Consider a market given by the following supply and demand equations MC=0+5Q WTP=98-4Q What is the quantity exchanged in this market? round your unitless answer to two decimal places
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- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collectedThe market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…
- Suppose that the market for bottled water can be represented by the following equations: Demand: P = 10 - 2QDSupply: P = 1 + 0.5QSwhere P is the price per gallon, and Q represents quantity of purified water, represented inmillions of gallons of water consumed.a) Calculate the equilibrium price and quantity of bottled water.b) Concerned over high water prices after the winter storm, the government sets a priceceiling of $2.25 per gallon of water. What is the new quantity of water sold in themarket? Use supply and demand curves to illustrate your answer, showing both theoriginal equilibrium from part a) and the new quantity sold with the price ceiling.c) Calculate the producer surplus and consumer surplus at the initial equilibrium priceand quantity from part a).d) Calculate the new producer surplus and consumer surplus with the price ceiling frompart b).e) How does the total consumer and producer surplus in part c) compare to the totalconsumer and producer surplus in part d)? What…The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $. (Enter your response as an integer.) Show Transcribed Text Price (dollars per unit) 3 100 C 90- 80- 70- 60-57 50- 40- 30- 21 20- 10- 0+ 33 69 0 10 20 30 40 50 60 70 80 90100 Quantity (1,000s of units per unit of time)Thoroughly and completely explain thedifferences between a change in demand and achange in quantity demanded along with thecauses of those changes, and how each changeis graphically represented.
- The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) C Price (dollars per unit) 100- 90- 80- 70- 60- 50- 40- 30- 20- 10- 0- 65 31 0 :25 :59 T 10 20 30 40 50 60 70 80 Quantity (1,000s of units per unit of time) 90 100 o UConsider the following graph of a supply curve: Price P=Y Axis Quantity Q= X Axis Units of Y 2 C. D 3 6 B 9 Units of X 12 Write the linear equation and compute the slope and the intercept b. Write the equation for the 45 degree line starting at zero. Is this line above or below the supply curve? What would be the price for a supplied amount of 14?eBook Print References 91°F Mostly sunny Mc Graw Hill The demand for coffee is given by the following equation, where QD stands for the quantity demanded and P stands for price. QD100 4P = The supply of coffee is given by the following equation, where QS stands for the quantity supplied and P stands for price. = -10 + 2P For parts a-d, consider a graph of the demand and supply curves with price on the vertical axis and quantity on the horizontal axis. a. What is the slope of demand? Slope = 36 b. At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)? P= 25 P= c. What is the slope of supply? Slope = d. At what price is quantity supplied equal to zero (this is, graphically, the vertical intercept of Supply)? 5 < Prev S 2 3 of 3 # Score.answe
- PLEASE ANSWER c The Market for Chicken Meat in Davao Citya. Fill in the missing algebraic signs ( + or -) of the demand and supply equations for chicken meat belowaccording to the hypothesized direction of relationships. where:Q = quantity of chicken meat in kilograms, per dayPC = price of chicken meat (in pesos per kilogram)I = income of average consumer (in pesos per day)PB=price of beef (in pesos per kilogram)W=wage rate paid in the poultry business (in pesos per day)PF= price of mixed feeds (in pesos per kilogram) Demand: QD = 20 ___ 1.5PC____0.8 I ____ 0.6 PBSupply: QS = - 20 ___ 4.5PC____0.5 W ____ 3 PFb. Suppose the other variable affecting the demand for and supply of chicken meat have the followingvalues: I = P300/day ; PB = P100/kg; W = P100/day; PF = P10/kgi. Derive the simple demand and supply equations where Q is a function of P.ii. Solve for the equilibrium price and quantity in the market.iii. Suppose the government imposes a price ceiling of P50/kg:1. What happens…answer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…Suppose that the demand for a concert is represented by the following equation, where P is the price of concert tickets and QD is the quantity of tickets demanded:QD = 2200 - 24PThe supply of tickets is represented by the equation where P is the price of the tickets and QS is the quantity of tickets supplied:QS = -500 +79PGive all answers to two decimals. 1. Find the equilibrium price and quantity of tickets sold. 2. Calculate the consumer surplus and producer surplus at the equilibrium price and quantity. Use the formula for the area of a triangle, (½ × base × height), to calculate each value.
