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KAPLAN MT445 UNIT 2 DISCUSSION LATEST 2016 FEBRUARY

Question # 00234628
Subject: Economics
Due on: 05/02/2016
Posted On: 04/02/2016 12:47 AM

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Topic 1

You have learned that changes in price or other factors such as income or number of sellers will impact the demand and supply sides of the market. Recall that changes in current price are illustrated by movement along the curve and cause changes in either “quantity demanded” or “quantity supplied.” Other factors will cause either the demand or supply curve to shift and are referred to as changes in “demand” or changes in “supply.

Choose one of the followingand determine whether there is correct usage of the terms “demand,” “quantity demanded,” “supply” and “quantity supplied.” Why or why not?

a. The price of Burger King’s Whopper hamburger declines causing the demand for Whoppers to shift to the right.

b. Because of a shortage of potatoes, the supply of French fries decreases.

c. Wage labor in the peanut butter industry increases causing the quantity demanded for jelly to decrease.

d. In the six months following Hurricane Katrina, the quantity supplied of oil in the Gulf of Mexico declined by 25 %.

It is a snowy winter and snow shovel prices have increased. Suppliers increase supply to take advantage of these higher prices.





Topic 2

Higher education has become increasingly expensive. And although the rate of increase has declined, education now costs much more than it did. One of the ways the government controls prices is by setting a floor or a ceiling on the market. Explain what might happen in the market for higher education if the government placed a price ceiling on the cost of one undergraduate credit hour? Consider the following:

  1. Does it matter whether or not the ceiling is set above or below the equilibrium price?
  2. Who might benefit from this price restriction?
  3. Who might be harmed from this price restriction?

Explain your answers using economic theory.

Tags 0 february latest discuion mt445 unit kaplan price quantity supply demand changes demanded market prices supplied higher education ceiling government causing explain increase cause shift curve factors topic following restriction declined rate costs snowy winter increasingly

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KAPLAN MT445 UNIT 2 DISCUSSION LATEST 2016 FEBRUARY

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Tutorial Preview …2012) xx are xxxxx 5 shifters xx demand… 1 x Income xxx xxxxx this xx a normal xxxxx when the xxxxxx increases, xx xxxxx the xxxxxxx but the xxxxxxxx is in xxxxxx not xxxxxx x Price xx Substitute or xxxxxxx Goods – xxxx the xxxxx xx a xxxxxxxxxx for the xxxxxxxx product goes xx or xxxxx xx effects xxxxxx or if x related product xxxxxxxxxxxxxxxxxxxx so xxxx xxx original xxxxxxxxx e – xx the cost xx shoes xx xx or xxxxx the cost xx insoles will xx effected x x Taste x Preferences – xxxxxxxxxxx (with some…
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KAPLAN-MT445-UNIT-2-DISCUSSION-LATEST-2016-FEBRUARY.docx (87.72 KB)
Preview: movement xxxxx the xxxxx and cause xxxxxxx in either xxxxxxxxxxxxxxx demanded” xx xxxxxxxxxxxxxxx supplied xxxxxxx Other factors xxxx cause either xxx demand xx xxxxxx curve xx shift and xxx referred to xx changes xx xxxxxxxxxxxxxxxxxxxx or xxxxxxx in “supply xxxxxxxxxxxxx one of xxx following xxx xxxxxxxxx whether xxxxx is correct xxxxx of the xxxxx “demand,” xxxxxxxxxxxxxxx xxxxxxxxxxxxxxxx “supply” xxx “quantity supplied xxxxxxx Why or xxx not?a xxx xxxxx of xxxxxx King’s Whopper xxxxxxxxx declines causing xxx demand xxx xxxxxxxx to xxxxx to the xxxxx b Because xx a xxxxxxxx xx potatoes, xxx supply of xxxxxx fries decreases x Wage xxxxx xx the xxxxxx butter industry xxxxxxxxx causing the xxxxxxxx demanded xxx xxxxx to xxxxxxxx d In xxx six months xxxxxxxxx Hurricane xxxxxxxx xxx quantity xxxxxxxx of oil xx the Gulf xx Mexico xxxxxxxx xx 25 x It is x snowy winter xxx snow xxxxxx xxxxxx have xxxxxxxxx Suppliers increase xxxxxx to take xxxxxxxxx of xxxxx xxxxxx prices xxxxxxxxxxxx responsesSearch Collapse xxx More Sort xxxxxxxxxxxxxxxxxx  xxxxxxx xxxxxxxx  xxxxxxxxxxxx Gotwalt 1/10/2016 xxxxxxxx PMDr Gotwalt's xxxxxxxxxxxxxxx sure xxx xx due xxxxxxxxx with this xxxxxx supply and xxxxxx will xx xxxx throughout xxxx course Here xxx some links xxxx may xxxxxxxxxxxxxxx xxxxxxx com/watch?v=W7FCZ4i-JgIhttp://www xxxxxxx com/watch?v=GJuWLGqZplMhttp://www youtube xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx youtube com/watch?v=xo6LrnCkxaw xxxxxxxxx LessEdna xxxxxx xxxxxxxxx 10:24:12 xxxxxx 2 Discussion xxxx 2I will xxxxxxxxx on xxx xxxxxxxxx (A) xxx price of xxxxxx King’s Whopper xxxxxxxxx declines xxxxxxx xxx demand xxx Whoppers to xxxxx to the xxxxx This xxxxxxxxx xx not xxxxxxx because as xx relates to xxxxxxxxxx price xxxx xxxxxxx ‘quantity xxxxxxxxxxxxxxxxx not the xxxxxx demand In xxx book, xxxxxxxx xxxxx we xxx given 5 xxxxxxxx of demand…1 x Income xxxxxxxx xxxxx this xx a normal xxxxx when the xxxxxx increases, xx xxxxx the xxxxxxx but the xxxxxxxx is in xxxxxx not xxxxxx x Price xx Substitute or xxxxxxx Goods – xxxx the xxxxx xx a xxxxxxxxxx for the xxxxxxxx product goes xx or xxxxx xx effects xxxxxx or if x related product xxxxxxxxxxxxxxxxxxxx so xxxx xxx original xxxxxxxxx e – xx the cost xx shoes xx xx or xxxxx the cost xx insoles will xx effected x x Taste x Preferences – xxxxxxxxxxx (with some xxxx of xxxxxxxxxxxxxx xxxx the xxxxxxx gives the xxxxxxxx an advantage x 4 xxxxxxxxxx x Number xx Consumers – xxxxxxxxxx consumers = xxxxxxx demand xxxxxxxxxx xx price x 5 Expectations xxxxxxxx If an xxxxxxxxxxxxx is xxxxxx xx the xx that next xxxx the Whopper xxxx go xx xxxx for xxx it will xxxxx a decrease xx demand xxxx xxxx in xxxxx to wait xx the sale xxxxxxxxxx there xx xx change xx demand curve xxxx the price xxxxxxxx We xxxxxx xxxx along xxx demand curve…no xxxxx Reference:Hubbard, R x , xxxxxxxx x P xxxxxxxxx Econ.....
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