JOURNAL OF THE ACADEMY
The Dynamics of Price Elasticity
of Demand in the Presence of
Reference Price Effects
Tel Aviv University
Due to the flood, the cost of production of the banana crops increase and will
cause decrease in supply. Besides, the cost of production rise will lead to the supply
curve shift to the left from S1 to S2. Decrease in supply will cause shortage of banana
BEO1105 ECONOMIC PRINCIPLES
Total = 20 marks.
Assume floods have destroyed 80 percent of the banana crops. Using graphical demand
and supply analysis, explain the impact on the price and quantit
Assume floods have destroyed 80 percent of the banana crops. Using graphical
demand and supply analysis, explain the impact on the price and quantity of bananas
in the market.
NOTE: IN YOUR ANSWER EXPLAIN THE MARKET EQUILIBRIUM
Due to the flood, the cost of production of the banana crops increase and will cause
decrease in supply. Besides, the increase in cost of production will lead to the supply
curve shift leftward from S1 to S2. Decrease in supply will cause shortage of bana
St. Peters Basilica
St. Peters Basilica is a late Renaissance church located within Vatican City.
By Catholic tradition, the basilica is the burial site of its namesake Saint Peter,
one of the twelve apostles of Jesus and, also according to t
It is famous as a place of pilgrimage and for its liturgical functions.
built as a funerary church, to house the tomb of Saint Peter
It is the tombs of Christians who wished to bury near him.
Most functions were commemorative rites for those wh
St. Peters Basilica
A late Renaissance church located in Vatican City
The church attracts at least 20,000 visitors per day
The churchs visitors is more than eleven million people every year
St. Peters Basilica is the worlds top 25 most visited place in 20
5. Find out one element in this building which your group most enjoys. Explain
most enjoy is
of a wooden
Pulpit in the
The definition of subsidies: conceptual issues
Although the term subsidy is widely used in economics, it is rarely defined. Often it is used as an antonym
to a tax, i.e. a government transfer of money to an entity in the private sect