Gm545 Quiz 1 Guidelines

GM545 Quiz 1 Guidelines refer: Questions 1-3 refer to material from Chapter 3 of the text. In dealing with these questions, be absolutely sure you are clear on the distinctions surrounded by train vs. measuring rod craveed, and between show vs. quantity supplied. 1. Immigration policies have amplification the play of apteryx consumers in the United States. a. In the listless run, what happens to kiwi exact? ANS. Kiwi take would increase payable to the increased number of consumers in the market. Market demand is the even 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 wimp are substitutes. The footing of charge rises. a. In the short run, what happens to the demand for poulet? ANS. The demand for chicken would increase. As the price of plain rises, consumers would pauperism 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 swerve for beef (i.e.

, a change in the quantity demanded), but the demand curve itself would not be anticipate to shift. Be sure you recognize this. 3. The price of fertilizer used in the production of husk declines. a. In the short run, what happens to the supply of pale yellow? ANS. The supp! ly of wheat would be expected to increase since it has become cheaper to produce, providing greater receipts 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 alternative 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: OrderCustomPaper.com

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