no need to explain

5 Which curve shifts, and in what direction, when the following events occur in the local burrito shop market? a. College students arrive back into town for the fall semester. points (Click to select) v Skipped b. Two more Chipotle restaurants open. [(Click to select) Book Ask . Several pizza shops open. Using the figure as a guide, answer the following questions. Print Mferences Demand decreases Market for Tutoring supply decreases. points 8 Neither curve changes NEWS WIRE MARKET SHORTAGE Book Scalpers Profiting Greatly from Pope's Visit points New York. Pope Francis' visit to New York City was a blessed event. It was also a blessed Ask Price of Tutoring (dollars per hour Market supply procession through Central Park. But church officials had only 40,000 tickets to distribute, which they did by lottery - for free. That left 53,000 New Yorkers without tickets. It was a scalper's eBook mailed in a PDE to lottery winners. with no ID required, making them easy to resell Scalped tickets sold for as much as $3,000 a pair Print Ask opportunity for profit was irresistible Although church officials urged scalpers to repent, the Print Source: News accounts, September 2015 References References Market demand 25 50 75 100 125 150 175 Quantity (hours per semester) According to the News Wire, a. How large was the market shortage at the Church-set price of $0? tickets b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely C. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been a. Determine the size of the market surplus or shortage that would exist d. If the Church sold the tickets for the equilibrium price, would a market shortage exist? a price of $25. 6 There will be a or hours. If the equilibrium price for tickets to a a Post Malone concert is $110 each and he sells them for $100, . Determine the size of the market surplus or shortage that would exist a. Does he create a market surplus or shortage? a price of $40. points O Shortage There will be a hours . Skipped O Surplus Neither a shortage nor surplus eBook Ask b. Suppose scalpers buy 12,000 tickets and resell them for $110 each. How much profit do the scalpers earn? Print $ References4 Complete the following table and answer the following questions. 3 Before-Tax Tax Paid After-Tax Assume that total output is determined by the formula: 0 Income points Income Tax Rate Total output = number of workers x productivity High-income family $500,000 37% 5 Hint: Assume there are 100 workers and each worker produces $100 of output. Skipped Middle-income family 50,000 20% points Instructions: Round your responses to one decimal place Low-income family 20,000 10% Skipped a. If the workforce is growing by 2 percent a year but productivity doesn't improve, how eBook fast can output increase? Ask eBook Output can increase by Print References Ask b. If productivity increases by 4 percent and the number of workers increases by 2 Using the table, the ratio of a high-income family's to a low-income family's Print percent a year, how fast will output grow? Instructions: Round your responses to one decimal place. Output will grow by References a. before-tax income is: b. after-tax income is: c. Is this tax progressive? Week 6: Homework Saved Week 6: Homework points Investment Goods(units per time) 2 Suppose the following data describe output in two different years: 10 Item Year 1 Year 2 points Apple 20,000 @ $0.25 each 30,000 @ $0.30 each Bicycles 700 @ $800 each 900 @ $650 each Apps 10,000 @ $1.00 each 12,000 @ $2.00 each Book Ask Ask 8 9 10 Consumer Goods(units per time) Print Compute nominal GDP in each year. Year 1: References Year 2 b. By what percentage did nominal G Year 1 and Year 2? Percentage change = [(new value - original value)/original value]*100 Instructions: Round your response to one decimal place. Nominal GDP Use the figure above to answer the following questions. by a. What is the opportunity cost of increasing investment from 6 units to 8 units? . Now compute real GDP in Year 2 by using the prices of Year 1. Real GDP: . What will happen to future production possibilities if investment increases now? 1. By what percentage did real GDP in ar 1 and Year 2? Production possibilities will Percentage change = [(new value - original value)/original value]*100 c. What will happen to future production possibilities if only consumer goods are produced now? Instructions: Round your response to one decimal place. Real GDP by E Production possibilities will