question archive 1) What will be the possible reaction of the demand: (a) for winter shoes, if Chinese meteorologists announce very low temperatures during this winter in Poland: what will possibly follow if English meteorologists confirm their colleagues' prognosis; what will happen next, when after very hot autumn comes ground frost and snow precipitation? (b) for tea, if the price of coffee drops? (c) for deep-sea fish, if a famous oenologist declares fish poisonous in some part of the world due to the water contamination; what will possibly be the reaction on the freshwater fish market
1) What will be the possible reaction of the demand: (a) for winter shoes, if Chinese meteorologists announce very low temperatures during this winter in Poland: what will possibly follow if English meteorologists confirm their colleagues' prognosis; what will happen next, when after very hot autumn comes ground frost and snow precipitation? (b) for tea, if the price of coffee drops? (c) for deep-sea fish, if a famous oenologist declares fish poisonous in some part of the world due to the water contamination; what will possibly be the reaction on the freshwater fish market
Subject:EconomicsPrice: Bought3
1) What will be the possible reaction of the demand:
(a) for winter shoes, if Chinese meteorologists announce very low temperatures during this winter in Poland: what will possibly follow if English meteorologists confirm their colleagues' prognosis; what will happen next, when after very hot autumn comes ground frost and snow precipitation?
(b) for tea, if the price of coffee drops?
(c) for deep-sea fish, if a famous oenologist declares fish poisonous in some part of the world due to the water contamination; what will possibly be the reaction on the freshwater fish market.
(d) for train travels, if the time of the travel decreases?
(e) for cars, if the price of train tickets increases?
(f) for electricity, if the average temperature in Poland in summer rises by 5°C?
2. What could be the cause of the decreasing demand for the cameras? Name three reasons.
3. Name four markets, that could be influenced on the side of the demand by the increased price of toothpaste (assume that the demand for toothpaste has standard shape).
4. What will be the possible reaction of the supply:
(a) of refrigerators, if the newly introduced law bans utilization of Freon in the production process?
(b) of pork, if every cow receives subsidy two times higher than every pig bred in Polish farms?
(c) of fish if production quotas declared by the EU rise?
(d) of wheat in the situation of the discovery of new, cheap and healthy fertilizer?
5. Name four determinants influencing demand and four influencing supply in the case of veal. Draw corresponding shifts of above-mentioned functions.
6. How would you expect the mar could follow if two days later other producer announced buying all market stocks declared maintaining of current production quotas? 7. What would be the influence of the declaration of OPEC countries to lower production quotas on the market for orange juice? Sketch possible connections and describe (using graph) the whole situation.
8. Name five markets that will possibly be influenced by the increasing price of stainless steel. Explain, using a graph, probable shifts in equilibrium prices and quantities on those markets.
9. What could be the reason for the increase in the price of furniture? Name six examples.
10. Make a prognosis of future changes in the electricity market in Poland. Begin with the analysis of the production process and follow with the identification of core factors influencing this market.
11. The total cost function of some perfectly competitive company is
TC(Q) = 6Q^2 + 3Q + 10. What would be the optimum production level if the market price were 135 €?
12. Some company produces noodles and sells it on the perfectly competitive market. Explain possible changes in production and profit if:
a. the price of flour decreased,
b. the price of eggs increased,
c. the land tax increased,
d. the price of noodles decreased.
13. One company produces special machines. Monthly rent paid by this company is
2000 €. Materials to produce one machine cost 1500 €. The labor costs 100€ per machine if the production is lower than 10; if the production is above 10, the company will have to pay an extra 50 € for each machine produced. There are two clients - the first one wants to buy the utmost 5 units for 4000 € each, the second one will buy any amount, but will pay only 3000 € per piece. What would be the optimum production of this company in the short-run?
