14. In December there is a large demand for evergreen trees. They are sold on ci
ID: 1134673 • Letter: 1
Question
14. In December there is a large demand for evergreen trees. They are sold on city corners and parking lots for Christmas. According to the law of supply, what scenario would you expect to see with the Christmas trees?
13. There is a tax rebate that everyone in the nation receives from the government of $1000. The market for laptops notices a shift because of this. What effect will this rebate have on the laptop market?
12. A major hurricane is headed towards Southern Florida and as a result panic buying has set in. What would you conclude about the third step of the four step process in this example?
Question 9
Bob sells farm equipment in Iowa and has for twenty years. The last two months he has seen the quantity demanded for high-end tractors decrease by 35% compared to the same time last year. What is a possible explanation for events that have shifted the demand curve?
6. Kayden decided to attend college and gain a degree in accounting. He is now starting his degree. The yearly cost of tuition is $10,000 and he left his auto mechanic shop management job giving up a $32,000 a year to attend college. Kayden’s decision resulted in
4. Marcus is considering which college major to choose. In taking a rational approach, Marcus should consider
1. Imagine that a high school junior received a bonus check from his boss on the last day of his summer job. He decides to save all of that bonus check to pay for his senior trip coming up next year instead of purchasing a much needed new automobile. From an economist’s perspective, which of the following statements about this decision is likely to be true?
The decision is irrational because anyone can see that choosing a high school trip over a much needed new automobile is an improper use of scarce resources.
The supply and prices of the trees have increased since October.Explanation / Answer
[As per the guideline of Chegg, the first four are answered below]
14.
Answer: 2nd option
Since there is lots of supply, the demanders should go for bargaining. It increases their consumer surplus too.
13.
Answer: 1st option
This thing increases demand, because the demand curve should shift to the right direction. Quantity demanded should not be applied here, since it means movement along the demand curve.
12.
Answer: 3rd option
Since buying increases but there is no change in price level, the demand curve should shift in the rightward direction.
9.
Answer: 2nd option
It shifts the demand curve to the left direction and indicates decreasing demand due to decreasing income. Shifting of curve is not possible due to price, because price affects only when there is movement along the demand curve.
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