Discuss Principles of Economics Questions

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Question: 1. 2. 3. 4. 5. In two or more sentences define, the Law of Supply? In two or more sentences define, the Law of Demand? Identify at least 4 determinants of supply? Identify at least 4 determinants of demand? In two or more sentences explain how the equilibrium point is determined? The graph below was constructed by using the values in the table as references. Quantity Demanded Quantity Supplied Price 110 10 1 100 20 2 90 30 3 80 40 4 70 50 5 60 60 6 50 70 7 40 80 8 30 90 9 20 100 10 10 110 11 6. If Joshua has an increase in income, would the supply curve or demand curve shift and in which direction or would there be movement along the demand curve? Please explain in one to two sentences. 7. If taxpayers are given a tax credit for the purchase of electric automobiles, please illustrate on the graph given below a shift in the supply or a shift in demand curve for electric automobiles. Please state whether price will increase or decrease and whether quantity will increase or decrease. 8. If agricultural subsidies were cut, please illustrate on the graph below the direction or movement of the supply or demand curve. Please state whether the price will increase or decrease and whether quantity will increase or decrease. 9. If tastes increase and taxes decrease, please illustrate the direction or movement of the supply and demand curves and state whether price will increase, decrease, or remain at the same level and state whether quantity will increase, decrease, or remain at the same level. 10. If input costs decrease and income decrease by the same proportion, please illustrate the direction or movement of the supply and demand curves and state whether price will increase, decrease, or remain at the same level and state whether quantity will increase, decrease, or remain at the same level. Additonal Info : he Law of Supply suggests as prices increase, quantity increases, as well. Or as prices decrease, quantity decreases, too. There is a direct relationship between price and quantity. A change in quantity supplied implies there is movement from one point on the supply curve to another point on the supply curve. A change in supply implies that the entire supply curve shifts to either the left or the right. To determine, which direction the curve will shift, please refer to the following determinants of supply: • • • • • • Input costs Taxes Subsidies Technologies Other goods Other sellers The Law of Demand suggests as prices increase, quantities decrease and as prices decrease, quantities increase. There is an inverse relationship between price

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