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1. a) When petrol price increases following a shortage of supply, then people are more willing to use fuel efficient cars as it require less petrol (Krugman et al. 2015). Accordingly, the demand curve will shift to the right to D1D1. At the old equilibrium price P1, the new demand creates car shortage of the amount (Q3 – Q1). With new demand, the supply and demand balances at E2. This is the new equilibrium point ...
An increase in petrol prices arising from global supply shortage of petrol has a direct impact on petrol demand. When price increases, then quantity demand for petrol reduces (Frank 2014). As a result, they chose to buy cars that are fuel-efficient that requires less amount of petrol. The effect on the market for high fuel-efficient cars is shown below.
Figure 1: Market for high fuel-efficient cars
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Figure 1: Fuel efficient car market
(Source: as created by Author)
The law of demand suggests an inverse relation between price and quantity demanded of a commodity (Varian 2014). An increase in the price of petrol has a direct impact of reducing petrol demand. People now want to reduce their petrol demand and prefers fuel efficient cars. As a result, demand for fuel efficient curve increases shifting the demand curv...
If the demand for beef rises with the increase in the price of beef that does not necessarily mean that the demand curve for the product is upward sloping (Kreps, 2018). In that case, the substitute product of beef also needs to be considered. According to the principle of economics, the demand for a product can be influenced by the price of the product itself or some external factors such as the tastes and preferen...
Answer to question 1
Demand curve depicts the relationship between price and quantity demanded of a goods. Following an inverse relation between price and demand of a particular good, demand curve slopes downward. The upward sloping demand curve indicates a positive relation between demand and price. For this is to be the case, demand should rise with a rise in demand....
Not necessarily the demand curve for beef is upward sloping. The demand curve can shift rightwards for change in any other factor other than the price. For example, the price of substitute meats, such as, pork, lamb or chicken, might have increased by a significant amount, which has increased the demand for beef, and the demand curve shifted to the right. This would cause the price of beef to rise, but since it is relati...
1). Price of the beef rises that means it will reduce the demand of the same as per the law of demand, however, considering the given case it can be seen that the demand of the beef has been increased. Rise in the demand with the rise in price inherently means that the demand curve need to be upward, however it cannot be feasible. There are various factors that can lead to the given situation. for instance, with the rise in the income of...
The opportunity cost is an economic concept representing the cost of choosing the one alternative over another, thereby sacrificing the benefits which could have been achieved by availing the next best alternative (Png 2013). In this context, in the last week I had to choose between a monthly subscription of my favourite magazines and a fancy dine-out at a fine-diner. I chose to buy the monthly subscription of the magazines, for which ...
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