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Multiple choice question and 3 short answered question - Term Paper Example

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Suppose that the price of a product increases from $5.00 to $5.50 and as result the quantity supplied increases from 162 to 192. Based upon this information we would conclude that the supply for this product in this price range is:
Thus, for the present price, there is zero…
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Multiple choice question and 3 short answered question
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Multiple choice question and 3 short answered question

Download file to see previous pages... The law of demand states that for a rise (fall) in price, ceteris paribus, the quantity demanded of a good will fall (rise). The instances we saw were changes in factors that determine the quantity demanded at each price, or the demand. Changes in these factors causes changes in demand, while changes in price causes changes in quantity demanded. A change in quantity demanded for every given price constitutes a change in demand. Thus the instances discussed above are not about exhibitions of the law of demand. Rather, they exhibit the effects that changes in factors that influence demands have on quantity demanded at every price.
THIS QUESTION DOES NOT MAKE SENSE. IS IT A RISE IN THE PRICE OF RIVAL CARS? OR CARS MANUFACTURED IN OTHER COUNTRIES? AN INCREASE IN THE PRICE OF CARS IN THE FRAMEWORK CONSIDERED IMPLIES AN INCREASE IN THE PRICE OF CARS IN EQUILIBRIUM AND THAT IS TYPICALLY ASSOCIATED WITH AN INCREASE IN DEMANDS OR A FALL IN SUPPLY CAUSED BY SOME UNDERLYING CHANGES IN FACTORS THAT AFFECT THESE LIKE INCOMES OR PRICE OF INPUTS ETC.
The effects are unclear until we know how these manufacturing plants were related to the Australian cars. If they produced substitutes for markets where the Australian car makers also compete, then the demand for Australian cars will increase. The effect will be similar to case a) shown above. If however these are unrelated, then there will be no effects at all and the equilibrium point will remain unchanged.
There are two potential effects on the supply. First, introduction of robotics may lead to increase in costs per unit. However, the labour that the robots replace will lead to savings on labour costs. Secondly, there will be an increase in efficiency that will lead to a reduction in costs. Thus on the net it is likely that the per unit costs of production will go down. In that case for every price a higher amount of supply ...Download file to see next pagesRead More
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