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- Find the equilibrium price if the price-demand equation is p=D(x)=23-1/20x, and the price-supply equation is p=S(x)=8+1/8,000x2Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be the most persuasive of all: “The laws of supply and demand indicate that higher prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce the demand for cigarettes. This reduction in demand will push the equilibrium price back down to its original level. Since the equilibrium price will remain unchanged, smokers will consume the same number of cigarettes.”Do you agree or disagree with this view? Disagree - the reduction in demand will push the equilibrium price below its original level. Disagree - this confuses a change in demand with a change in quantity demanded. Agree - the price increase will ultimately leave cigarette consumption unchanged. Disagree - higher cigarette prices will actually increase the demand for cigarettes.Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be the most persuasive of all: “The laws of supply and demand indicate that higher prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce the demand for cigarettes. This reduction in demand will push the equilibrium price back down to its original level. Since the equilibrium price will remain unchanged, smokers will consume the same number of cigarettes.” Do you agree or disagree with this view?
- True/False Market price is an macroeconomic concept.What is the terminology for this definition below? Prices rise because more goods and services are trying to be purchased than the economy can produceThe price in pesos for a certain product is p(x) = 900 - 20x - x2 when x units is demanded. Also p(x) = x2 + 10x is the price when the supply is x units. Compute the equilibrium price.
- At a price of $1.94 per bushel, the supply of corn is 9,800 million bushels and the demand is 9,300 million bushels. At a price of $1.82 per bushel, the supply is 9,400 million bushels and the demand is 9,500 million bushels. Find a price supply equation of the form p=mx+b. Find a price-demand equation of the form p=mx+b. Find the equilibrium point.For each of the following changes, determine whether there will be a change in quantity supplied or a change in supply. a change in input costs a change in producer expectationsSketch the market described above and indicate the values of the equilibrium price andequilibrium quantity.
- Given these supply and demand relationships drawn, if the actual price is $14, which of the following statements are TRUE? At $14, the demand is 16 At $14, the quantity demanded is 16 The equilibrium quantity s 12 At $14, the quantity supplied is 16 The equilibrium quantity is 16 At $14, the supply is 16 The equilibrium price is $14 At $14, the quantity supplied is 9 At $14, the supply is 9 The equilibrium price is $17 At the equilibrium price supply and demand would be equal At a price of $17, the quantity demanded and quantity supplied would be equal At $14 there is a market shortage of 7 units At $14 there is a market shortage of 4 units At $14 there is a market surplus of 7 units. Supply and Demand are equal at P=17.If the current market price is $25, then the market will achieve equilibrium by Group of answer choices: a price decrease, decreasing the supply and increasing the demand a price increase, increasing the supply and decreasing the demand. a price decrease, decreasing the quantity demanded and increasing the quantity supplied. a price decrease, decreasing quantity supplied and increasing quantity demanded. a price increase, increasing the quantity supplied and decreasing the quantity demanded.Which of the following will definitely cause an increase in the equilibrium price? An increase in both demand and supply A decrease in both demand and supply An increase in demand combined with a decrease in supply A decrease in demand combined with an increase in supply Any of the above, depending on the circumstances Which of the following will definitely result in a decrease in the equilibrium price of a good? An increase in both demand and supply. A decrease in both demand and supply. An increase in demand together with a decrease in supply. A decrease in demand together with an increase in supply. A decrease in supply only. Consider the market for South African biltong. Assuming everything else remains unchanged, the equilibrium price of biltong will decrease if There is a shortage of biltong. The price of beer, a complement, increases. The supply of biltong decreases. The price of peanuts, a substitute, increases. There is an animal disease that affects the supply of biltong…
