Assessment Solutions For Equilibrium Price And Quantity ECON190

14 Pages

The Change In Consumers Income On The Demand

Arab Open University Final Take Home Exam (FTHE) Duration: 48 Hours Academic Year: 2020-2021 Semester: Spring Branch: Kuwait Program: Business Course title: Microeconomics Course Code: ECO101 St ...

Course

ECO101

Subject

Economics

University

Arab Open University

Season

Spring

27 Pages

Economic Development

Course

BCO221

Subject

Economics

University

EU Business School

Season

Fall

48 Pages

UK Economic Recovery Plan

ASSIGNMENT INSTRUCTIONS Assessment Group Practical – UK Economic Recovery Plan Assessment code: 01 1 Academic Year: 2020 /21 Trimester: 3 Module Title: Economics for Business ...

Course

MOD003327

Subject

Economics

University

Anglia Ruskin University

Season

Spring

ECON 190 Economics Assignment

Question

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Over the past decade, cruise ship companies have dramatically increased the number of megaships (Those that carry 3,000 passengers or more)., increasing the supply of cruises. At the same time, popularity of cruising has increased among consumers, increasing demand. Explain with graphs how increasing the number of megaships leads to increasing the quantity of cruises. Explain with graphs how the popularity of cruising affects the demand curve. Explain how the effects in (i) and (ii) combined can coincide with decrease in the average price of cruise travel. Demand and supply schedules for potato chips are: Price (cents per bag) Quantity demanded per week Quantity supplied per week 50 160 130 60 150 140 70 140 150 80 130 160 90 120 170 100 110 180 Graph both the supply (S) and demand (D) curves. What is the equilibrium price and quantity? If the price is 60 cents a bag, is there a shortage or a surplus? No, because at 60 cents, the demand has already begun to decrease. How does the price adjust? The price levels for a short period during week 4 at 80 cents. However, the price continues to increase, and the demand continues to decrease. In “What The Rise And Fall Of Lumber Prices Tell Us About The Pandemic Economy” Scott Horsely (NPR) writes: “It's been a roller-coaster ride for lumber prices over the last year – and it's drawn outsize attention from the aisles of Home Depot to the Federal Reserve. Lumber prices surged to record highs this year on the back of booming demand from homebuilders and do-it-yourselfers with plenty of time on their hands […] But over the past two months, lumber prices have been dropping equally fast, giving weight to the central bank's argument that pandemic price spikes for many products are likely to be temporary.” How do you explain the rise and fall of lumber prices during this pandemic period? Explain using a graph.

ECON 190 Economics Assignment

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