Dairy farmers are outraged by the low price of milk in the market. So, they decide to reduce the supply of milk by spilling milk by the roadsides. Whey protein is derived from milk. Whey protein is used in making Just Protein

Use the information below to answer questions 8 – 10. You are the Independent System Operator (ISO) in an electricity market. You have received the bid information in the table below for a double auction. Each buyer’s bid is an offer to buy 100 Mhw of electricity. Each seller’s bid is an offer to sell 100 Mhw of electricity. Buyers Bid (Offer to buy in $) Sellers Bid (Offer to sell in $) Abdul $250 Za Za $70 Alya $50 Zavi $125 Aiden $75 Zetong $100 Asha $125 Zhou $350 Azizur $140      

Use the diagram above and the following scenario to answer questions 25 – 27. When the price equals $8 in the above market there is excess supply. Suppose the government has a buyout program where it purchases all the excess supply needed to prevent the price from falling below $8.

Which point(s) ________represent efficiency in the economy? (Fill in the blanks)

Consider the market for Labubu in a recessionary period where there is a general decrease in consumer’s income You find that the price of Labubu fell down while the quantity of Labubu remained the same. Which of the following is a possible explanation for why this happened?

The diagram above illustrates the unregulated market with supply and demand curve for DoorDash delivery in Pandemic Land. Questions 12 – 18 refer to this diagram.

Two things happen: (1) The first-year enrollment has increased in ECON 1101 and (2) an improvement in technology has enabled suppliers to produce twice as many Just Protein.

A new health report shows that eating too many doughnuts for breakfast may increase cholesterol levels since doughnuts are considered a high carbohydrate and a high fat food.  Research shows that Gen Z are eating more healthy foods than previous generations.

The next seven questions are about the market for Just Protein, a breakfast bar which is very popular among Gen Z. For each of the following situations, determine what happens to the equilibrium quantity (QJust Protein) and equilibrium price (PJust Protein) of Just Protein.

Suppose that when a person’s income increased from $50 to $70 a week, the quantity demanded of tacos decreases from 10 to 5 a week. From this information, we calculated the income elasticity, and we can say: the good is normal the good is inferior the good has a income elasticity of -2