The table shows the quantity of tablets that is demanded and supplied at various prices. Price Quantity Demanded Quantity Supplied 50 75 100 125 120,000 112,500 105,000 97,500 20.000 100,000 102,500 105,000 107,500 Assume that the new equilibrium price is $50. How much would quantity supplied need to increase at each price to reach this equilibrium? A) 2550 B) 5050
Q: Use an AD-AS framework to show the effect of monetary restriction on the output level, prices and…
A: "Monetary restriction" by and large alludes to activities or policies set up by central banks or…
Q: Which of the following is a negative externality connected to attending college? A) The fact that…
A: A negative externality is a concept in economics that refers to the unintended side effects or costs…
Q: Dollars P P₂ P₁ 0 ******** MC Q₁ Q₂QzQ4 Q5 Quantity ATC AVC -MR₂ -MR₂ -MR₁ Refer to the above…
A: In perfect competition, There exists a large number of buyers and sellers. The firm will produce…
Q: True or False: A BMW car costs $40,000 this year, but only $8,000 in 1980. It’s more expensive today…
A: Price index is a tool which is used to measure inflation in different time periods.It is basically a…
Q: 8. A fundamental source of monopoly market power arises from a. perfectly elastic demand. b.…
A: An exclusive market structure known as a monopoly market is characterized by the control of a single…
Q: If firms in a competitive market are not identical, then the long-run market supply curve will be OA…
A: The long-run supply curve depicts the correlation between the quantity of a good or service supplied…
Q: If a bank charges no fees and doesn't require a compensating balance, what credit spread must the…
A: Banking serves a crucial function in the present economic environment by aiding in the distribution…
Q: Complete the sentences on the role of government in promoting economic growth. a. The government's…
A: Keynesianism has made strides in its ability to solve economic downturns by government intervention,…
Q: A 5 percent reduction in the money supply will, according to most economists, reduce prices 5…
A: Money supply:It refers to the total quantity of money that is circulating in the economy. The money…
Q: This graph demonstrates the domestic demand and supply for a good, as well as the world price for…
A: Global trade is analogous to a global symphony, with countries trading products and services at…
Q: When countries have many unemployed or unused resources, they may restrict imports to employ or use…
A: Protectionism:Protectionism refers to government policies and measures that restrict international…
Q: The monopolistically competitive seller's demand curve will tend to become more elastic the:…
A: In a monopolistically competitive there are many firms that offer competing products or services…
Q: If supply for the euro is high, the price of the euro is most likely to rise fall remain stable…
A: The exchange rate refers to the rate at which one currency is exchanged for another currency. In the…
Q: 5. Interest, inflation, and purchasing power Suppose Dariya is a fashionista and buys only denim…
A: Inflation is the sustained rise in the general price level of goods and services in an economy over…
Q: Economics is the study of how society manages its a. unlimited wants and unlimited resources. b.…
A: In every economy there is a problem of scarcity. Scarcity of resources states that there are…
Q: In the short run, perfectly (or purely) competitive firms will maximize their profit by producing…
A: This can be defined as a cost that shows the type of cost that an individual, business, or any other…
Q: If the marginal product of labor is less than the nominal wage divided by the price of output, a…
A: Marginal Product of Labor: The marginal product of labor is the additional output or production that…
Q: Suppose now that the government decides to increase the number of quotas available to 72 units, but…
A: To calculate the consumer surplus, producer surplus, and deadweight loss when the government…
Q: Personal consumption expenditures $2,100 billion Gross private domestic investment $500 billion…
A: Depreciation is the value of an asset which decreases due to wear and tear.Depreciation = Gross…
Q: Figure 32-4 Refer to the following diagram of the open- economy macroeconomic model to answer the…
A: The market for loanable funds describes the borrowings by a firm to build a factory or business. The…
Q: (A) For two straight quarters, business inventories increase at a sharp rate. This most likely…
A: Since you've posted multiple independent questions, according to our guidelines, only the first…
Q: Question 2 Mark has an income of $500 per month, and he spends it on two goods, apples and bananas.…
A: Opportunity cost is the concept in economics that represents the value of the next best alternative…
Q: One of the major objections to government budget deficits is that they may be inflationary. In…
A: Monetary policy refers to the set of actions and measures that a country's central bank (such as the…
Q: In the attached table determine, for each player, whether any action is strictly or weakly…
A: In game theory, a strategy is said to be strictly dominated if there is another strategy that always…
Q: Workers MRP 1 2 3 4 $24 22 20 18 16 14 12 If the wage rate decreases from $21 to $13, by how much…
A: Marginal Revenue Product (MRP) of labor:The Marginal Revenue Product of Labor is the additional…
Q: Which of the following will most likely cause a nation's currency to appreciate on the foreign…
A: The foreign exchange market determines the exchange rate price of the foreign currency. The…
Q: 516 The figure above shows a market for admittance into an ice skating rink. A tax has been imposed…
A: The responsiveness of one variable, such as the quantity (Q) demanded or supplied of a good or…
Q: In 2016, some counties in Florida sprayed for mosquitos in an effort to combat the Zika virus. The…
A: A public good is a term utilized in economics to portray a product that one individual can consume…
Q: Price $14 $12 $10 $8 $6 $4 $2 $0 100 $200 $400 $100 $800 200 300 400 Quantity 500 600 D 700 The…
A: The demand curve is the downward-sloping curve. The supply curve is the upward-sloping curve.The…
Q: Dexcon Technologies, Inc., is evaluating two alternatives to produce its new plastic filament with…
A: The Present worth (PW), also called the discounted value, is a financial as well as economic concept…
Q: Using Porter's competitive forces, explain which force pressured the displacement of Nokia as the…
A: Porter's Five Forces is a framework that helps analyze the competitive environment of an industry.…
Q: Explain intuitively what will happen to the amount of output produced in an economy, the real wage…
A: A real wage refers to the wage or salary procured by a worker in the wake of adapting to inflation…
Q: The above reflects the short-run supply and demand for honey... which is a normal good. Which graph…
A: The continually fluctuating connection between supply and demand, price variations, and consumer…
Q: Van has plans to go to an opera and already has a $100 nonrefundable, nonexchangeable, and…
A: A sunk cost is a cost that is incurred and cannot be recovered. It is an expense that has been…
Q: Price (dollars) 8 7 6 5 4 3 2 1 Short-run Short-run AC MC 80 100 110 O All of the other statements…
A: Perfectly competitive market is the market where buyers and sellers are in large numbers and they…
Q: 812 MC Qu. 16-35 (Algo) Refer to the given table.... Employment 0 1 2 3 4 S 6 Total Product 0 12 22…
A: In this case, we have to discuss the problem i.e. the formula of hiring workers of the perfectly…
Q: In the economy of Waco, the monetary base is $3150. People hold 30% of their money in the form of…
A: The reserve deposit ratio is a crucial banking guideline that establishes the proportion of client…
Q: If the daily demand curve for gasoline is as provided in the following graph, then how much consumer…
A: Consumer surplus is the benefit received by consumer by purchasing a product at market price lower…
Q: QUESTION 5 Which of the following statements is correct? OA. In the long run, it is likely that…
A: In case of Monopolistic Competition, there are many firms which sell slightly differentiated…
Q: 14. Application: Demand elasticity and agriculture Consider the market for com. The following graph…
A: The equilibrium price and equilibrium quantity of a good sold in the market are determined by the…
Q: What is the optimal (i.e. the least-cost or cost-minimising) combination of labour and capital for…
A: I can guide you on how to create isocost lines and determine the optimal combination of labor and…
Q: 5.21. MCL. MCL produces a small toy drone. Based on historical data, demand at two different price…
A: Price elasticity of demand measures the responsiveness in quantity demanded of a commodity to a…
Q: Which of these economic systems have the most in common? A Free-enterprise economy and market…
A: This can be described as a form of market in which no single producer or consumer has the power to…
Q: Which of the following statements about public goods is true? Public goods are more important…
A: Goods are tangible, physical products or commodities that are produced, purchased, and sold in the…
Q: An electronic-parts manufacturer with U-shaped short-run cost curves is producing 10.000 units per…
A: The cost function shows how the cost of producing a good changes as there is a change in the…
Q: What are the goals of monetary policy? maximum employment and stable prices zero unemployment and…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: You serve 3,000 private-pay patients and 1,000 health maintenance organization (HMO) members. Your…
A: Price ElasticityPrice elasticity measures the change in the quantity demanded because of the change…
Q: Refer to the graph below. A $6.95 B) $3.25 C) $4.45 D) $4.85 E $5.45 F) $4.95 PRICE Select the…
A: The demand curve is the downward sloping curve. Supply curve is the upward sloping curve.…
Q: Explain how Statistics Canada measures the actual unemployment rate for Canada for a given year.…
A: Philips curve:The Philips curve was introduced by William Phillips. It shows the relationship…
Q: (e) Which of the two options would the producers prefer? Option 1 = (f) Which of the two options…
A: To calculate the consumer surplus, producer surplus, and deadweight loss when the government…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- 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)Given that the demand for 10 crates of eggs is 200 dollars is supplied to 5 stores and thedemand for 4 crates at 50 dollars and supplied to 15 stores, calculate the equilibrium price and quantity 2.In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoning
- al The dernand and supply schedules for wine are above. Plot both in a graph. Find the equilibrium price and quantity b) if the price of wine is currently $30, what is this situation called in the market? Plot this scenario in same graph in part (a) c) For part (b), how big is the gap between what consumers want and what suppliers want? d) What would eventually happen to price and quantity in the market in part (b)?Q5 The following table shows the market demand and the supply for pumpkins on a normal weekend. Price ($ per pumpkin) $21 19 15 11 9 5 1) 11) RICK TREATS Quantity demanded 25000 36000 45000 55000 65000 68000 Quantity supplied (Pumpkins per week) 62000 60000 57000 55000 40000 26000 What is the market equilibrium price and quantity? Why? Describe the situation in the pumpkin market if the price of a pumpkin is $19. How will the price adjust?The table gives the demand and supply schedules for milkshakes. What is the equilibrium price of a milkshake and the equilibrium quantity of milkshakes per day? The equilibrium quantity of milkshakes is The equilibrium price is $ a milkshake. a day. This question: 1 point(s) possible Price (dollars per milkshake) 4 5 6 Quantity demanded (per day) 120 120 105 90 75 60 45 Quantity supplied (per day) 30 45 60 75 90 105
- Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units.(a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following.(i) The equilibrium price(ii) The equilibrium quantity(b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain.(c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets.(d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. What will be the effect of an increase in the price of tin on the market for gadgets?(e) If both changes in part (c) and part (d) occurred simultaneously, will the equilibrium quantity of gadgets increase, decrease, remain unchanged, or be indeterminate? Explain.The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?When the price of beef is $ 4 per kg, quantity demanded is 500 grams. but when the price changes to $3.92 then quantity demanded is 530 grams. calculate the price elassticity demand?
- 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 some1. South African Airway increases the price for a ticket from Windhoek to Cape Town from N$1500 to N$2000. Demonstrate graphically and explain the effect that this will have on the equilibrium price and the quantity demanded and supplied of these tickets? 2. Given the demand for Bus services? = 4850 – 5?+ 7?? +3??+ 0.15?, where? = 10 000 ? = 100, price for train PT = 50 and the price for planes Pp = 100. a) Find the income elasticity of demand for Bus. b) Find the cross price elasticity of demand Bus.Suppose that the quantity demanded and quantity supplied in the market for milk is as follows: Price per Gallon Quantity Demanded Quantity Supplied $5 1000 5000 $4 2000 4500 $3 3500 3500 $2 59 4100 2000 $1 6000 1000 What is the equilibrium price and quantity of milk? price: $4; quantity: 4500 O price: $3; quantity: 3500 .price: $2, quantity: 2000