Write an analysis assessing how 2 of the following major economic events influenced supply, demand, and economic equilibrium in U.S. economic activity: Rapid price increases, such as those caused by the 1973 oil embargo or the aftermath of a major hurricane Dramatic employment drops, such as the combined impact of the 2006 housing bubble burst and the subsequent Great Recession
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- P Do Homework - Chapter 4: Supply and Demand (Copy) - Google Chrome A mathxl.com/Student/PlayerHomework.aspx?homeworkld=616379615&questionld=1&flushed=false&cld=6801150¢erwin=yes Econ I Fall 2021 Intersession THU TRANG 12/21/21 8:12 AM Question 17, Checkpoint Extra Problem 14 = Homework: Chapter 4: Supply and Demand (Copy) HW Score: 0%, O of 30 points O Points: 0 of 1 Save Part 1 of 2 Italians call for 1-day pasta strike Price (dollars per pound) 1.80- In 2007, the price of durum flour rose by 20 percent. Seventy percent of pasta is durum flour. Italians will soon be paying 20 percent more for pasta. Italian consumer groups called for a one-day boycott of pasta in grocery stores, as a way of showing their unhappiness with the price increase. Source: The New York Times, September 12, 2007. 1.60- What is the effect of the rise in the price of durum flour on the market price of pasta? 1.40- The graph shows the market for pasta before the price of durum flour rose. 1.30 Draw a curve to…What Current Event has a topic about Supply & Demand from a reputable News Article, Report or Journal? Explanation should be 3 paragraphs as follows: Paragraph 1: What is the Economic issue? (Describe the issue) Paragraph 2: What is the connection to Supply & Demand? (Describe the connection to Supply and Demand) (Use Math, Graph or data to explain or support your idea) Paragraph 3: Explain how this affects the Economy (individual, industry, national or global Cite at least one source (News Article, Video, etc.) for any dataMacroeconomics: What effect will each of the following have on the demand for small automobiles such as the Honda Civic or Ford Focus? A supply schedule or curve shows that, other thingsequal, the quantity of a good supplied varies directlywith its price. The supply curve shifts because of changes in (a) resource prices (b) technology (c) taxes or subsidies (d) prices of other goods (e) expectations of futureprices (f) the number of suppliers A change in supply is a shift of the supply curve; achange in quantity supplied is a movement from onepoint to another on a fixed supply curve. Questions: Small automobiles become more fashionable. The price of large automobiles rises (with the price of small autos remaining the same). Income declines and small autos are an inferior good. Consumers anticipate that the price of small autos will greatly come down in the near future. The price of gasoline substantially drops.
- Macroeconomics: What effect will each of the following have on the demand for small automobiles such as the Honda Civic or Ford Focus? A supply schedule or curve shows that, other thingsequal, the quantity of a good supplied varies directlywith its price. The supply curve shifts because of changes in (a) resource prices (b) technology (c) taxes or subsidies (d) prices of other goods (e) expectations of futureprices (f) the number of suppliers A change in supply is a shift of the supply curve; achange in quantity supplied is a movement from onepoint to another on a fixed supply curve. Questions: Consumers anticipate that the price of small autos will greatly come down in the near future. The price of gasoline substantially drops.IV. 2. The pandemic causes closure of some businesses due to prolonged lockdowns. This leads to more people being unemployed. What non-price determinants will affect the demand and in what way? How will it affect the country’s economy?the degree of change in demand or supply due to the change in its determinants
- Note: this is an economics question forcused on supply/demand, price ceilings and rationing *Who was affected by Hurricane Sandy Give few examples (not more than 4) and *explain how each is affected.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.
- 1) You are the admissions director at the University of Georgia. You know there is high demand for you product. However, you only have to space for a certain number of students. USE Microeconomics KEY TERMS like (economics, exports, command, fiscal policy, macroeconomics, scarcity, traditional economy, etc) to explain why you would (or would not) increase the price of attendance. 2) You are the admission director at Georgia State College. How do you convince graduating high school seniors to attend your college, instead of the University of Georgia. USE the KEY TERMS in the economics.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. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years.a) i)Explain difference between; ii,Microeconomics and macroeconomics iiiPositive and Normative economics b) Given the following demand and supply functions as; i)Find the price elasticity of demand and price elasticity of supply at the equilibrium point. ii)Based on the values obtained from Price elasticity of supply in (i) above, what advice would you give to the producer if he is to increase revenue? iv)Using illustrations, distinguish between Minimum and maximum price v)Assuming the government, set the price at 45shs, determine whether its minimum or maximum price, and state the surplus or deficit