Suppose the demand for seafood increases one year and then unexpectedly returns to its former level the

Question:

Suppose the demand for seafood increases one year and then unexpectedly returns to its former level the following year. True or False: As soon as the demand returns to its former level, price and quantity will return to their former levels too.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Price theory and applications

ISBN: 978-0538746458

8th edition

Authors: Steven E landsburg

See More Books

Question Posted: Jan 24, 2013 08:17 AM

See More Questions

Suppose the demand for towels is given by QD = 100 - 5P, and the supply of towels is given by QS = 10P. a. Derive and graph the inverse supply and inverse demand curves. b. Solve for the equilibrium...
Suppose the demand for down pillows is given by QD = 100 - P, and that the supply of down pillows is given by QS = - 20 + 2P. a. Solve for the equilibrium price. b. Plug the equilibrium price back...
Suppose the demand for DVD players (good X) is given by Qd = 1200-1/2Px+1/4Py-8Pz+1/10M Are goods Y and Z substitutes or complements of good x? Is good X an inferior or normal good? What is quantity...
A guitar string has an overall length of 1.25 m and a total mass of 40 g (0.04 kg) before it is strung on the guitar. Once on the guitar, however, there is a distance of 64 cm between its fixed end...
Plant seeds contain storage proteins that are encoded by plant genes. When the seed germinates, these proteins are rapidly hydrolyzed (i.e., the covalent bonds between amino acids within the...
Using the example from Exercise 6.3: a) What two values of X (the count) would encompass the middle 50% of the results? b) 75% of the counts would be less than ______. c) 95% of the counts would be...
Following are selected questions from an internal control questionnaire about a companys fixed asset records, additions, disposals, retirements, and depreciation functions. A yes response would...
In one study of smokers who tried to quit smoking with nicotine patch therapy, 39 were smoking one year after the treatment and 32 were not smoking one year after the treatment (based on data from...
What is discretionary fiscal policy? What arecontractionary and expansionary fiscal policies and how they are used? Are these policieseconomic or political or both? Explain. Why might politicians be...
In January 2019, Cordova Company entered into a contract to acquire a new machine for its factory. The machine, which has a cash price of $215,000, was paid for as follows: Down payment $ 55,000 Note...
True or False: An excise tax on the product of a decreasing-cost industry would raise the price by more than the amount of the tax.
True or False: If consumers buy 1,000 heads of lettuce per week, and if the price of lettuce falls by 10 per head, then the consumer's surplus will increase by $100.
Discuss the likely effects of the following: a. Rent ceilings on the market for apartments b. Floors under wheat prices on the market for wheat Use supply-demand diagrams to show what may happen in...
Charlevoix Cases makes mobile phone cases. The company has collected the following price and cost characteristics: Sales price Variable costs Fixed costs $ 12.00 per case 5.50 per case 390,000 per...
Prepare the journal entries for all the part 1 transactions Create ???? accounts for all accounts and add the part 1 transactions Part 1 Transactions: January 1 - Phin invested $ 1 8 , 5 0 0 of his...
1 . ABC Corporation manufactures and sells coloring materials. Its selling price per unit is Php 1 5 . The company operated for 2 1 days for the month of January. Its daily wage earners are paid Php...
Wardell Company purchased a mini computer on January 1, 2022, at a cost of $40,000. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an...
What is the result of this code? ArrayList flowers new ArrayList (); flowers.add("daisy"); flowers.add("rose"); flowers.add("orchid"); System.out.println(flowers.get(1));...
Julia Dejmal executed her will while a patient in St. Josephs Hospital. The will was wi t nessed by Lucille and Catherine Pechacek . Catherine was 19 years old and employed as an assistant X-ray...
Using (1) or (2), find L(f) if f(t) if equals: t cos 4t
In 2004, Google filed a Form S-1 registration statement with the US SEC to register its initial public offering of securities (Class A Common Stock). In addition to a large amount of financial and...
The construction time for a bridge depends on weather conditions. The project is expected to take 250 days if the weather is dry and the temperature is hot. If the weather is damp and cool, the...
You recently had an auto accident that was your fault. If you have another accident or receive another moving violation within the next 3 years, you will become part of the "assigned risk" pool, and...
Two instructors announced that they "grade on the curve," that is, give a fixed percentage of each of the various letter grades to each of their classes. Their curves are as follows: If a random...
Magic Realm, Incorporated, has developed a new fantasy board game. The company sold 40,500 games last year at a selling price of $69 per game. Fixed expenses associated with the game total $729,000...
CALCULATE THE INITIAL COSTS, CALCULATE THE OPERATING CASH FLOW, CALCULATE THE TERMINAL NON OPERATING CASH FLOW, CALCULATE THE NPV . Initial Equipment $ 6 5 , 0 0 0 Project Life 3 Years Sales$ 5 5 ,...
A description of how each of the two management styles selected distinctively create organizational cultures. Describe the strengths and weaknesses of the two styles. Explain how these differences...

Suppose the demand for seafood increases one year and then unexpectedly returns to its former level the

Question:

Step by Step Answer:

False it is not possible that if demand returns to its formal ...View the full answer

Price theory and applications

Students also viewed these Economics questions