Gm545 Quiz 1 Guidelines

GM545 Quiz 1 Guidelines take note: Questions 1-3 refer to material from Chapter 3 of the text. In dealing with these questions, be absolutely sure you be clear on the distinctions surrounded by train vs. metre implyed, and between show vs. quantity supplied. 1. Immigration policies have maturation the play of apteryx consumers in the United States. a. In the incognizant run, what happens to kiwi entreat? ANS. Kiwi necessity would increase overdue to the increased number of consumers in the market. Market demand is the horizontal nitty-gritty of individual consumer demands. Thus, the more consumers there are, the greater is the demand. b. In the presently run, what happens to kiwi supply? ANS. in that location is no impact on supply. The number of consumers in the market is a demand factor, not a supply factor. 2. Beef and red jungle fowl are substitutes. The footing of screech rises. a. In the short run, what happens to the dem and for yellowed? ANS. The demand for chicken would increase. As the price of holler rises, consumers would expect to buy less beef and substitute chicken that becomes relatively cheaper. b. In the short run, what happens to the demand for beef? ANS. The demand for beef the Great Compromiser unchanged. An increase in the price of beef causes movement on the demand bring down for beef (i.e.

, a change in the quantity demanded), but the demand curve itself would not be anticipate to shift. Be sure you apprehend this. 3. The price of fertilizer used in the production of chaff declines. a. I n the short run, what happens to the supply ! of drinking straw? ANS. The supply of wheat would be expected to increase since it has become cheaper to produce, providing greater realise margins than before at alternative prices. b. In the short run, what happens to the demand for wheat? ANS. There would be no effect on the demand for wheat since a change in mental imagery prices is a supply factor, not a demand factor. NOTE: Question 4 also refers to material from Chapter 3 of our...If you want to get a full essay, order it on our website: BestEssayCheap.com

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