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- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100If gasoline prices continue above $4.00 a gallon, what would tend to hap- pen to the demand for eight-cylinder SUVs? What would that tend to do to the market price of those SUVs? Please answer correct explain plz asap Don't answer by pen paper5. Suppose that food shortages are expected in the near future. What happens to themarket for farmland today?(A) Demand rises.(B) Demand declines.(C) Supply rises.(D) Supply declines.
- 2. What happens to equilibrium price andquantity when there is an increase intechnology? Why?Qd = β0 +β1Psh +β2M+β3Pcg+β4Ax+ β5C Where, Qd = Quantity demand for a deluxe room in sh Psh = Price of a deluxe room in sh (US$/room) = US$. 200.00 M = Visitors per capita income (US$/Day) = US$ 120 Pcg = Price of a deluxe room in CG (US$/room) = US$. 150.00 Ax = Average advertising expenditure in sh (US$/room) US$. 18.00 C = Customer Satisfaction Index = 8.56 DV: Q R- Square: 0.86 T table value 1.671 No of obse: 62 F- Ratio: 154.15 Var Para Esti SE β0 127.8 49.6 β1 -1.3.0 0.42 β2 2.75 1.01 β3 2.55 1.21 β4 1.41 0.48 β5 1.85 0.23 a) Are estimated parameters comparable with economic theory? why ,What are the significant parameters that could be impact on the demand for a deluxe room b) Construct the Total Revenue (TR) function of Sh hotel and determine the TR maximize demand c) Calculate and interpret, cross-price elasticity, income elasticity, and advertising elasticity of demand for a deluxe room and Calculate Adjusted R2 and interpret it.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.
- a. How much would the firm’s revenue change if it lowered price from $12 to $10? Revenue change: $ b. How much would the firm’s revenue change if it lowered price from $4 to $2? Revenue change: c. What price maximizes the firm’s total revenues? Price that maximizes total revenues:4. As the price for tomatoes decreases, what will occur with Steve’s Farm willingness to supply tomatoes? 5. If prices for tomatoes fall to $2 a basket, what will Steve’s Farm most likely decide to do? 6. When Steve’s Farm decides to increase supply because of a major price increase, how might the farm increase its production?Table 4 The Market for Car-Seat Heaters Price (dollars per heater) Quantity Demanded (heaters per month) Quantity Supplied (heaters per month) 40 50 60 70 80 90 100 500 450 400 350 300 250 200 300 350 400 450 500 550 600 d) Refer to Table 5 Suppose a problem develops with car-seat heaters - they malfunction and occasionally cause serious burns. As a result, demand decreases by 100 heaters at each price. The new equilibrium price is $____and the new equilibrium quantity is ____ heaters per month. e) Refer to Table 5 Suppose a problem develops with car-seat heaters - they malfunction and occasionally cause serious burns. As a result, demand decreases by 100 heaters at each price. Simultaneously, the cost of production rises, and supply decreases by 100 heaters at each price. The new equilibrium price is $________ and the new equilibrium quantity is ________ heaters per month.
- Think about a competitive market in which youparticipate regularly. For each of the characteristicsof a competitive market, explain how your marketmeets these requirements.2) A news report is released about the negative health effects of using notebookcomputers. Consumers are concerned. Explain the effects on the market priceand quantities of Dell notebook computers?Iran has threatened to close the Straits ot Hormuz, a narrow passageway that connects the Persian Gulf and the Indian Ocean. As a result, gas prices have increased. What is the effect on grocery prices in general? What Will be the fifth on demand and supply of gas in Texas? 1. what has happened to his concern you as an economist?