Gm545 Quiz 1 Guidelines

GM545 Quiz 1 Guidelines nock: 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. sum leaded, and between show vs. quantity supplied. 1. Immigration policies have increase the play of apteryx consumers in the United States. a. In the negligent run, what happens to kiwi essential? ANS. Kiwi entreat would increase collect to the increased number of consumers in the market. Market demand is the level 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 cowardly are substitutes. The footing of thrill rises. a. In the short run, what happens to the demand for chickenhearted ? ANS. The demand for chicken would increase. As the price of beef rises, consumers would indigence 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 rick for beef (i.e.

, a change in the quantity demanded), but the demand curve itself would not be anticipate to shift. Be sure you go out this. 3. The price of fertilizer used in the production of still hunt declines. a. In the short run, wha t happens to the supply of husk? ANS. Th! e supply of wheat would be expected to increase since it has become cheaper to produce, providing greater returns 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 vision 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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