P ($/unit) 200 160 120 80 40 5000 1000 (quantity) ) What are the equilibrium price and quantity for the supply and demand curves in the figure above?
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- The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate someIn a market which demand and supply curves are shown below: Price ($/hour) 36- 32 28- 24 20- 16 12- 8- 4- 0 Demand Supply 1000 2000 3000 4000 5000 6000 7000 Quantity (units/day) a) Calculate the consumer surplus for the market. (If necessary round your answer to the nearest whole number.) Consumer Surplus = $0 b) Calculate the producer surplus for the market. (If necessary round your answer to the nearest whole number.) Producer Surplus = $0
- The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 167 132 $32 137 172 $56 Use this information to find the following. (b) the demand equation p (c) the supply equation p (d) the equilibrium quantity and priceComsumer Surplus Study The goal of this assignment is to apply Calculus to analyze consumer and producer surplus. This activity is based off the economical principles discussed in Section 3.1 of "Principle of Economics" and Section 7 of Chapter 3 in the Business Calculus book. The table below shows how supply and demand of gasoliine vary depending on the price: Price ($/gal) Demand (million of gal.) Supply (million of gal.) 753 513 550 1.2 700 1.4 640 600 1.6 580 639 1.8 543 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 3. 367 763 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places %3D • Assume that the Demand has a quadratic relationship with the…The market supply and demand for a product are shown in the diagram below. PRICE $6 Supply Demand 80 200 QUANTITY (a) Is the price elasticity of supply less than one, equal to one, or greater than one? Explain. (b) Calculate consumer surplus at the equilibrium price. Show your work. (C) Now suppose the government imposes a per-unit tax of $1 on producers. (i) What happens to total revenue received by producers after they pay the tax to the government? Explain. (ii) Will producer surplus increase, decrease, or stay the same? (iii) Will total surplus increase, decrease, or stay the same? Explain.
- Price ($) 15 14 13 12 11 10 9 S 8 D 7654321 0 10 20 30 40 50 60 70 80 90 Quantity Assume the market depicted in the graph is in equilibrium. What is total surplus?Q)3. You are advising a friend who sells paintings on the sidewalk. What price should she put on all the paintings given the following information: Price $50 Quantity demanded 1 Price $40 Quantity demanded 2 Price $30 Quantity demanded 3 Price $20 Quantity demanded 4 And the fixed cost for her business is $30, while it costs her $20 to paint each additional painting, how many paintings should she sell if she sells each painting for the same price and what will that price be? Please show your work. 4. Go back to the example you used in the discussion of an example of price discrimination that you have experienced. Imagine that you are explaining to a friend who has not studied economics. Don't use the term "elasticity," but explain in words how this concept explains how the producer benefits from price discrimination.PRICE (Dollars per pair) 22892852 70 63 56 49 42 35 21 14 7 0 0 7 14 21 28 35 42 49 56 63 70 QUANTITY (Thousands of pairs of loafers) Entering 36.00 into the Price of Sneakers field Entering 3.50 into the Price of Leather field Entering 7.00 into the Price field Supply Demand True False Graph Input Tool Market for Loafers Price (Dollars per pair) Demand Curve Quantity Demanded (Thousands of pairs) Surplus (Thousands of pairs) Demand Shifter Price of Sneakers (Dollars per pair) Supply Curve True or False: You can reset the entire graph by selecting outside of the tool. Green Line 14.00 56 0 Reset the graph to the initial state. Then, for each action described in the following table, indicate which elements on the graph (if any) are affected. Check all that apply. (Note: After changing the value in each field, be sure to again refresh back to the initial value before proceeding to the next row in the table.) 50.00 Quantity Supplied (Thousands of pairs) Quantity Demanded Shortage…
- iii) discuss one factor EACH,that you think influence demand and supply for milk. Provide examplesThe table below sets out the demand and supply schedules for grouper fingers. Price Quantity Demanded (Per Week) Quantity Supplied (Per Week) (S per plate) 1,500 1,500 1,400 1,700 8. 1,300 1,800 9. 1,200 1,900 10 1,100 2,000 (а) Construct a graph of this market. Devel (b) Indicate the equilibrium price and quantity on the graph.4. Currently the equilibrium price and quantity in the milk market are $4 per gallon and 100,000 gallons. The Price Elasticity of Demand is determined to be 0.80 while the Price Elasticity of Supply is determined to be 1.20. A price floor is set at 20% above the current equilibrium price. (a) Determine the dollar amount of the price floor. (b) Determine the Qs after the price is imposed. (c) Determine the Qd after the price is imposed.