Question: There is a decrease in the income for the population and the price for tractors used by apple farmers increases . What would be the

There is a decrease in the income for the population and the price for tractors used by apple farmers increases . What would be the effects of each of the following on the equilibrium price and equilibrium quantity for apple? Note: apples are a normal good

1- equilibrium price is indeterminate and equilibrium quantity decreases

2- equilibrium price decreases and equilibrium quantity decreases

3- equilibrium price is indeterminate and equilibrium quantity increases

4- equilibrium price decreases and equilibrium quantity increases

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

MAKE SURE ALL FORMULAS ARE CORRECTLY ENTERED MAKE SURE ALL FORMULAS ARE CORRECTLY ENTERED Jay Corporation has provided data from a two-year period to aid in planning. The Controller has asked you to...

Based on the case study Raman Tractors , please write your personal well-considered answer to the question given below. Ensure that you justify the answer (quantitatively and qualitatively) with...

Question 14 (2 points) Listen There is a decrease in the income for the population and new robotics technology is introduced in the smartphone industry. What would be the effects of each of the...

Hello, you already did chapter 1 and 2 of my MASTERS Thesis already for me. (See attached) So normally you know masters thesis consist of 5 chapters right ??..... But in this case my thesis will be 4...

To answer these questions, you will need to read Chapter 9, Market Equilibrium & Product Price - Imperfect Competition and please good Good format. #. Explain the 3 types of "Imperfect" market...

Identity the choice that best completes the statement or answers the question. Economics is defined as the study of: a. central planning b. Business c. how society manages its scarce resources d....

Learning Objectives 3-1 By the end of this section, you will be able to: Explain demand, quantity demanded, and the law of demand Identify a demand curve and a supply curve Explain supply, quantity...

What is the methodology of the research, the hypothesis, the type of researchqualitative, quantitative, statistical, case study, etc, and the way the research was conductedsurveys, interviews,...

Question 5 (1 point) At the farmer's market in Irvine, California, the price of avocados is set at $3 each. At that price, 120 avocados are supplied but only 100 are purchased. Represent this on a...

HI PLEASE ANSWER ALL 1. Assume the market for apples is initially in equilibrium. Which of the following will result in a higher equilibrium price of apples? a. An increase in both the demand for and...

you will be given a scenario that would cause a shift in supply or demand. You will also be required to show how price/quantity changes as Supply and Demand shifts. You can use Microsoft Word or...

Fortune magazine once ranked Apple number 1 on it its list of Americas and the Worlds Most Admired Companies and Steve Jobs was ranked number 1 on its Most Powerful Businesspeople in the World. But...

Q-1: A mixture of 1080 g of gravel with effective absorption of 0.9 % and 720 g of sand with surface moisture of 2.51 % was added to a concrete mix. Determine the adjustment that must be made to the...

Which of the following positioning methods is used by Volvo? Global consumer culture positioning Positioning by competition Positioning by attribute Positioning by user

Although Oriole Company has enough retained earnings legally to declare a dividend, its working capital is low. The board of directors is considering a stock dividend instead of a cash dividend. The...

Wynn Sheet Metal reported a net operating loss of $100,000 for financial reporting and tax purposes in 2018. The enacted tax rate is 40%. Taxable income, tax rates, and income taxes paid in Wynn's...

The information that follows pertains to Richards Refrigeration, Inc.: a. At December 31, 2018, temporary differences existed between the financial statement carrying amounts and the tax bases of the...

Andrews Company has $80,000 available to pay dividends. It has 2,000 shares of 10%, $100 par, preferred stock and 30,000 shares of $10 par common stock outstanding. The preferred stock is selling for...

Millington Materials is a leading supplier of building equipment, building products, materials & timber for sale, with over 200 branches across the Mid-South. On January 1, 2016, management decided...

Among a group of 5 8 programmers, who know either Java or Python or both, 1 5 only know Java and 1 3 only know Python. What is the probability of randomly choosing a programmer who knows both...

The work role: This consists of service to others at your workplace.

The role of society: This consists of service to the local community, society and nature.

13. Think about a relationship conflict you have had in your workplace or home situation. Try to interpret the conflict from the following logical levels: a. Purpose b. Role c. Values d. Competence...