Using demand and supply analysis, predict and explain the impact of the events on Disneyland’s profits.
. Speedy Limo is a limousine
service located on the north side of Indianapolis. It
specializes in transporting
people to and from Indianapolis airport, although it will
deliver people anywhere in
the Indianapolis area. It competes with taxis and public
transportation as well as
people deciding to drive their own cars. The demand for the
firmâs services has been
increasing as more consumers use the service for convenience
and due to higher parking
rates at the airport. However, increases in gasoline prices and wage rates for
drivers have increased costs for the firm. Describe the supply and demand
shifts that are occurring for this firm (graphs might help in your
description).
What would happen to the
demand curve if the major taxi companies lowered their prices? If you were
asked to forecast future demand for this firm, how would you set up a
forecasting model?
After reading this article, and from your own research, please address the three questions below in a four to five page paper.
Using the principles of economic reasoning learned in this module and any insights from Professor MacKenzie, discuss the probable consequences of the minimum wage law.
Focusing on the very least skilled potential workers in society, provide a detailed discussion of the differential effects of the minimum wage on these people relative to the effects on more skilled workers.
Is the minimum wage law an effective poverty-fighting measure?
Important note: Remember to support your answers with solid references including but not limited to the MacKenzie article article
Price of Lobster (per lb) | Qty. of Lobster supplied (per lb)
$25 | 800
$20 | 700
$15 | 600
$10 | 500
$5 | 400
Suppose that Maine lobsters can be sold only in the United States. The U.S. demand schedule for Maine lobsters is as follows:
$25 |…
Answer the following questions.
The following is the supply and demand schedules for rental housing in Anytown:
Rent Qu. Demanded(hundreds) Qu. Supplied (hundreds)
200 …
——————————————————————————————————————
PRICE QUANTITY SUPPLIED QUANTITY DEMANDED
(EACH SELLER)
$1 10 5000
2 20 4000
3 30 3000
4 40 2000
5 50 1000
——————————————————————————————————————
a. Fill in market supply in the following table.
————————————————————————
Price Quantity Supplied in the market
$1 _________________
2 _________________
3 _________________
4 _________________
5 _________________
————————————————————————–
b In this local market, the equilibrium price is _______and equilibrium quantity is _____________
c. If the federal government support a price ceiling of $2 for product X, will there be a shortage or surplus
in this market? _________________
U.S. Supply U.S. Demand
Price (Million …
Every House in a small town has a well that provides water at no cost. However, if the town wants more than 10,000 gallons a day, it has to buy extra water
from firms located outside of the town. The town currently consumes 9,000 gallons per day.
a. Draw a linear demand curve
b. The firm’s supply curve is linear and starts at the origin. Draw the market supply curve, which includes the supply from the town’s well.
c. Show the equilibrium. What is the equilibrium quantity? What is the equilibrium price? Explain
“Supply and Demand” Please respond to the following:
Complete the Supply and Demand Simulation located on the student website. Clarification: In the initial part of the simulation you are told that GoodLife Management is a monopolist. This is an error. Monopolists do not have supply curves and monopolistic markets should not be analyzed using the supply and demand framework, which is applicable to perfectly competitive markets. Make the following changes regarding the simulation. For the first scenario, GoodLife Management has control over the market price and acts as a monopolist. For all other scenarios, you are to assume that GoodLife Management is one of a large number of suppliers, each supplying relatively identical apartments.
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That is, after the first scenario, assume that the market is perfectly competitive, and that GoodLife Management is not a monopolist. Any reference to GoodLife can be considered to be a reference to the entire market of suppliers, and the quantity supplied is the quantity supplied by all suppliers. Write a 700- to 1,050-word paper addressing the following: In the first scenario, what rental rate did you choose? Why? Identif one shift of the supply curve and three shifts of the demand curve in the simulation. What caused each of the shifts? For each shift, identify the direction of the change in supply or demand. For each of the shifts identified above, analyze how the equilibrium price and quantity is affected. Discuss how the rental ceiling affects consumers and GoodLife Managementâs decisions. In a real world scenario, how might apartment managers circumvent a ceiling on rental rates? How might you apply what you learned about supply and demand to your workplace or your understanding of a real-world product with which you are familiar? Relating to the simulation, explain how the price elasticity of demand affects consumersâ responses to price changes. Also, in the first scenario, how does the price elasticity of demand affect the price selected by a monopolist? Format your paper consistent with APA guidelines
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