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- Ab 7 draw a supply and demand curve to show the influence of demand and supply of fuel following a rise in demand and a slight decline in supply.(2) Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand.1.What is the impact of air transport on the hospitality and tourism industry? 2. How important is air transport to the Philippines?
- 1. Currently, gas and fuel prices have been rising steadily for months. How has the drastic increase in fuel affected the demand curve for Ford F150 trucks? Show the shift in demand and name the determinant. *Name the determinant:What do we mean by talking about "Demand for one product" and "Supply of one product"? Could you discuss the impact of Covid-19 crisis on the demand and supply of airline services in the world?QUESTION 29 What effect should each of the following have on the demand for gasoline in a competitive market? (a) the economy moves into a recession (c) an increase in the price of car insurance, taxes, maintenance For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). Arial 10pt BIUS Paragraph I!! > !!! >
- The 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)a) Diagrammatically show and explain how oil prices dropped as concerns over fuel demand in the near term in covid-19 pandemic it europe and the united states. b)Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand.11. Suppose that you develop a software product called "EconSolver" which takes in the parameters of an economic problem and first determines how to solve it and then solves it. You have two potential markets for this product: corporations (c) and students (s). The demand schedules you have estimated are: Price Dc 10 11 12 13 14 15 16 DS 0 2 4 6 8 10 12 Production, distribution and software support costs are estimated to be $50 per copy for each type of customer. 300 275 250 225 200 175 150 (i) Assume that you could only charge one price for this product regardless of customer type. What would that price be and how much profit would you make? (ii) Assume that you could practice 3rd degree price discrimination in this market. What price would you charge each customer type and what would your total profits be? (iii) Use the language of economics to explain why 3rd degree price discrimination works in this example. (iv) If you decided to practice 3rd degree price discrimination here, list…
- As the diesel prices have almost caught up the gasoline prices, the market for diesel cars has responded. What do you expect-How has Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the “main influences” you chose had an impact on the gasoline market.IV. APPLICATION 2. A recent typhoon hit the Philippines where most of the raw materials are produced. What non-price determinants will affect the supply and in what way? How will it affect the country’s economy?