If you're seeing this message, it means we're having trouble loading external resources on our website. Show If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. 17. What would happen to the equilibrium price and quantity of lattés if coffee shops began using amachine that reduced the amount of labor necessary to produce steamed milk, which is used to makelattés, and scientists discovered that coffee prevents heart attacks?A. Both the equilibrium price and quantity would decrease.B. The equilibrium quantity would increase, and the effect on equilibrium price would beambiguous.C. The equilibrium price would increase, and the effect on equilibrium quantity would beambiguous.D. Both the equilibrium price and quantity would increase. 18. A likely example of substitute goods for most people would be 19. In a competitive market, there are so few buyers and so few sellers that each has a significant impacton the market price. 20. An increase in which of the following would shift the supply curve for gasoline to the right? Part 2: Please answer the following question. Show all the steps in detail.1.In class, we use the S-D graph to analyze markets for goods and services. We can also use the S-Dgraph to analyze the labor market. In the labor market, workers are the sellers while firms are thebuyers. The “good” that is sold in the market is labor. Thetable below shows the quantity demanded(number of workers willing to work) and quantity supplied (number of job vacancies) in the city ofProductionville. 122. What would happen to the equilibrium price and quantity of lattés if coffee shops beganusing a machine that reduced the amount of labor necessary to produce steamed milk, whichis used to make lattés, and scientists discovered that coffee prevents heart attacks?a.Both the equilibrium price and quantity would increase.b.Both the equilibrium price and quantity would decrease.c.The equilibrium price would increase, and the effect on equilibrium quantity would beambiguous.d.The equilibrium quantity would increase, and the effect on equilibrium price would beambiguous.ANS: D Figure 4-22Panel (a)Panel (b)49 We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Exploring Economics Sexton Expert Verified DD'SPe'PeQeQe'quantitypriceD'DSPePe'Qe'QequantitypricePanel (c)Panel (d)DS'SPe'PeQeQe'quantitypriceDSS'PePe'Qe'Qequantityprice152.Refer to Figure 4-22. Panel (a) shows which of the following? Get answer to your question and much more 153.Refer to Figure 4-22. Panel (b) shows which of the following? Get answer to your question and much more 154.Refer to Figure 4-22. Panel (c) shows which of the following?a.an increase in demand and an increase in quantity suppliedb.an increase in demand and an increase in supplyc.an increase in quantity demanded and an increase in quantity suppliedd.an increase in quantity demanded and an increase in supplyANS: D155.Refer to Figure 4-22. Panel (d) shows which of the following?a.a decrease in demand and a decrease in quantity suppliedb.a decrease in demand and a decrease in supplyc.a decrease in quantity demanded and a decrease in quantity suppliedd.a decrease in quantity demanded and a decrease in supplyANS: D156.Refer to Figure 4-22. Which of the four panels illustrates a decrease in quantity demanded?a.Panel (a)b.Panel (b)c.Panel (c)d.Panel (d)ANS: D157.Refer to Figure 4-22. Which of the four panels illustrates an increase in quantitydemanded?a.Panel (a)b.Panel (b)c.Panel (c)d.Panel (d)ANS: C Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 53 pages? Upload your study docs or become a Course Hero member to access this document What will happen to the equilibrium price and quantity of lattes?So, when the price of producing steamed milk increases, it will affect the demand for lattes. The demand for lattes will go down. As a result, the demand curve will shift to the left-hand side. This will cause a change in the price, and the quantity demanded of lattes.
What happens to equilibrium price and quantity when price increases?An increase in demand, all other things unchanged, will cause the equilibrium price to rise; quantity supplied will increase. A decrease in demand will cause the equilibrium price to fall; quantity supplied will decrease.
What would happen to the equilibrium price and quantity of lattes if coffee shops began using a machine?The equilibrium price is determined by the point of intersection of the demand and supply curves. If the machine is used to produce steamed milk at reduced labor, the number of lattes supplied increases, and the price reduces.
What happens to PE and QE when cost of production increases?As the supply increases, the Pe declines whereas Qe rises.
|
What would happen to the equilibrium price and quantity of lattes if the Labour cost rises?
zusammenhängende Posts
Urheberrechte © © 2024 defrojeostern Inc.
