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Q: P =-3Qp+ 150 P= 6Qs +60 Question 1 Calculate equilibrium quantity
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2. By the use of a graph/graphs, discuss the effect of a change in the
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- 5.1 Explain, with the aid of a graph, the effect of an increase in income on theequilibrium price and quantity of wine if wine is an inferior good.6. Why do we need a units-free measure of the responsiveness of the quantity demanded of a good or service to a change in its price?Q.3 - An economist has estimated demand of D = 1000 − P and Supply of S = 400 + 10R for onions, where R is the number of days of rainfall. (a) Plot the demand and supply curves. (b) Show the equilibrium quantity and the equilibrium price on the graph. (c) Use Algebra to determine the equilibrium price and quantity (d) Use a new graph of demand and supply curves to show the effect of an increase in rainfall
- Question 4 and pr If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual pho to be posted instead of a manufacturer's stock picture of the product, both the demand and supply of products shift due to the improved information. If supply shifts by more than demand, quantity will decrease, increase O increase, decrease increase, be indeterminate O decrease, be indeterminate3)What is the relationship between a demand schedule and a demand curve? * a)A demand schedule shows the various quantities of the good demanded, while a demand curve shows the various prices. b)A demand schedule is a numerical tabulation of the quantity demanded of a good at different prices, while a demand curve is a graphical representation of the law of demand. c)A demand curve shows the various quantities of the good demanded, while a demand schedule shows the various prices. d)A demand curve is a numerical tabulation of the quantity demanded of a good at different prices, while a demand schedule is a graphical representation of the law of demand.Question 3 – 25% During the Christmas holiday season, the price of Christmas trees increases and the quantity demanded for trees also increases. Does it reflect change in quantity demanded or change in demand? Support your answer with the use of a diagram. Label your diagram with appropriate variables on X axis and Y axis.
- 1) The cost of satellite internet drops. How will this impact the supply and demand for cable internet? Explain. 2) Consider Question 1. Graph any changes you describe. Be sure to include the change in equilibrium.An increase in the quantity of hybrid cars supplied would be caused by which of the following? A. An increase in the demand for hybrid carsB. A decrease in the demand for hybrid carsC. Higher prices of car batteriesD. Lower prices for gasoline(f ) Using a graph, show 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)?
- Question 16 Which of the following goods are likely to be considered complements? a) Peanut butter and jelly b) Coke and Pepsi c) Gasoline and diesel fuel d) Sprite and 7-Up(2) Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand.9. Consider how health insurance affects the quantity of health care services performed. Suppose that the typical medical procedure has a cost of $100, yet a person with health insurance pays only $20 out-of-pocket when she chooses to have an additional procedure performed. Her insurance company pays the remaining $80. (The insurance company will recoup the $80 through higher premiums for everybody, but the share paid by this individual is small.) a. Draw the demand curve in the market for medical care. (In your diagram, the horizontal axis should represent the number of medical procedures.) Show the quantity of procedures demanded if each procedure has a price of $100. On your diagram, show the quantity of procedures demanded if consumers pay only $20 per procedure. If the cost of each procedure to society is truly $100, and if individuals have health insurance as just described, will the number of procedures performed maximize total surplus? Explain. c. Economists often blame the…
