The following table shows the initial aggregate supply and demand data for a country. Price Level 200 300 400 500 600 700 800 4000 5000 6000 Aggregate Demand 7000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 Aggregate Supply 3,000 4,000 5,000 6,000 If input prices rise and AS shifts to the left by 1,000 units at each price level, what output level will equal the new equilibrium price? 7,000 8,500 9,500
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- Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers. The number of people at the most common ages for home-buying increases. People gain confidence that the economy is growing and that their jobs are secure. Banks that have made home loans find that a larger number of people than they expected are not repaying these loans. Because of a threat of a war, people become uncertain about their economic future. The overall level of saving, in the economy diminishes. The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.Predict how each of the following events will raise or lower the equilibrium wage and quantity of oil worker in Texas. In each case, sketch a demand and supply diagram to illustrate your answer. The price of oil rises. New all-drilling equipment is invented that is cheap and requires few workers to run. Several major companies that do not drill oil open factories in Texas, offering many well-paid jobs outside the oil industry. Government imposes costly new regulations to make oil-drilling a safer job.For each of the events described below you are required to explain the market you are representing ie labor market or automotive market. Does the events act on the demand side or supply side or both sides of the market. Does the events lead to a quantity or price change or does the event lead to a shift0 in the demand side or supply side or both sides of the market Make sure to explicitly what sort of assumption you are making on the elastcities of demand and supply plotting Your demand and supply. Describe whether you are assuming an elastic or inelastic demand or supply. 1.the implementation of a maximum rent program in the housing rental market 2.the implementation of a minimum wages 3. The implementation of subsidies to agriculture production in Australia 4.the implementation of a carbon tax in the economy. The carbon tax is charged according to the level of emission of greenhouse gases in an economy. 5. The implementation of new loan program to university students in the…
- Q3. Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year data given in table: Year 2012 2013 2014 2015 2016 2017 2018 Population (millions) 10 12 15 20 25 30 40 Rice consumed (million tonnes) 40 50 60 70 80 90 100# I am guessing, the price of imports will decrease is wrong.Carefully explain what is happening in the following markets. Indicate the impact if any on demand,supply,price and quantity. Choose answer from the following ; no impact, excess supply,shift inwards to left,increase equilibrium price,shift outwards to right, decrease equilibrium quantity,increase towards equilibrium,increase equilibrium quantity, decrease towards equilibrium, change in quantity uncertain, excess demand,decrease equilibrium,change in price uncertain 1d) Electricity is a major input the production of aluminum,and aluminum is substitute in supply for steal ,the effect of an increase in price of electricity.
- what happen imports when price level increase and decrease? ExplanationDescribe the mechanism by which supply creates its osi1 demand.Supply and Demand Schedules for PlayStation5 - Digital Edition P in USD Quantity Demanded Quantity Supplled 100 900 100 200 700 150 300 500 225 400 300 300 500 100 400 600 475 Use the information in the supply and demand schedules above to plot the supply and demand curves, and then answer the following questions. What would happen if Sony, the producers of the PS5, set the price of the PS5 arbitrarily at 500 dollars each, Instead of 400 dollars each? O a There would be a shortage of PS5S, because the quantity demanded at that price is greater than the quantity supplied. O b There would be a decrease in the demand for PS5S. There would be a surplus of PS5S, because the quantity supplied at that price is greater than the quantity demanded. There would be an increase in the demand for PS5S.
- In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand.i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time. iii. Illustrate the effect of major gasoline suppliers increasing supply as well as usersreducing their demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price…In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time.How do you explain the sharp decline of "Crude Oil prices"? Globally what can be the economic, political retums and drawbacks?