26 Jul WHAT WOULD BE THE EFFECTS ON THE DEMAND AND SUPPLY OF NATURAL GAS?
Q1. During the housing crisis that precipitated the Great Recession many people lost their homes in Show more Q1. During the housing crisis that precipitated the Great Recession many people lost their homes in foreclosures and others were unable to buy homes because of weak credit ratings or lost jobs. Since the end of the Great Recession in 2009 the number of new households established has increased and the economy has been expanding. Consider the effect of these events on the market for rental apartments in apartment buildings since the end of the recession. [20] 1. How is the product defined? [3] 2. How is the price of the product measured? [3] 3. Which rental apartments demand and/or supply determinant(s) is/are affected? [4 4. What would be the direction of the change in the demand and supply of rental apartments? [4] Q2. According to the 23 Jan 2013 Wall Street Journal Americans are sending one third less mail than they did 10 years ago. What is the explanation in terms of the theory of demand supply price and output determination? [4] Q3. The 30 Dec 2012 Wall Street Journal reported the following events affected the market for lumber in 2012. Some lumber mills had been taken out of production. Pine lumber in the U.S. continued to be destroyed by infestations of the mountain pine beetle. Chinas property market showed signs of revival and their U.S. lumber purchases increased. The U. S. housing market showed signs of recovery from the housing crisis of 2006-2008. The following questions explore the effects of these changes on the market for lumber. [28] 1. Which lumber demand and/or supply determinant(s) is/are affected? [4] 2. What would be these effects on the demand and supply of lumber? [4] 4. What would be the effects of these events ceteris paribus on the equilibrium price and quantity of lumber? [4] 5. Given the change in price indicated above what would be the effects on the market for owner occupied homes (i.e. demand supply equilibrium price and quantity)? [8] H. The 25 August 2008 New York Times reported on a new method used to produce natural gas trapped in shale beds which was long believed to be out of reach. Black or brown shale is a type of sedimentary rock that have been known for more than a century to contain natural gas but until recently typical vertical wells on such sites would produce gas briefly and then die. Now companies are drilling long horizontal wells and pumping in water to fracture the rock releasing vastly more gas than could the vertical wells of old. This is referred to as hydraulic fracturing technology or fracking. Prospectors have identified at least two dozen shale beds in North America that could contain large amounts of gas. The following questions explore the effects of this event on the market for natural gas 2008 mid 2012. Ignore any difference between the retail and wholesale markets for natural gas. [34] 1. Which natural gas demand and/or supply determinant(s) is/are affected? [4] 2. What would be the effects on the demand and supply of natural gas? [4] 4. What would be the effects of these events on the equilibrium price and quantity of natural gas? [4] 5. What would the effect of this event ceteris paribus on the profits of firms in the natural gas industry? [2] 6. What would be the effect of the change in the price of natural gas indicated above on products produced in energy intensive industries such as chemicals glass and aluminum. Analyze in terms of the effects on demand supply equilibrium price and quantity. [8] 7. What effect would this have on the competitiveness of U.S. manufacturing? [2] 8. What would the effect of the change in the price of natural gas indicated in answer to the above have on the supply of crude oil after a longer period of time taking into account that natural gas and crude oil are often located together? [2] I.The following events affected the market for new U.S. light vehicles i.e. vehicles sold in U.S. between Summer 2007 and Summer 2008: Slowing of the economy (increase in unemployment rate and decrease in personal income) Decreased value of homes and decreased stock values Increased difficulty in obtaining vehicle loans Increased price of gasoline Increases in the prices of steel other metals and plastics used in producing vehicles The following questions explore the effects of these events on the market for new U.S. light vehicles between Summer 2007 and Summer 2008. 1. Which new U.S. light vehicle demand and/or supply determinant(s) is/are affected? [4] 2. What would be the effect on the demand and supply of new U.S. light vehicle? [4] 4. What would have been the effects of these events ceteris paribus on the equilibrium price and quantity of new U.S. light vehicles? [4] 5. What would have been the effect of these events ceteris paribus on the amount of resources used in the new U.S. light vehicle industry? [2] 6. What would have been the effect of these events ceteris paribus on the profits of firms in the new U.S. light vehicle industry? [2] J. The following questions explore the effects of the change in the price of new U.S. light vehicles indicated above alone on the market for used U.S. light vehicles between Summer 2007 and Summer 2008. 1. Which used U.S. light vehicles demand and/or supply determinant(s) is/are affected? [4] 2. What would be the effect on the demand and supply of used U.S. light vehicles? [4] 4. What would have been the effects of this event ceteris paribus on the equilibrium price and quantity of used U.S. light vehicles? [4] K. Burial customs are changing. A growing number of people are opting to cremate their loved ones. Before 1980 just 4% of families were choosing cremation over burial. In 2010 39% select cremation and in 2025 the percentage is expected to approach 60%. The increase is driven in part by the fact that fewer extended families are rooted in one specific place anymore which means they dont live close enough to visit a loved ones gravesite. Also green funerals are becoming more popular. These are ones where there are no caskets. During the Great Recession of 2008-2009 median household income in the U.S. decreased 4.2%. The following questions explore the effects of these changes in burial customs on the market for traditional burial service with a casket between 2007 and 2009. 1. Which traditional burial service demand and/or supply determinant(s) is/are affected? [4] 2. What would be the effect on the demand and supply of traditional burial services? [4] 4. What will be the effects of this event ceteris paribus on the equilibrium price and quantity of traditional burial services? [4] 5. What will be the effect of this event ceteris paribus on the amount of inputs such as caskets used in the traditional burial service industry? [2] 6. What will be the effect of this event ceteris paribus on the profits of firms in the traditional burial service industry? [2] Show less
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