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- ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P=20−2Qd.P=20−2Qd.Supply is represented by the equation P=−5+3Qs,P=−5+3Qs,where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity. Equilibrium price = ? $ Equilibrium quantity = ? unitsADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P=75−2Qd.P=75−2Qd.Supply is represented by the equation P=−15+4Qs,P=−15+4Qs,where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your quantity as a whole number.a. Using the equilibrium condition Qs = Qd, determine equilibrium price. b. Now determine equilibrium quantity.ADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P=80−2Qd.P=80−2Qd. Supply is represented by the equation P=−20+2Qs,P=−20+2Qs, where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity.
- Suppose that the price elasticity of demand for world famous Bi told that following a price increase, the quantity demanded fell b brought about this change in quantity demanded? O a. 40 percent O b. 25 percent O c. 2.5 percent O d. 0.4 percentQ8 plz help quick!!The aggregate demand for the mushroom pasta for each day is given by q = 200 - 4p, where p is the price of the pasta. If the price is $20, then the price elasticity of demand is 01 O 0.666 O 15 O 0.333Suppose demand and supply are given by Qxd = 14 − 1/2 Px and Qxs = 1/4 Px −1 a. Determine the equilibrium price and quantity. Show the equilibrium graphically. b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity.
- The US government reduces the supply of raw material for production of Covishield,. Simultaneously the vaccine awareness is increasing amidst the rising second wave of the deadly Corona Virus. In the market of Covishield we should observe O a. Reduced demand and reduced supply O b. Reduced supply and unchanged demand O c. Reduced supply and increased demand O d. Increased supply and unchanged demandAssume that the price of commodity Y rises by 13.5% and the cross price elasticity of demand with commodity X is 1.35. According to this situation, commodity X is O a. not related to commodity Y as the exact price of commodity Y has not been specified b. a complementary product as cross price elasticity of demand is positive O c. a substitute as cross price elasticity of demand is negative d.a substitute as cross price elasticity of demand is positiveAssume, the market price of milk is R.O 1.5 per liter. At this price, the buyers and sellers are able to buy and sell whatever they want. There is no shortage or surplus of milk in the market. From this context, analyze the statements given below and choose the correct statement. a. All of the options b. The price R.O 1.5 is the market clearing price of milk c. At the price R.O 1.5, the demand and supply of milk will be equal d. The price R.O 1.5 is the equilibrium price of milk
- 1. Suppose an increase in consumers' income causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? How will the equilibrium price and quantity change for each good?2. If the demand and supply curve for dishwashers are:D = 200 – 8P, S = 32 + 6PWhere P is the price of dishwashers, what is the quantity of dishwashers bought and sold at equilibrium?3. Markets tend toward equilibrium and, as a result, will tend to eliminate shortages and surpluses. Why?4. What is the difference between a shift of the demand curve and movement along the demand curve? Make sure to explain what determinants can cause a shift and movement along the demand curve.5. Explain the impact of:a. A rent ceiling set below the equilibrium price.b. A price floor set above the equilibrium price.true or false with reasoning. 1) ______In general, the larger the proportion of consumer’s income spent on a product, the smaller is price elasticity of demand 2) -----if a supply curve is linear and it intersects the price axis, the curve is elastic. Support your answer mathematically. Hint: write an equation of a supply curve that intersects the price axis in the general form and go from there. 3) ______Restaurants might offer a free drink with a purchase an appetizer because of the relatively low elasticity of demand in their industry.Mr. Shrikant always spends 20% of his income on commodity 'X'. The income elasticity of demand for commodity 'X' is O a. 0,15 O b. 6.67 OC -0.15 Od . 1