The market for bell peppers is competitive. For bell peppers to grow properly they need substantial rainfall. A very dry winter in California did not produce enough rain to grow bell peppers in California, one of the major bell pepper growing regions of the world. In the graph below, click on the equilibrium point that illustrates the effect of insufficient rainfall on the market for bell peppers. 0
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- Use the following graph for the milk market to answer the question below. MA Price (dollars per gallon) 2.00 1.50 1.00 0 20 26 28 30 Multiple Choice S Quantity (millions of gallons) In this market, the equilibrium price is and equilibrium quantity is_____ $1.50 per gallon; 28 million gallons. $1.50 per gallon; 30 million gallons. $28 per gallon; 150 million gallons. 36 $1.00 per gallon; 36 million gallons. DThe Figure below; shows the market for Wines. Suppose the market is operating at equilibrium point E. Suppose that a lack of rain during the year has caused the grape harvest to be smaller than usual (grapes are an input for making wine). How will this impact the market for wine? Price ($) 12 10 8 00 I I 1 I T T 1 1 1 E1 Eo E2 10 15 18 Quantity of Wine ('000 bottles) S1 Do 8 S2The following graph shows the demand curve for uff, a useful commodity produced on the planet Hermes. The Hermetian currency is the yen. The graph input tool also shows how demand for uff is affected by changes in the average income of Hermetians, as well as the prices of tulg and snick, two other related goods available on the planet. Suppose that the price of a gram of uff decreased from 50 yen to 45 yen. This would cause a _______ (options: movement along, shift of) the demand curve and therefore an increase in _________ (options: the demand for uff, the quantity of uff demanded). Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward _________ (options: movement along, shift of) the demand curve.
- The graph shows the market for cashews. What is the equilibrium price of cashews? What is the equilibrium quantity of cashews? Is the market for cashews efficient or inefficient? Why? CIER The equilibrium price of cashews is $ a pound and the equilibrium quantity of cashews is pounds. The market for cashews is O A. inefficient only if the cost of growing all the cashews is an average of $6.00 a pound OB. efficient because the marginal benefit of cashews equals the marginal cost of producing them, which is $6.00 a pound OC. inefficient because growers of cashews receive a large producer surplus O D. efficient because the benefit of each pound of cashews consumed equals the cost of growing it OE. efficient only if the total benefit of the cashews equals $6.00 a pound billion A 12.00- 10.00- 8.00- 6.00+ 4.00- 2.00- 0.00+ 0 Price (dollars per pound) S 3 9 12 6 Quantity (billions of pounds per year) D 15 Q QAnne, Debbie, and Mary are the only producers of fudge in an isolated village. Price (dollars per bag) Quantity supplied (bags per week) The table shows their supply of fudge each week. Anne Debbie Mary 1.00 When the price of a bag of fudge is $0.50, what is the quantity of fudge supplied by the market in a week? 7 0.75 4 6. 0.50 When the price of a bag of fudge is $0.50, the quantity supplied by the market is bags of fudge a week.Use the following graph for the milk market to answer the question below. Price (dollars per gallon) 2.00 1.50 1.00 0 20 26 28 30 Quantity (millions of gallons) In this market, the equilibrium price is and equilibrium quantity is Multiple Choice O $1.50 per gallon; 28 million gallons. $1.50 per gallon; 30 million gallons. $28 per gallon; 150 million gallons. 36 $1.00 per gallon: 36 million gallons. D
- The market supply of lettuce in a small town is shown in the table below. Market Supply of Lettuce. Price (dollars) $3.00 2.50 2.00 1.50 1.00 8.50 Quantity of Lettuce Supplied (heads) Initial 180 140 100 60 20 0 New Instructions: Enter your answers as a whole number. a. Suppose there is a decrease in the cost of renting land that allows lettuce growers to produce 50 more heads of lettuce at each price. Find the new quantities supplied at each price, and then complete the new supply schedule in the table. heads of lettuce and the new quantity supplied is b. At a price of $1.50 per head of lettuce, the original quantity supplied was [ heads of lettuceFirewood prices in places from northern California to Boston and suburban New Jersey have remained steady even though the supply of firewood has been diminished by environmental restrictions on cutting. The Wall Street Journal reports that sales of gas fireplaces are outpacing sales of wood-burning hearths and that “people are burning less and less wood.” Use supply and demand analysis to show why firewood prices are not rising while the quantity of firewood burned is declining.The demand for corn (measured in billions of bushels) is given by Con = 5 - 2Pom + 4Ppotutoes - 0.25Putter + 0.0003M. The supply of corn is given by O=9+ 5Pun - 2Puet -1.25Pybeans a. If potatoes cost $0.75 per pound, butter costs $8.00 per pound, diesel fuel costs $3.00 per gallon, soybeans cost $16.00 per bushel, and average income, M, is $40,000 per year, what is the equilibrium price of corn as determined by the demand and supply functions? Instructions: Round your answer to 1 decimal place, b. How much corn is bought and sold (equilibrium quantity? Instructions: Round your answer to 1 decimal place. Obillion bushels. c. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium price? Instructions: Round your answers to 2 decimal places. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium quantity? billion bushels,
- Assume that we are looking at the egg market and presently the equilibrium price for a dozen eggs is $3.50 and the present equilibrium quantities are at 5 million dozen. Suppose the price of chicken feed that is fed to egg producing chickens triples in price. Which of the following best describes the impact that this would have on the egg market? Holding all other variables constant. The gunnly curva sould doorocco chifting to theGraph the following information about the demand and supply of ostrich eggs in Georgia: Price per Quantity demanded per Quantity supplied ostrich year per year 1,000 0 800 50 600 100 400 150 200 200 0 250 $0 $200 $400 $600 $800 $1000 Question 1 Find the equilibrium price (P*) and quantity (Q") of ostriches bought and sold. P"= Q*=Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Florida Oranges 50 I Price (Dollars per box) 45 15 Supply 40 Quantity Demanded Quantity Supplied (Millions of boxes) 500 210 35 (Millions of boxes) 30 25 20 Demand 15 10 5 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) In this market, the equilibrium price is S per box, and the equilibrium quantity of oranges is million boxes. PRICE (Dollars per box)