Using diagrams the likely effect on the market for

Assignment Help Microeconomics
Reference no: EM13373812

Using diagrams, the likely effect on the market for traditional butcher services,

Draw a diagram that shows the main macroeconomic flows in the economy. Identify all components of the diagram.

The weekly demand and supply schedules for t-shirts (in millions) in a free market are as follows:

Price (£)

8

7

6

5

4

3

2

1

Quantity demanded

6

8

10

12

14

16

18

20

Quantity supplied

18

16

14

12

10

8

6

4

  • What is the equilibrium price and quantity?
  • Assume that changes in fashion cause the demand for tshirts to rise by 4 million at each price. What will be the new equilibrium price and quantity?
  • Why does the equilibrium quantity increase differ from the increase in demand?
  • Now plot the data in the table on a graph and show the equilibrium. Also plot the new data corresponding to your answer in part (b).
  • Referring to the original data, what is the price elasticity of demand between a price of £7 and a price of£5? Is it elastic or inelastic?

 

Reference no: EM13373812

Questions Cloud

1 imagine you are going to teach the vocabulary of kitchen : 1 imagine you are going to teach the vocabulary of kitchen items to a pre-intermediate class of young adults. the
Scans of internal organs using magnetic resonance imaging : scans of internal organs using magnetic resonance imaging mri. these devices are often covered by subsidized health
1explain the factors of production and give an example for : 1.explain the factors of production and give an example for each one.2.what is the difference between a normal good and
200 words needed conrads heart of darkness is built around : 200 words needed. conrads heart of darkness is built around a journey explain parallels to earlier journeys such as
Using diagrams the likely effect on the market for : using diagrams the likely effect on the market for traditional butcher servicesdraw a diagram that shows the main
Nbspit is about my groups simulation experience and the : nbspit is about my groups simulation experience and the question is what mistakes did your team make?the first mistake
1 prove the following vector calculus identity in r3 where : 1 prove the following vector calculus identity in r3 where f is a twice continuously dierentiable scalar eld and f is a
Nbspnbspexplain and support your thesis through the use of : nbspnbspexplain and support your thesis through the use of academically and ethically sound evidence.nbspuse proper mla
Why does tqm require the commitment of everyone in the : why does tqm require the commitment of everyone in the whole organisation?how could this be achieved in the context of

Reviews

Write a Review

Microeconomics Questions & Answers

  What amount must be deposited into a savings account

What amount must be deposited into a savings account that pays 8% interest if the inflation rate is 10% and you want to set aside enough money to purchase a red tape cutting machine ten years after the deposit? The current cost of a red tape cutting ..

  In what ways is state power changing

In what ways is state power changing (increasing, decreasing, shifting, diffusing)? and What are the implications of these changes for how we tackle some of the global issues?

  Name at least two legislations to prevent monopolization of

Name at least two legislations to prevent monopolization of businesses

  Explain this freedom to engage in business activities

In what way does the Bill of Rights protect individuals' freedom to engage in business activities. it recognizes property righs or else.

  Define technological advance

Define and explain technological advance, and describe how does technological advance enter into the definition of the very long run?

  Why might it be cheaper to drive on a toll-road

How do costs play into your everyday life? For example, why might it be cheaper to drive on a toll-road vs. a free-access interstate Also, can you identify situations where you may fall victim to the sunk cost fallacy (we all do)

  Compute the profit at the end of each year

Compute the profit at the end of each year if the hospital continues to use the traditional method for surgical operations and compute the profit at the end of each year if the hospital uses a Robotic Surgery Machine for surgical operations.

  Were they to merge then the markets hhi would

Consider a market with four firms.Suppose the first firm has a49% market share,the second has a 35%market share, the third firm has a 10% market share, and the fourth firm has a 6% market share

  What is the conclusion that was probably incorrect

The manager concluded that they were most likely to win when the third-string team played the most, and he therefore recommended that the third-stringers should become the first string.

  Show your results by graphing the budget constraints

To what effect (income or substitution) do you attribute the change in utility levels between part a and part b?

  What happens toreservation wage if someone needs to spend

a. Graphically explain what happens to the reservation wage if someone needs to spend some of their non-labor income on day-care services in order to become employed. b. Graphically explain what happens to the reservation wage if someone experience..

  How will combined tax-transfer policy affect demand n price

Suppose the government decides to increase taxes by $30 billion in order to increase Social Security benefits by the same amount. How will this combined tax-transfer policy affect aggregate demand at current prices

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd