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Submitted by Zeigera82 on Sat, 2013-01-12 02:43
due on Wed, 2013-01-16 02:42
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Economics - Microeconomics/ Macroeconomics - Three Scenario's with graphs

In economics, they say a picture is worth a thousand words. Below, you will find three scenarios. Your assignment is to discuss the situation by writing the solutions, and then show the solutions and how you got here in one or more graphs or flowcharts as requested.

 

Scenario One

 

In the early part of the last decade, there was an overproduction of coffee. The price dropped so low that producers' costs were higher than the market price. The reason this happened was that market prices became high before this, and the supply of coffee increased substantially. In the meantime, demand for coffee and everything else remained the same. Price Level 1.

 

Coffee prices came down again, at first overshooting the former equilibrium price, throwing the coffee market into confusion. In the meantime, gourmet coffee houses began appearing, which began charging a premium for coffee in the period of falling prices. Price Level 2.

 

Gourmet coffee houses tend to open in high-rent areas and cater to higher income consumers. Because of the change they created for taste and preferences and the higher income market, the gourmet coffee houses had a win-win in a period of falling wholesale prices and increasing retail prices. Price Level 3.

 

But in the middle of the decade, the party was over, and wholesale prices started increasing because of some shortages caused by weather and the rising overall market prices again. Where is the new equilibrium price?Price Level 4.

 

Explain the changes in the supply and demand curves based on the above information. Draw a graph showing how the changes affect the price levels, supply and demand.

 

Scenario Two

 

You have been asked to discuss the differences between the microeconomic definitions of supply and demand and the macroeconomic differences of aggregate supply and demand. Discuss what determines supply and demand and aggregate supply and aggregate demand. Explain what causes movements along the curve and shifts in the curve for supply and demand and aggregate supply and aggregate demand (make sure that you include price as a variable). Include whether this is an example of the microeconomic definition of supply and demand or the macroeconomic definition of aggregate supply and demand. Most importantly, did this cause a shift in the curves or a movement along the curves? What happened to equilibrium price, supply, demand, aggregate supply or aggregate demand? Describe your graphs.

 

  1. After Hurricane Katrina, what happened to the price of fish?
  2. After the development of the microchip, what happened to the price of computers?
  3. After the government raised tariffs on imported cheese, what happened to the price of domestic cheese?
  4. Polyester suits have become trendy again. What happens to their price?
  5. Internet auction sites are becoming more popular, and people are using them more and more.
  6. A new health report came out that said red wine lowers cholesterol.
  7. The government raises taxes.
  8. Inflation increases.
  9. Immigration laws are relaxed.
  10. The government increases spending.

 

Scenario Three

 

The PPF curve shows the economic choices a country can make about production given scarce resources, a given technology, and a given quantity of inputs. Assume you are a developing country, producing food and clothing at maximum capacity. What could happen when foreign investors start investing in your country?

 

Discuss what type of foreign investments would be best for the economy’s PPF. What are the opportunity costs of these decisions?

 

Include what will happen to private and public choices as the economy grows

Answer
Submitted by Zeigera82 on Sat, 2013-01-12 02:46
teacher rated 4 times
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price: $50.00

Contains all graphs and explanations of each scenario, organized and in order

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xxxxxxxx

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Scenario xxx

 

Price Level 1: There is a surplus xx the xxxxxxx xxxxxxxx the xxxxxx for coffee is low because xxx market xxxxx xx xxxxx Demand xxxxxxxx for all market priced items xx xxxx xxx coffee xx xxx an exception in xxxx xxxxx xxxxx levels xx the coffee are low, lower xxxx xxx market price.

Price xxxxx 2x xxxxxx is xxxxx xx surplus; xxxxxxxx xxxx the gourmet coffee xxxxxx creeping xxx xxx demand xx xxxxxx beginning xx rise. Coffee prices xxx xxxxx than before, while market xxxxx xx still higher xxxx xxx coffee prices.

Price xxxxx xx xxxxxx prices xxx high while xxxxxxxxx xxxxxx are still xxxxxx xx xxxxx up to xxx coffee xxxxx xxxxx xx xxxxx low. Supply xx xxxxxx xxxxxxxxxx xxxxx demand is rapidly xxxxxxxxxxx

Price Level 4: xxxxxxxxx prices are xxxxxxxxxx again and

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Answer
Submitted by shahimermaid on Mon, 2013-04-15 22:10
teacher rated 378 times
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price: $30.00

complete solutions with graph and explanation

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Scenario xxx

 

xx xxx early part xx xxx xxxx xxxxxxx xxxxx was an xxxxxxxxxxxxxx xx coffee. The xxxxx xxxxxxx xx low that xxxxxxxxxx costs xxxx xxxxxx xxxx xxx market price. xxx reason this xxxxxxxx was that xxxxxx xxxxxx xxxxxx xxxx xxxxxx xxxxx xxx xxx supply of xxxxxx xxxxxxxxx xxxxxxxxxxxxxx xx the meantime, xxxxxx for xxxxxx and xxxxxxxxxx else remained the xxxxx xxxxx Level xx

This is a perfectly competitive xxxxxxx xx xxxx market there is xxxxx xxxxxx of xxxxxx xxx xxxxxxxx The xxxxxxx firms in xxx xxxxxx xxxxxxxx undifferentiated and x xxxxxxxxxx xxxxxxxx The xxxxx cannot xxxxxxxxxxxxx xxxxxxx the products xxxxxx from xxx buyer xxxx another. xxx price of the product is determined by the market xxxxxx of demand xxx supply.

As the production xx coffee xxxxxxxxxx the xxxxxx in the market increases but the demand xxxxxxx the xxxxx This pushes xxx price xx xxx xxxxxx too low xxxx xxxx firms are xxx xxxx xx xxxxxxx xxxxx costs xxxxx

xxx loss would xxxxx xxx xxxx firms xx

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Answer
Submitted by neel on Sat, 2013-01-12 02:58
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eco assignment

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SCENARIO 1 xxxxxxxxx

xxx xxxx xxxx xxx coffee supply xxxxxxxxx xxxxx the xxxxxx xxxxxxx xxx same xxxxxx the xxxxxxxxxxx point xxxxxxxxx xx the xxxxxx curve shifts towards the xxxxx while xxx xxxxxx curve xxxxxxx xx its place. Thus, the Price Level 1 xx xxxx xxxxx equilibrium xxxxx xxx to xxxx surplus created by xxxxxxxxxx xxx xxx xxxxxxxx sold xxxxxxxxxx

The price of xxxxxx shot xxxxx xxx previous equilibrium point xxxxxxx meaning there was a surplus xxx a xxxx brief xxxxxx xxx then came down again xx match the demand xxxxx xx xxx same time xxxxxxx xxxxxx houses xxxxxxx enjoying the xxxxx xxxxxxxxx xxxxxx xxxxxx xxxxx xx them) xx charge high xxxxxx consumers xx x premium xxxx xxxx xxxxxxxx xxxxx xxxxxx which xxxxxxx xx the xxxxxx curve shifting slightly to the xxxxxx

xxx biggest

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