Assume the market for oil is perfectly competitive, with the following market demand and supply curves (price in S and quantities in millions of barrels per day): Qd=95-P Qs= 15 + 3P Find the equilibrium price and quantity exchanged in this market.
Q: Consider the supply and demand curves for taxi rides in the attached graph. If the price is $2.50…
A: Equilibrium demand and quantity are determined where demand is equal to supply in the market.…
Q: Why is the existence of a correlation (existence of co-occurrence or association) between and Fnot…
A: Correlation shows the relationship between 2 variables. Correlation is of 2 types negative and…
Q: What is the equivalent annual cost in years 1 through 7 of a contract that has a first cost of…
A:
Q: Question 25 Consider the following production alternative, 70 capital goods and 120 consumer goods.…
A: The data in the table are the combinations of two goods that can be produced with the given level of…
Q: Explain the difference between a shift along the supply curve and a shift in the supply curve itself
A: There is shift along the curve when the curve is impacted by a change in pricing. The curve itself…
Q: The amount of P20,000.00 was borrowed from a lending investor at an interest rate of 5% per month.…
A: given that, Principal(P) = P20000 the interest rate(R) of 5% per month time= 10 months
Q: Let there be two players in a game, Player 1 and Player 2. Consider a jar containing 5 snakes. 3 of…
A: Given that, A number of venomous snakes: 3 A number of the nonvenomous snakes: 2 The total number of…
Q: Drag the production possibilities frontier on the graph to show the effects of a time saving…
A: The production possibility curve represents the all possible combination of two goods produced by a…
Q: Dmit O Point C to Point D Point A to Point B O Point D to Point A O Point A to Point D Supply 1…
A: Equilibrium in the market occurs at the intersection of demand and supply curves.
Q: A. How much money should be deposited each year for 12 years if you wish to have $25,200 in the…
A: The future worth formula is FV=PV(1+i)n , where the PV rises for each period into the future by a…
Q: Two firms compete in selling homogeneous goods. They choose their output levels q1 and q2…
A: We are given: P = 80 - 6Q (Demand function) where Q = q1 + q2C1 = 8q1 , C2 = 32q2 + 2/3 MC1 =…
Q: Drinking coffee & Tea has been linked to numerous health benefits, including a reduced risk of type…
A: It is given that: Drinking coffee & Tea has been linked to numerous health benefits, including a…
Q: Sven makes rocking chairs for a cost of $75 each, and he sells the rocking chairs for a market price…
A: The government uses price controls to exert direct influence over market prices. It has an impact on…
Q: 3. Sonia owes Php 200due in 2 years and Php 600 due in 5 th years. What single payment on the 4 year…
A: Money to be paid in 2 years = 200 Php Money to be paid in 5 years = 600 Php Interest rate = 10 %…
Q: The idea behind comparative advantage reflects the possibility that one party: O may be able to…
A: There are two concepts in international economics, one is absolute advantage and the other is…
Q: Does the demand curve shift on a labor market supply and demand graph when the baby boomers reitre?
A: Demand is defined as the volume of a good or service that customers buy at different prices during a…
Q: Consider the supply and demand curves for taxi rides in the attached graph. Even though the vertical…
A: Vertical intercept of the supply curve is the minimum price sellers are willing to accept, that is…
Q: A consumer of two goods has indirect utility v(p,w) = -1/2 P₁+P₂ (a) Find the indirect money-metric…
A: The indirect money metric utility function is the minimum cost of purchasing bundles of goods at…
Q: good 1 good 2 country A 1 2 country B 8 40 For which good does country A have a comparative…
A: Meaning of Comparative Advantage: The term comparative advantage for any economy arises when a…
Q: It is not possible for the total value of production to increase unless the money supply also…
A: The GDP is the production of the goods and services during an accounting year. the GDP is expressed…
Q: Find the present worth of a future payments of P70,000.00 to be made in 10 years with an interest of…
A: Given information: Future value (F): P70,000.00 Interest rate (r): 12% Time period (n): 10 years…
Q: Consider the following two taxes: 1) a state imposes a 10 cent tax on every gallon of gasoline sold…
A: Taxation is a term for while a taxing authority, generally an administration, levies or imposes a…
Q: We sometimes need to find out how long it will take a sum of money (or something else, such as…
A: When we try to compute the final amount of something growing at a certain rate we generally use the…
Q: The people on Coral Island buy only juice and cloth. The CPI market basket contains the quantities…
A: Inflation rate is an expansion in the degree of costs of the labor and products that families…
Q: You decide to open a retirement account at your local bank that pays 6%/year/month (6% per year…
A: Future worth (FV) is a monetary idea that doles out a worth to a resource in view of assessed…
Q: Suppose that Darnell and Eleanor are the only suppliers of pizza slices in a particular market. The…
A: Supply curve is the locus of points which determine the amount of goods that would be supplied by…
Q: What are the four most important ways a firm becomes a monopoly? Will a monopoly that maximizes…
A: Monopoly is a market where a solitary dealer controls the whole inventory of an item. It is said to…
Q: A depositor puts $40,000 in a savings account that pays 10% interest, compounded semiannually. Equal…
A: Principal amount(P)=$40,000 Interest (i) compound semi-annually i=10/2=5% or 0.05
Q: The homestead exemption is a legal regime that protects the equity that homeowners have in their…
A:
Q: evaluate different approaches to conducting an internal environmental analysis
A: Introduction It is crucial to look at the internal environment because, according to Ghadar, F.…
Q: The following graph shows the market for cars in 2008. Between 2008 and 2009, the equilibrium…
A: The demand curve depicts the inverse relationship between price and quantity demanded, keeping other…
Q: The following graph shows the short-run supply curve for apricots. Place the orange line (square…
A: Elasticity measures the responsiveness of quantity demanded with respect to change in price.
Q: Prof. Business is considering retirement in 5 years. She is in a self-managed defined contribution…
A: Employees who participate in defined contribution (DC) retirement plans can put pre-tax money in the…
Q: The demand for pork is likely to be, Select an answer and submit elastic than the demand for…
A: The availability of substitutes is one of the factors that influences the elasticity of goods. When…
Q: (e) Now suppose that both firms are potential entrants into a new market that is currently not…
A: Given:- Inverse demand function: P=24-4Q To solve:- Part E=? Oligopoly is a market condition where…
Q: b. What are THREE positive impacts that borrowing to finance government spending could have on a…
A: Here we will talk about generally that how borrowing can positively impact a country. That would…
Q: How did businesses change over the period 1870-1900? Provide three examples of successful people,…
A: The organisation and management of American industry underwent a significant transformation in the…
Q: 3. What is GDP?
A: Gross domestic product(GDP) is macroeconomics term having very broad meaning. Frequently economist…
Q: Businesses in Finland sell a wide variety of products with manufacturing, woods, telecommunications,…
A: A capitalist economy and an unrestricted/free market economy are two sorts of monetary frameworks.…
Q: Real GDP is the of all goods and services produced in a period of time using prices. Group of answer…
A: Nominal Gross Domestic Product (GDP) is the value of total final goods and services produced in a…
Q: Given this data: BP139,470.00 S = P18,202.00 n = 12 years What is the SYD depreciation charge D,…
A: In sum of years digit method of depreciation, we give more weightage to initials years and it…
Q: explain why the total output of milk without specialization is 30?
A: Opportunity cost means the cost of next best alternative - To explain - This means in order to…
Q: Given the following equations: Demand: Q = 90 - P Supply Q10 + 15P Solve for the equilibrium price…
A: Given that, Demand, QD = 90 - P Supply, QS = 10 + 15P To Find: Equilibrium Price and Equilibrium…
Q: What will happen in a market where the equilibrium price is $5 and a price ceiling of $4 is enacted?…
A: Equilibrium occurs at the price level where quantity demanded equals quantity supplied.
Q: Below is the production possibilities table for consumer goods (washing machine) and capital goods…
A: Opportunity cost implies to what you have to give up to purchase what you want in terms of other…
Q: Question 8 Possibilities I || III IV Economics 94 87 77 62 10 points on the economics exam. A…
A: Opportunity cost refers to the forgone benefits from the next best alternative.
Q: Scarcity implies that: it is impossible to completely fulfill the unlimited human desire for goods…
A: Human Wants: Human wants are described by the demand bend that defines the willingness of the people…
Q: Menges developed the following econometric model for the West German economy*: Yt = β0 + β1Yt−1 +…
A: * ANSWER :- Given that,
Q: 7. "We are fast approaching the stage of the ultimate inversion: the stage where the government is…
A: A government is a legal entity having the authority to impose social norms within a given…
Q: 2. Suppose a consumer has preferences that are represented by the utility function U(X,Y)=X¹¹2 Draw…
A:
Assume the market for oil is
market
Qd=95-P
Qs= 15 + 3P
Find the
Step by step
Solved in 4 steps
- The wheat market is perfectly competitive, and the market supply and demand curves are given by the following equations: QD = 20,000,000 - 4,000,000P QS = 7,000,000 + 2,500,000P where QD and QS are quantity demanded and quantity supplied measured in bushels, and P = price per bushel. a. Determine consumer surplus at the equilibrium price and quantity. Provide a fully labelled diagram to support your answer. Show all intercepts, equilibrium points, label axis and curves fully. b. Assume that the government has imposed a price floor at $2.25 per bushel and agrees to buy any resulting excess supply. How many bushels of wheat will the government be forced to buy? Calculate the consumer surplus with the price floor. PLEASE DRAW THE DIAGRAM ! 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.The wheat market is perfectly competitive, and the market supply and demand curves are given by the following equations: QD = 20,000,000 - 4,000,000P QS = 7,000,000 + 2,500,000P where QD and QS are quantity demanded and quantity supplied measured in bushels, and P = price per bushel. a. Determine consumer surplus at the equilibrium price and quantity. Provide a fully labelled diagram to support your answer. Show all intercepts, equilibrium points, label axis and curves fully. b. Assume that the government has imposed a price floor at $2.25 per bushel and agrees to buy any resulting excess supply. How many bushels of wheat will the government be forced to buy? Calculate the consumer surplus with the price floor. 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.Microsoft is the only business that sells Computer Operation System in the world. Assuming that Microsoft is maximizing its profit, which of the following statements is true? Select one: a. Microsoft prices will be less than marginal cost b. Microsoft prices will be higher than marginal cost c. Microsoft prices will equal marginal cost. d. Microsoft prices will be a function of supply and demand and will therefore oscillate around marginal costs.
- Consider the following perfectly competitive market for oranges: Qs = 5P Qd = 60 – 5P Now suppose that demand for oranges increases by 20 units at each price. After the increase in demand, which of the following is correct? Group of answer choices a The equilibrium price is unchanged, and the quantity traded increases by 20. b The equilibrium price increases by $2, and the quantity traded increases by 20. c The equilibrium price increases by $2, and the quantity traded increases by 10. d The equilibrium price increases to $8, and the quantity traded decreases to 40.Assuming a linear demand curve, a firm that wants to maximize its revenue will charge a lower price than a firm that wants to maximize its profits. True or False? Why?Which of the following is TRUE in long-run competitive equilibrium ("market saturation")? Group of answer choices Firms earn zero economic profit Price is equal to minimum average total cost All of the above are true Firms in the market earn just enough revenue to cover their explicit (accounting) costs and opportunity costs. None of the above are true New firms have no incentive to enter the market
- A primary characteristic of a competitive market is that Question 1 options: a) government antitrust laws regulate competition b) producers sell nearly identical products c) firms minimize total costs d) firms have price setting powerSuppose the equilibrium price in the market is $10 and the price elasticity of demand for the linear demand function at the market equilibrium is -1.25. Then we know that: demand is inelastic. marginal revenue is $2. marginal revenue is $50. demand is unit elastic.Please Answer both questions briefly Q1. What are the equilibrium conditions for a firm operating in a differentiated goods market? Q2. Under what assumption is the equilibrium in a differentiated goods market Pareto inefficient?
- Blue Skies Aviation is a manufacturer of small single-engine airplanes. The company is relatively small and prides itself on being the only manufacturer of customized airplanes. The company’s high standard of quality is attributed to its refusal to purchase engines from outside vendors, and it preserves its competitive advantage by refusing to sell engines to competitors. To achieve maximum efficiencies, the company has organized itself into two divisions: a division that manufactures engines and a division that manufactures airplane bodies and assembles airplanes. Consultants have estimated that: Demand for Blue Skies’ customized planes is given by P = 900,000 − 2,000Q. The cost of producing engines is Ce(Qe) = 4,000Qe2, and the cost of assembling airplanes is Ca(Q) = 24,000Q. 1. What problems would occur if the managers of each division were given incentives to maximize each division’s profit separately? (multiple choice) Lower profits due to randomized pricing Lower profits due to…Demand for Corn Flakes is: P = 17 - Q. Supply of Kellogg's Corn Flakes is: P = 2 + Q. Now a generic company enters the market, selling generic Corn Flakes for $5. Assume consumers are indifferent between generic and Kellogg's Corn Flakes. How many boxes of corn flakes will sell in total (both brand and generic)? Enter as a value.(ALL OWNERSHIP GOES TO CENGAGE) The following graph plots a supply curve (orange line) for several sellers in the market for motor scooters in College Park, a university town in Maryland. Each seller has a single-motor scooter for sale. The market price of motor scooters is given by the horizontal black line at $70. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Kevin, green (triangle symbols) for Maria, purple (diamond symbols) for Rajiv, tan (dash symbols) for Simone, and orange (square symbols) for Yakov. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a motor scooter at a market price of $70. (Note: If a person will not sell a motor scooter at the market price, indicate this by leaving their rectangle in its original position on the palette.) Based on the information on…