The price of oil increases from 300 to 350MYR a barrel. What happens to supply of Air Asia flights?

Slides:



Advertisements
Similar presentations
Pricing Marketing Co-Op. the value placed on the goods or services being exchanged What is price? Price: Profit Margins: the percentage of sales the company.
Advertisements

Cost, revenue, profit Marginals for linear functions Break Even points Supply and Demand Equilibrium Applications with Linear Functions.
Frozen-Strawberry Tariff Hui Yu. Chinese Fruit May Spur EU Battle Chinese frozen-strawberry exporting is growing rapidly in Europe. Chinese frozen-strawberry.
Business Economics The Behavior of Firms. Assumption: Profit Maximization Problem: You have 6 acres of land and you are deciding how many acres to spray.
What is Economics?. Definition: study of how individuals & societies make choices about ways to use scarce resources to fulfill their wants.
The FOREX market When we trade goods and services internationally we need to use the currency of the country that we are importing from or exporting to.
Producers and Consumers Chapter 5.2. Businesses in a Market Economy are driven by Profit Motive. (the desire to make money Producers—Make goods and provide.
Chapter 5 Supply.
Chapter 5 Notes Supply.
4 Market Structures Candy Markets Simulation.
The Laffer Curve Having your cake and eating it too!
Prepared by: Jamal Husein C H A P T E R 3 © 2005 Prentice Hall Business PublishingSurvey of Economics, 2/eO’Sullivan & Sheffrin Elasticity: A Measure of.
Supply. Thinking about Supply To understand supply, think like a producer, not a consumer. Profits generally motivate producers: if profits can be high,
Activities and Definitions.  Q s = P  Q d = P ◦ Price is in dollars per bushel ◦ Quantity is in millions of bushels per year  Find.
Miss Smith 7 th Grade Civics *pgs (21.1).
Unit III: Supply and Demand Part III: Equilibrium.
Costs of Production Unit 7 Decision, Decisions. Remember…… Scarcity forces people to make decisions about how they will use their resources!!! **Economic.
Supply. Law of Supply Changes in price will affect how many products a business will produce Producers: providers of a good or service As price increases,
Do Now 1. A new video game system is released just before Christmas, and everyone's "gotta have it." As parents race to the store to buy the system for.
Free Enterprise 3 rd grade. Free enterprise The freedom to start a business and sell, for profit, any product or service allowed by law.
MBMC Elasticity. MBMC Copyright c 2004 by The McGraw-Hill Companies, Inc. All rights reserved. Chapter 4: Elasticity Slide 2 The price of wheat tripled.
What happens to price and quantity for a firm when it is faced with a lump – sum tax/subsidy? Explain. Question 1.
Week 1 I’m on an island in the Atlantic. I’m hungry. There are only some pineapples and coconuts. Week 2 I see a pirate ship. Help me! Week 3 I drink.
WHAT IS SUPPLY?. ? 1-What is “supply’? The amount of a product offered for sale at all possible prices in the market.
Chapter 7 Section 1 Supply and Demand. Problem: You are a farmer deciding what crop to grown this year. You can grow 10,000 bushels of one of the following.
Introduction to Business Intro to Supply and DemandBBI2O.
State 6 external factors that may affect a business’s decisions Income levels Price of other goods – substitutes or compliments Changes in tastes and fashions.
Economic Policies and Efficiency: Exercises and Applications Lecture 6 – academic year 2015/16 Introduction to Economics Dimitri Paolini.
Tourism In An LEDC Game Parks In Kenya.
BRO Time: What would you pay for? 1. Caps game Boston? 2. WMZQ Jiffy Lube Live? 3. Drake at Verizon Center? 4. Merriweather? 5.
Taxes on Producers.
SS7E6 The student will explain how voluntary trade benefits buyers and sellers in Southwest Asia (Middle East)
Circular Flow of Income
REAL OPTIONS 2. 2 Background.. Assume that the current oil price is $60/barrelAssume that the current oil price is $60/barrel.
A Change in Equilibrium October 20 th, Changes in DemandChanges in Demand  What are the two ways that Supply can shift?  What Causes Supply to.
Objective: Clean a simulated oil spill and evaluate methods. Catalyst: What steps in the Jardine filtration process might be effective in preventing oil.
What three factors determine the demand for a product?
The Grand Thailand Tour. With 16 million annual tourists flocking into this country, Thailand is considered as one of the top Asian tour spots. The cultural.
Andaman- an enchanting that enchants Andaman Islands, with its pristine blue waters, panoramic views, and clusters of smaller islands, make up the enchanting.
Sharing of the Tax Burden
SUPPLY On the other hand..
Understanding Supply What is the law of supply?
UNIT VI – Fundamentals of Economics
The amount of a good or service that is available
Demand and Supply The market price for products and services is affected by the demand and supply of products and services If there is a high supply and.
السيولة والربحية أدوات الرقابة المالية الوظيفة المالية
ore grade (concentration of mineral)
Understanding Supply What is the law of supply?
Understanding Supply What is the law of supply?
Making Decisions in a Market Economy
III. Changes in Demand A. Change in the quantity demanded due to a price change occurs ALONG the demand curve An increase in the Price of Cupcakes from.
Unit 3: Supply, Demand, and Consumer Choice
Virtual Business Challenge
Build or Maintain Image Increase Sales/Volume
Deforestation and Agriculture
Supply & Demand # 5 What is Supply?.
Supply and Demand Equilibrium.
Understanding Supply What is the law of supply?
Firms in Competitive Markets
Chapter 4 Event Sustainability
Understanding Supply What is the law of supply?
Understanding Supply What is the law of supply?
Understanding Supply What is the law of supply?
Understanding Supply What is the law of supply?
Understanding Supply What is the law of supply?
Perfectly Competitive Markets
Understanding Supply What is the law of supply?
10 exercises to prepare the Christmas exam
Understanding Supply What is the law of supply?
Unit 3 Microeconomics Review Game SSEMI1-3.
Presentation transcript:

The price of oil increases from 300 to 350MYR a barrel. What happens to supply of Air Asia flights?

In an effort to earn more in tax revenues the government of Malaysia has decided to tax Palm oil farmers for each acre of land they own.

Monkey Beach adventure tours has to drop the price of tours in order to maximize profits.

A B

Because the government of NZ has made it a priority to be the number one producer of Kiwi fruit in the world they subsidize the production of kiwis

Due to an over-abundance of tourists the waters around Koh Samui have become too cloudy to see wildlife. What happens to the snorkeling market in Koh Tao (a similar island)?

Due to an over-abundance of tourists the waters around Koh Samui have become too cloudy to see wildlife. What happens to the snorkeling market in Koh Tao?

Penang’s coconut rice becomes hugely popular among tourists drawing many more people to the island. What happens to the supply of coconut rice?

The price of cheap consumer goods goes up. What happens to goods that Tesco supplies?

Anticipating a future tax increase on the importation of motor bikes to the port of Georgetown, what happens to the supply of motor bikes in Penang?