Walton_Multiple_Inputs_Complete_ (1)

. Demand,  Supply, consumer surplus, Market Equilibrium Price floor.  The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum.                                          QD      =     80,000 – 20,000Px                             (Demand)                                        QS      =   - 20,000 + 20,000Px                             (Supply)   where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Answer the following questions: A. What is the condition for market equilibrium?        B Calculate the market equilibrium price and  equilibrium output?        C. What is the inverse demand curve P = f (QD)?        D. Compute the consumer surplus at the equilibrium price.        E. What is the inverse supply curve P = f (Qs)?        F. Compute the producer surplus at the equilibrium price.

An identity of the Supply and Use Table is: a. Total Supply > Total Use b. Total Supply < Total Use c. Total Output = Total Input d. Total Output > Total Input

Multiple choice - microeconomics 43) What will entry into a market by new firms do?  A. It will increase the price of the good  B. It will increase profits of existing firms  C. It will increase the costs of existing firms  D. It will increase the supply of the good. 42) What is one consideration that applies to the analysis of a market over the long run but not to the analysis over the short run?  A. changes in firms’ cost structures  B. changes in the numbers of firms in the market  C. changes in the price of the product  D. changes in firms’ profits

The supply and demand model applies to the market for drums in New York City. Demand is P = 10-.25Q and supply is P = 2+.75Q. Find the market equilibrium and surpluses. Submit your work.

Assume the market for organically-grown produce is perfectly competitive. All else being equal, as farmers find it less profitable to produce and sell organic produce in this market, Select one: a. the demand curve will shift to the left and the equilibrium price will decrease. b. the supply curve will shift to the left and the equilibrium price will increase. c. the supply curve will shift to the right, the demand curve will shift to the left, and the equilibrium price will decrease. d. the supply curve will shift to the left, the demand curve will shift to the left, and the equilibrium price will increase. e. the demand will shift to the right and the equilibrium will price neither increase nor decrease

I need help with econ multiple hw questions asap! 62) Refer to the attached Figure 18. What would likely cause an increase in market supply from Supply0 to Supply1?  A. the entrance of new firms in the market  B. existing firms in the market increasing their level of production beyond Q1  C. existing firms adding new product lines  D. existing firms changing their cost structure 61) A firm’s marginal cost has a minimum value of $2; its average variable cost has a minimum value of $5; and its average total cost has a minimum value of $7. At what product price will the firm shut down?  A. above $10  B. above $11  C. below $5  D. above $12

nomics Volume of Production Price (dollars) Total Production Cost (dollars) 10 1434 22841 30 991 26408 35 917 23781 45 1020 29675 70 703 38801 100 298 44834 4. Compute the slope of the demand curve. The potential answers are: A: -12.89 B: -10.5 C: -11.33 D: -14.28 E: -10.64 5. Compute the maximum potential sales quantity. The potential answers are: A: 127 units. B: 125 units. C: 105 units. D: 116 units. E: 168 units . 6. What percentage of total costs can be estimated based on the volume of production? The potential answers are: A: 69% B: 97% C: 91% D: 94% E: 92%

MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F", if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. In a perfectly competitive market, there are many buyers and sellers and no can influence the market price or quantity. 2. Economic model is an abstract representation of the "unreal world" phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources. 6. Law of demand asserts that quantity demanded and its own price is directly related. 7. Law of supply states that…

MODIFIED TRUE or FALSE. Write "T" if the given statement is TRUE, correct and valid. Write "F", if otherwise. If your answer is either "T" or "F" explain, why is it true or false. Cite a theory, use a formula or graph to support your answers. 1. In a perfectly competitive market, there are many buyers and sellers and no can influence the market price or quantity. 2. Economic model is an abstract representation of the "unreal world" phenomena that one wishes to examine. 3. Economic model can be expressed to an equation holding other variables to be constant. 4. Independent variable or the explanatory variable (in an economic model) is the variable that provides the explanation for any change(s) in the response variable. 5. Points below the Production Possibility Frontier or PPF are the choices of the society that are infeasible due to its limited resources.

Predict the impact on each market. Use + and – to indicate whether there will be an increase or decrease in demand (D), supply (S), equilibrium price (P) and equilibrium quantity (Q). If there is no change, use N, and if the change cannot be predicted, use U for uncertain. Market Event D S P Q Canadian Early frost destroys a large percentage of the grape crop         Wood-burning stoves The price of heating oil and natural gas triples         Cell phones Technological advances reduce the costs of producing cell phones         Gold Large gold deposits are discovered         Fast foods The public show great concern over high sodium and cholesterol in fast foods; also, there is an increase in the minimum wage.         Bicycles There is increasing concern by consumers about physical fitness; also, the price gasoline falls.

The accompanying diagram shows the demand and supply curves for taxi rides in New York City. At E1 the market is at equilibrium with 600 million miles of rides transacted at an equilibrium price of $2.50. Calculate each of the following (round to the nearest million):           Consumer surplus:_________ Million       Producer surplus:________ Million       Total surplus:________ Million Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.

Provide a definition of each of the following, and the required example, explanation, or graph. A Production Possibility Curve, a definition and a graph showingan increasing opportunity cost of producing Product A as a company produces more of Product B. Changes in quantity demanded vs. changes in market demand (the definition of each and a single graph showing each change). A shift in the market supply curve (definition and graph).

This is a picture of a farmer's market. A farmer's market is a place where farmers bring their fresh produce to sell to consumers at low prices. Based on the information provided to you, name at least two scarce resources that were probably used to produce the fruits and vegetables shown in the picture. What would happen if one of those resources were no longer available? Choose which resource you want to pretend is no longer available, then provide an example as to how the business would be affected.

Draw the supply and demand curves based on the following market data  price .    quantiy demand.      quantity supplied  10               100                           0 12.                 80                         20 14                60                           40 16                 40                           60 18                 20                            80 20                 0                              100   What is the market equilibrium or clearing price?   What condition would prevail if the price is set at $12 by the government?     How would this affect the market efficiency (e.g production possibilities)?   What is required to restore the market equilibrium or clearing process?

Determinants of supply (Main Topic) - Continous  Government intervention Taxes Subsidies The state of technology Expectations Number of sellers

Suppose wheat is bought & sold in a competitive market.   a) Below is the competitive market graph for wheat, with price in $/bushel and quantity in millions of bushels. Identify the equilibrium. (use the graph that is single attached as a photo) Now suppose that the government commits to buying 20M bushels of wheat, above and beyond the demand shown above. That commitment includes a promise to pay whatever equilibrium price happens with the additional purchase of 20M by the government. Part(b)  are two ways to introduce and analyze the government’s purchase b) (a)One way to view the govt’s 20M is as extra demand above and beyond the market demand. Build this approach into the graph below left. (Use the quantity values on the graph - 0, 20, 40, 60, 80,100 – to help you get a reasonably accurate analysis.) Identify the new equilibrium P & Q (not as numbers, just position them on your graph).(b)A second way to view the govt’s 20M is as a reduction in the supply available to the…

Economics PROBLEM SET 2 Supply and Demand     DEMAND/SUPPLY SCHEDULE 1                    DEMAND/SUPPLY SCHEDULE 2                                                                 Price   Qd   Qs   Qd + 200 (at each price) Qs + 200 (at each price) $50 200 800       $45 300 700       $40 400 600       $35 500 500       $30 600 400       $25 700 300       $20 800 200                                 Please complete demand/supply schedule 2 i.e if Qd and Qs from schedule 1 are increased by 200 units.                         Determine equilibrium Price & Quantity in Schedule 1.                           Determine equilibrium Price & Quantity in Schedule 2.                         Assume a price floor of $45 in Schedule 1; what is the result?           Assume a price ceiling of $25 in Schedule 1;  what is the result?           In both cases what is the…

Retail Demand is Q=16-Pr Farm Supply is Q=2+.5Pf Marketing Cost Per Unit is MC=$5.00   Quantity   Retail Price   Marketing Cost   Farm-level Demand Price   2               4               6               8               10             Draw a graph of the market showing all relevant curves and functions on graph paper

Assignment 1   Draw a demand curve for economics classes at HCCC, showing the trade-off between price and quantity. Now draw another demand curve to the right of the original (i.e. showing an increase in demand). Give three reasons that demand for economics classes might shift to the right like this.   The following table contains information about the wheat market:   Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000         0   4 34,000   4,000   6 28,000   8,000   8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16   6,000 40,000

When Adam Smith talked about “the invisible hand” he argued that:   High transaction costs normally prevent markets from achieving equilibrium. Prices, in the long run, end up where both fairness and efficiency are achieved. Changing prices leads to an “end” which buyers and sellers are not totally pleased with, but one that is efficient. Create mutually agreed upon prices over time if the market is subsidized.  As prices increase, demand falls, but supply rises, creating an equilibrium outcome. Self-interested activities help eliminate shortages and surpluses if price ceilings and price floors are effectively utilized.

A supply curve slopes upward because    Question 4 options:   a)  as more is produced total cost of production decreases    b)  an increase in input prices increases supply    c)  the quantity supplied of most goods increases over time    d)  an increase in price gives producers an incentive to supply a larger quantity

PROBLEM SET 2 Supply and Demand     DEMAND/SUPPLY SCHEDULE 1                    DEMAND/SUPPLY SCHEDULE 2                                                                 Price   Qd   Qs   Qd + 200 (at each price) Qs + 200 (at each price) $50 200 800       $45 300 700       $40 400 600       $35 500 500       $30 600 400       $25 700 300       $20 800 200                                 Please complete demand/supply schedule 2 i.e if Qd and Qs from schedule 1 are increased by 200 units.                         2.Determine equilibrium Price & Quantity in Schedule 1.                           3.Determine equilibrium Price & Quantity in Schedule 2.                         4.Assume a price floor of $45 in Schedule 1; what is the result?           Assume a price ceiling of $25 in Schedule 1;  what is the result?           In both cases what is the implication for…

Consider each scenario independently. In each of the following cases state, using verbal and graphical analysis   Show the correct increase / decrease in the demand or supply Show correct labels Show what will happen to the equilibrium price Show what will happen to the equilibrium quantity Show a brief explanation What will happen in the market for tomatoes if a new study is released that shows tomatoes contain antioxidants (may help prevent cancer)?  What will happen in the market for corn if a new crop rotation technique is discovered that allows corn to be grown more easily and the price of green beans, a substitute, decreases? What will happen in the market for gasoline if the price of oil increases and there is a vast increase in the population (e.g., another baby boomer generation)?