On the graph below, draw the demand curves for widgets, both before and after the government...

On the graph below, draw the demand curves for widgets, both before and after the government announces that anyone buying a widget will be subject to a new stiff tax.

On the graph below, draw the demand curves for apples, both before and after a sharp increase in the price of apples.

On the graph below, draw the demand curves for bananas, both before and after a new law requires banana peels to be recycled. Assume that the recycling center is quite inconvenient.

Expert Solution

On the graph below, draw the demand curves for widgets, both before and after the government announces that anyone buying a widget will be subject to a new stiff tax.

Demand curve for widges is DD. And supply curve of widges is SS. The equilibrium price is P and quantity is Q. With tax demand curve shift downwards from DD to D1D1. with tax price of widges increases, as a result demand curve shifts downwards from D1D1. Newly shifted demand curve shifts supply curve at E1, and new equilibrium price is P1 and Q1. The introduction of tax causes prices to rise and quantity to decrease.

On the graph below, draw the demand curves for apples, both before and after a sharp increase in the price of apples.

With the increase in the price of apple, people demand less apple than before as a result quantity demanded decreases. When price is P, quantity demanded is Q. With the increase in price to P1, quantity demanded decreases from Q1. The point of demand move along the same demand curve as a result of increase in price, which is called contraction in demand.

On the graph below, draw the demand curves for bananas, both before and after a new law requires banana peels to be recycled. Assume that the recycling center is quite inconvenient.

With new law people has to recycle banana peel which is an incovenient task for them. This induce people to consume less. As a result demand for banana decreases and demand curve shift downward direction while supply remains constant.

demand for banana was DD. And supply of banana is SS. The equilibrium price is P and Quantity is Q. with the new law demand for banana decreases and demand curve shift downward direction. new equilibrium point is E1 and price is P1 and quantity is Q1

Rahul Sunny answered 8 months ago

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