17. What would happen to the equilibrium price and quantity of lattés if coffee shops began using amachine that reduced the amount of labor necessary to produce steamed milk, which is used to makelattés, and scientists discovered that coffee prevents heart attacks?A. Both the equilibrium price and quantity would decrease.B. The equilibrium quantity would increase, and the effect on equilibrium price would beambiguous.C. The equilibrium price would increase, and the effect on equilibrium quantity would beambiguous.D. Both the equilibrium price and quantity would increase. Show
18. A likely example of substitute goods for most people would be Get answer to your question and much more 19. In a competitive market, there are so few buyers and so few sellers that each has a significant impacton the market price. Get answer to your question and much more 20. An increase in which of the following would shift the supply curve for gasoline to the right? Get answer to your question and much more Part 2: Please answer the following question. Show all the steps in detail.1.In class, we use the S-D graph to analyze markets for goods and services. We can also use the S-Dgraph to analyze the labor market. In the labor market, workers are the sellers while firms are thebuyers. The “good” that is sold in the market is labor. Thetable below shows the quantity demanded(number of workers willing to work) and quantity supplied (number of job vacancies) in the city ofProductionville. What would happen to the equilibrium price and quantity of lattes if the cost of producing steamed milk which is used to make lattes rises?So, when the price of producing steamed milk increases, it will affect the demand for lattes. The demand for lattes will go down. As a result, the demand curve will shift to the left-hand side. This will cause a change in the price, and the quantity demanded of lattes.
What would happen to the equilibrium price and quantity of coffee if the wages of coffeeWhat would happen to the equilibrium price and quantity of coffee if the wages of coffee-bean pickers fell and the price of tea fell? Price would fall, and the effect on quantity would be ambiguous.
What would happen to the equilibrium price and quantity of coffee if the wages of coffeeAnswer and Explanation: The correct answer to the given question is option a. price will increase and quantity will decrease. In the given scenario, the equilibrium price of coffee will increase with the increase in the wages of coffee-bean pickers.
What would happen to the equilibrium price of lattes?Answer and Explanation:
Even the cost of producing lattes decreases due to lower use of labor, the supply of latte production also increases. Therefore, the supply curve for latte production shifts rightwards leading to a decrease in the price of lattes and an increase in the quantity of equilibrium quantity.
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What would happen to the equilibrium price and quantity of lattes if coffee shops began using a machine that reduced the amount?
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