Why is it unfair or meaningless to criticize a theory as “unrealistic|My course tutor

Posted: March 12th, 2023

Please answer each of the questions below in short-answer format. Write your responses in complete sentences. Each answer should be two – three paragraphs (150 – 250 words) in length.

Be sure to carefully read each question to ensure that each component is answered with the appropriate depth and detail. Your answers should be free of spelling and grammatical errors. When using reference material, you must properly cite your sources using in-text citations. You must also include a reference list. All documentation must be rendered in APA citation style (see announcements for details on APA) In addition, each response should contain your own unique insight, personal experiences, and opinions that will help demonstrate that you comprehend the material covered in this lesson.

See the short answer assignment sample for this discipline.

Review the Grading Rubric as you prepare to complete this assignment.

Be sure to include the question number in each of your responses below to ensure you answered every question in this assignment.

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What does a supply curve illustrate? Other than its own price, what are the determinants of the supply of a commodity. What would make a supply curve shift to the right?

Imagine that the market for orange juice is in equilibrium at a price of $8 per gallon. Provide two demand-related and two supply-related reasons why the equilibrium price could fall to $7.00 per gallon.

What will happen to the market for orange juice if both producers and consumers believe that prices will rise in the near future? Explain your answer.

What will happen to the market for oranges if the government offers price supports to citrus producers? Who will gain and who will lose? Provide examples and explain your answer.

Why is it unfair or meaningless to criticize a theory as “unrealistic?” Provide examples and explain your answer

SOLUTION

A supply curve illustrates the relationship between the price of a commodity and the quantity of that commodity that producers are willing and able to supply to the market. The curve shows the quantity supplied at each price level, assuming all other factors affecting supply are held constant. Other than price, some of the determinants of the supply of a commodity include the cost of production, the price of inputs (such as labor and raw materials), technology, government policies, and the number of suppliers in the market.