Answer 20 question

Econ 1

1. Amka is the head analyst for the Alaska Department of Fish and Game Service. Recently the agency has become concerned about overfishing in the waters off Alaska. Amka is estimating the demand curve for salmon as part of the agency’s mitigation efforts. From past statistics she knows that when the price of a freshly caught salmon is $400, the public will demand a quantity of 1 million fish. If the price is $200 then the public will demand 5.6 million fish. Finally, if the price was $125 consumers will demand a quantity of 8 million fish. Which curve below could be the correct demand curve for Alaskan salmon given these three data points?
Graph of the demand for Alaskan salmon. The x axis shows quantity and the y axis shows price. Shows three downward sloping lines that start at point 1,400 with a the blue line ending at 8,185 and the silver line ending at 8,125 and the orange line ending at 8,50

2.Which country has characteristics of a command economy?

3.When ________, business firms will collectively supply a lower quantity of output at any given price, and the supply curve will shift to the left.

4. If a technology change reduces a company’s production costs, it will

5.A free market is described by which of the following statements?

6.When higher prices result in higher quantity supplied, economists call this relationship

7.What is the second step of the four-step process?

Graph showing the market for computer chips. The x axis is quantity supplied and the y axis is price. There is an upward sloping line with plot points at 150,120 and 180,140 and 210,160 and 240,180 and 270,200 and 300,220
Considering the graph for microchips, if prices decrease from $200 to $150, suppliers will want to

9.When quantity demanded decreases in response to a change in price

A decrease in the quantity supplied can result from

In a planned economy, government determines the prices for goods and services, and

Lian is a production analyst at the cardboard box manufacturer Flexpac. Last year, because of an increase in online shopping, shipping companies have increased the use of boxes for shipping. Management has charged Lian with generating a supply curve graph to illustrate the rise in price and supply of their boxes. These are the figures Lian discovered and put in a table. If you were assisting Lian, what steps would you tell her to take next?

Price ($) Quantity Supplied
$100 100
$125 150
$150 200
$175 250
$200 280
$225 310
$250 350

The marketing manager for the company Doggie Heaven Toys, has a table of prices and quantity demanded of the market for plastic ball throwing sticks for dog owners. He has plotted the quantity demanded downward sloping curve and now must plot the supply curve. Take a look at the table and identify which of the following supply curves will be the correct supply curve for his supply and demand graph.

Dog Ball Thrower Toy Market
Price ($) Demanded Supplied
$10 25 10
$20 20 20
$30 15 30
$40 10 40
$50 5 50

If an increase in the price of Nike shoes increases the demand for Adidas shoes, this means that

The operations vice president is adjusting the production quantities for the upcoming month of March for the coal company. Last month the price of a ton of coal was $45, and it has now increased to $64 per ton. According to the law of supply, what would be a rational response of the VP of operations in adjusting his coal output with the change in the market price?

The largest national herbal supplement store is running a sale on its excess supply of Vitamin C supplements. With this new price change what do you think will happen to the Vitamin C supplement market?

The relationship between the price in a market and the amount that producers collectively make available for sale, is referred to as

The country of Armenia has an economy that includes people buying and selling freely, a government setting some price restrictions such as a minimum wage equivalent to $5 hour and regulates certain industries (pharmaceutical, mining, and farming). Armenia’s economy is likely a________ economy.

Graph of the demand for watches. The x axis shows quantity demanded and the y axis shows price. There is one downward sloping line that starts at point (0,300) and ends at (600,0)
Which of the following data sets depicts the correct version of the above quantity Demand graph representing the number and price of watches. The x-axis shows quantity and the y-axis shows price.

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