Suppose that the seitan industry is initially operating in long-run equilibrium at a price level of $5 per pound of seitan and quantity of 125 million pounds per year. Suppose a leading foodie video blogger raises awareness for a scholarly article that links seitan consumption to premature hair loss and unhealthy skin. The viral video is expected to cause consumers to demand seitan at every price. In the short run, firms will respond by .
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- Increasing demand from China has made New Zealand the world's biggest exporter of dairy products . Its exports of milk to China increased by 45 % in 2013. More than 300 000 hectares land in New Zealand have been transferred to dairy use from other forms of farming and forestry use since 2000. The increase in milk production has caused the average cost of its production to fall and changes in production methods have affected the price elasticity of supply of milk . Discuss whether the average cost of production always decreases when a firm increases the total output that it produces(Define economies of scale and diseconomies of scale Use of graph to explain ( if applicable ) Explain the various economies of scale e.g. purchasing economies of scale [ up to 5 ] Explain the various diseconomies of scale [ up to Brief conclusion)A retail chain will buy 900 cordless phones if the price is $30 each and 800 if the price is $40. A wholesaler will supply 350 phones at $40 each and 1400 at $70 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means.Suppose that the jackfruit industry is initially operating in long-run equilibrium at a price level of $5 per pound of jackfruit and quantity of 75 million pounds per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as jackfruit could decrease your expected lifespan by 5 years. The publication is expected to cause consumers to demand jackfruit at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the publication. 2 1 10 9 8 Supply Demand 0 0 + 15 30 45 60 75 90 105 120 135 150 QUANTITY (Millions of pounds) In the long run, some firms will respond by + 1 } Demand Supply until Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the publication and the new long- run equilibrium after firms and consumers finish adjusting to the news. 2 1 10 9 Supply Demand B…
- Suppose that the jackfruit industry is initially operating in long-run equilibrium at a price level of $5 per pound of jackfruit and quantity of 100 million pounds per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as jackfruit could increase your expected lifespan by 5 years. The publication is expected to cause consumers to demand jackfruit at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the publication. PRICE (Dollars per pound) 10 9 8 7 65 -run effects of a shift in demand 2 0 0 20 40 Supply Demand 60 80 100 120 140 QUANTITY (Millions of pounds) 160 180 200 O Demand Supply ? t.According to Professor Kosmos, the demand for hot chocolate from the university café has the schedule QD = 2500 – 135p, where p is the price. The owner of the café says that their supply schedule is QS = 1600 + 315p. i) Identify the café’s daily profit maximising price and quantity. ii) When a new hot chocolate machine is installed, the Professor finds that the supply schedule has changed to QS = 1625 + 365p. What are the café’s new daily profit maximising price and quantity? iii) Find the price elasticity of demand for the café’s hot chocolate and comment on the result.The following graph plots the market demand curve for rhenium. Use the orange points (square symbol) to plot the initial short-run industry supply curve when there are 10 firms in the market. (Hint: You can disregard the portion of the supply curve that corresponds to prices where there is no output since this is the industry supply curve.) Next, use the purple points (diamond symbol) to plot the short-run industry supply curve when there are 20 firms. Finally, use the green points (triangle symbol) to plot the short-run industry supply curve when there are 30 firms. PRICE (Dollars per pound) 80 72 64 56 48 40 32 24 16 8 0 Demand 0 120 240 360 480 600 720 840 960 1080 1200 QUANTITY (Thousands of pounds) Because you know that competitive firms earn Supply (10 firms) Supply (20 firms) True 4 If there were 30 firms in this market, the short-run equilibrium price of rhenium would be s would Therefore, in the long run, firms would O False Supply (30 firms) per pound. From the graph, you can…
- Omari's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina. Omari initially produced eight trucks, but then decided to increase production to nine trucks. The following graph gives the demand curve faced by Omari's HookNLadder. As the graph shows, in order to sell the additional fire truck, Omari must lower the price from $80,000 to $40,000 per truck. Notice that Omari gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial eight engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial eight engines by selling at $40,000 rather than $80,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $40,000. PRICE (Thousands of dollars per fire engine) 220 200 180 160 140 120 100 80 60 40 20 0 Omari 0 1 + 2 3 4 5…Omari's HookNLadder is the only company selling fire engines in the fictional country of Alexandrina. Omari initially produced four trucks, but then decided to increase production to five trucks. The following graph gives the demand curve faced by Omari's HookNLadder. As the graph shows, in order to sell the additional fire truck, Omari must lower the price from $105,000 to $90,000 per truck. Notice that Omari gains revenue from the sale of the additional engine, but at the same time, he loses revenue from the initial four engines because they are all sold at the lower price. Use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial four engines by selling at $90,000 rather than $105,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $90,000. PRICE (Thousands of dollars per fire engine) 165 150 135 120 105 Omari 90 75 60 45 30 15 Revenue Lost Demand…Consider a price-searching firm, Sam’s Fire Engines, which sells fire engines in the fictional country of Pyrotania. Initially, Sam’s produced seven fire engines but then decided to increase production to eight fire engines. The following graph shows the demand curve the firm faces. To sell the additional engine, Sam’s must lower its price from $100,000 to $50,000 per engine. (Hint: Sam’s Fire Engines gains revenue from the additional engine it sells, but it also loses revenue from the initial seven engines because it sells them all at the lower price.) On the following graph, use the purple rectangle (diamond symbols) to shade the area representing the revenue lost from the initial seven engines by selling at $50,000 rather than $100,000. Then use the green rectangle (triangle symbols) to shade the area representing the revenue gained from selling an additional engine at $50,000.
- Suppose that the tofu industry is initially operating in long-run equilibrium at a price level of $5 per block of tofu and quantity of 25 million blocks per year. Suppose a top medical journal publishes research that animal-alternative protein sources such as tofu could increase your expected lifespan by 4 years. The publication is expected to cause consumers to demand tofu at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the publication. PRICE (Dollars per block) 2 1 Supply Demand Demand 0 05 10 15 20 25 30 35 40 45 50 QUANTITY (Millions of blocks) In the long run, some firms will respond by Supply until Shift the demand curve, the supply curve, or both on the following graph to illustrate both the short-run effects of the publication and the new long- run equilibrium after firms and consumers finish adjusting to the news. PRICE (Dollars per block) 2 10 9 Supply…Suppose that the jackfruit industry is initially operating in long-run equilibrium at a price level of $5 per pound of jackfruit and quantity of 150 million pounds per year. Suppose that the Food and Drug Administration (FDA) reports that compounds naturally occurring in jackfruit help to prevent chronic illness. The FDA's research is expected to cause consumers to demand Jackfruit at every price. In the short run, firms will respond by Shift the demand curve, the supply curve, or both on the following graph to illustrate these short-run effects of the FDA's research. PRICE (Dolars per pound) 10 B Supply Demand B 7 10 2 1 + 0 0 30 Demand 90 120 150 180 210 240 270 300 QUANTITY (Millions of pounds) In the long run, some firms will respond by Supply untilSuppose the market for sourdough is perfectly competitive, so sellers take the market price as given. Darnell manages a restaurant that offers sourdough for sale. The following graph plots Darnell's weekly supply curve (orange line). Point A represents a point along his supply curve. The price of sourdough is $2.25 per slice, which is given by the black horizontal line. PRICE (Dollars per slice) 9.00 8.25 7.50 6.75 6.00 5.25 4.50 3.75 3.00 2.25 1.50 0.75 Price Supply 0 2 4 XXX Darnell's Weekly Supply 6 A 8 10 12 14 16 18 QUANTITY (Slices of sourdough) 20 22 24 ? Using the previous graph, you can determine that Darnell is willing to supply his 6th weekly slice of sourdough for $ $2.25 per slice, the producer surplus earned from supplying the 6th slice of sourdough is $ Since he receives Suppose the price of sourdough were to rise to $3.00 per slice. At this higher price, Darnell would receive a producer surplus of $ 6th slice of sourdough he sells. The following graph plots the weekly…