantity will increase. (B) Price will increase, and quantity will decrease. (C) Price will decrease, and quantity will increase. (D) Price will decrease, and quantity will decrease. Price will not change, and quantity will not change. (E)Need help with homework - economic questions (supply/demand) (b) Consider the market for electric cars. The Government of Canada announces that consumers who purchase electric cars manufactured after 2020 are entitled to a taxrebate of$5,000. How does this affect the market for electric cars? Explain using a diagram. (c) In 1904, Standard Oil Company controlled 91 percent of American oil production.Standard’s concentration of market power alarmed many politicians and common citi-zens. In 1911, the U.S. Supreme Court ruled that Standard had violated the Sherman Antitrust Act, and ordered the corporation to break up into smaller companies. Be-cause of this, Standard Oil’s market share dropped from 91 percent to 64 percent of oilproduction. How does this affect the market for oil. Explain using a diagram.Do you agree with the following statements? Give reasons. (a) There are some exceptions to the law of demand.(b) There are no exceptions to the law of demand.(c) When the price of petrol rises, the demand for cars decreases. (d) Demand is a relative term(e) Price is the sole determinant of demand. (f) Demand curve can never have an upward slope.