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problem:

1)

1071_supply curve_1.jpg

a) A decrease in the banana’s supply caused by the cyclone in Queensland causing the supply curve to shift to the left from s0 to s1

b) A shift to the lift in the supply curve means a decrease in the supply hence the price would shift up causing an increase from P0 to P1.

c) Price increase from P0 to P1 causes a decrease in the demand from Q0 to Q1.

2)

1543_supply curve_2.jpg

a) The supply stays the same at the same time a shift to the left causing the demand to decrease due to the schools holidays ending.

b) The equilibrium falls from P0 to P1 due to a left shift in the demand for the interstate flights and the supply remains the same.

c) The demanded Quantity has decreased from Q0 to Q1

3)

832_supply curve_3.jpg

a) A shift to the left in the supply curve causing the supply to decrease.

b) As ford is in need for oil to run hence it’s a component good it demands for additional goods falls.

problem:

1853_price quantity curve.jpg

a) The two programs aren’t effective due to the fact that cigarettes are addictive  the program will be the cause of the cigarettes price going up as due to the new tax added to the additional price

b) It’s a normative statement hence it can’t be determined if it’s true or false but on the other hand additional tax on cigarettes prices is a way of collecting tax revenue  for the government.

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M9105

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