1. Suppose that the supply and demand for sunglasses arep= 0.8q +6p=-1.24 +14Where p is the price in dollars and q is the quantity in hundreds.a. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7 each.Discuss the stability of the sunglasses market at this price.

Supply: p=0.8q+6 Demand: p=-1.2q+14 At equilibrium demand = supply 0.8q+6 = -1.2q+14 q = 4 units…

Answered: 1. Suppose that the supply and demand…

Microeconomics A Contemporary Intro

10th Edition

ISBN:9781285635101

Author:MCEACHERN

Publisher:MCEACHERN

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 15PAE

See similar textbooks

Similar questions

1. New advances in recycling technology reduce the cost of producing paper made from recycled material. SELECT THE CORRECT ANSWER a. Which of the following will occur in the market for paper made from recycled material? -supply will decrease -supply will increase -demand will decrease -demand will increase b. Will the advancement in recycling technology result in a shortage or surplus of paper made from recycled material at the previous price? Will the price of paper made from recycled material rise or fall? -surplus, rise -shortage, rise -shortage, fall -surplus, fall
Price per Bushel Quantity Demanded (bushels) Quantity Supplied (bushels) $3 36,000 0 6 30,000 3,000 9 24,000 6,000 12 19,000 10,000 15 15,000 15,000 18 10,000 21,000 21 7,000 28,000 How many bushels will be sold if the market price is $9 per bushel? If the market price is $9 per bushel, what must happen to restore equilibrium in the market? At what price will suppliers be able to sell 24,000 bushels of corn?
Hula Products has reintroduced the hula hoop to the world and faces a growing demand for its product in two distinct markets: the United States and Europe. Demand in these markets is: PU = 20 - .1QU and PE = 10 - .05QE., where all quantities are expressed in thousands of units (i.e. QU = 50 means 50 thousand units). Hula can produce hoops at no cost. The maximum Hula can produce is 80 thousand hoops. How many should be sent to Europe (QE)? Enter as a value (answer should be between zero and 80).
Q 1. For each of the incident occurred in the cigarette market, explain whether the demand curve or the supply curve is affected and the effects on the equilibrium price and quantity in the cigarettes market. Support your answers with suitable market diagrams. Your diagram should take into consideration the price elasticity of demand and supply for cigarettes. (i) Price of electronic vaporisers (vapes) increases
Based on the principles of demand and supply, how is the rising price of gassoline determined? Should the government regulate the price?
Graphically illustrate the impact of a decrease in the price of used car sales on the market for new car sales? 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.
3.4 The demand function for a product is Qd = 1,600 - 10P, and its supply function is Qs = 400 + 5P. Calculate the equilibrium price and equilibrium quantity of the good. Check your answer by drawing the demand and supply curves in a figure. What ways can government control prices in the market for goods and services. Explain their outcomes. Use diagrams to illustrate your answers. What policies can lead to shifts of the demand or supply curves? Provide examples familiar to you.
Can you propose a policy that meld induce the market to supply more rental housing units?
Assum e Q8 represents the quantity supplied at a given price and Qd represents the quantity demanded at the same given price. which of the follo,ving market conditions produce a downward movement of the price? a.Qs = 1000, Qd = 750 b.Qs= 750, Qd = 750 c.Qs= 750, Qd = 1,000 d. Qs= 1000, Qd = 1000
Use the table below to answer the questions that follow. Instructions: enter the full value. 1) if the table reflects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity? 2) If the presnt ticket price is $45, would we expect to see a secondary market for tickets? Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary ( original) market? 3) Suppose for some other World Cup game the quantity of tickets demanded is 20, 000 lower at each ticket price than shown in the table. If the ticket price remains $ 45, would the event be a sellout? Quantity Demanded, thousands price Quantity supplied, thousands 80 $ 25 60 75 35 60 70 45 60 65 55 60 60 55 50 65 75 85 60 60 60
The pillow market is currently in equilibrium and is competitive. If the current market price is $22 per pillow and the government imposes a $5 per pillow tax on the sellers, the new market price becomes $27 per pillow. How much of the $5 tax is paid by the buyer? How much of the $5 tax is paid by the seller/ Which elasticity is larger elasticity of demand or elasticity of supply in absolute values? Which is larger |E| or |Es|?
I. How had the Russia-Ukraine war impacted the oil market? Draw a supply-demand graph to briefly explain your answer. Please label the vertical and horizontal axes and show whether the supply or the demand curve had shifted. 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.

SEE MORE QUESTIONS

Recommended textbooks for you

Microeconomics A Contemporary Intro

Economics

ISBN:

9781285635101

Author:

MCEACHERN

Publisher:

Cengage

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

Microeconomics A Contemporary Intro

Economics

ISBN:

9781285635101

Author:

MCEACHERN

Publisher:

Cengage

Principles of Economics 2e

Economics

ISBN:

9781947172364

Author:

Steven A. Greenlaw; David Shapiro

Publisher:

OpenStax

ECON MACRO

Economics

ISBN:

9781337000529

Author:

William A. McEachern

Publisher:

Cengage Learning

ECON MICRO

Economics

ISBN:

9781337000536

Author:

William A. McEachern

Publisher:

Cengage Learning

Brief Principles of Macroeconomics (MindTap Cours…

Economics

ISBN:

9781337091985

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

Essentials of Economics (MindTap Course List)

Economics

ISBN:

9781337091992

Author:

N. Gregory Mankiw

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

1. Suppose that the supply and demand for sunglasses are p= 0.8q +6 p=-1.24 +14 Where p is the price in dollars and q is the quantity in hundreds. a. Find the supply and demand (to the nearest unit) if sunglasses are sold for $7 each. Discuss the stability of the sunglasses market at this price.