BLE 3-1 Price of DVDS Maya Seema Rest of the Market Market $24 $20 8. 9. $16 11 11 $12 14 11 14 $8 17 14 20 fer to Table 3-1. It illustrates the demand schedules for DVDS of two individuals and the rest of the market. At a ce of $16, what quantity of DVDS would be demanded in the market? 12 22 31 39
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- Can you propose a policy that meld induce the market to supply more rental housing units?When someones kidneys fail, the person needs to have medical treatment with a dialysis machine (unless or until they receive a kidney transplant) or they will die. Sketch a supply and demand diagram, paying attention to the appropriate elasticities, to illustrate that the supply of such dialysis machines will primarily determine the pure.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) 100
- In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoningGiven below are the annual demand for movie tickets for youngadults with differing annual income:a) Calculate the price elasticity of demand for both income when price increasesfrom $8 to $10.b) Calculate the income elasticity of demand if the person earning $20,000annually has an increase in income to $24,000 for price $12 and price $16.3Price($)Quantity demanded(income $20,000)Quantity demanded(income $24,000)8 40 5010 32 4512 24 3014 16 2016 8 12answer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…
- Suppose that the market for bottled water can be represented by the following equations: Demand: P = 10 - 2QDSupply: P = 1 + 0.5QSwhere P is the price per gallon, and Q represents quantity of purified water, represented inmillions of gallons of water consumed.a) Calculate the equilibrium price and quantity of bottled water.b) Concerned over high water prices after the winter storm, the government sets a priceceiling of $2.25 per gallon of water. What is the new quantity of water sold in themarket? Use supply and demand curves to illustrate your answer, showing both theoriginal equilibrium from part a) and the new quantity sold with the price ceiling.c) Calculate the producer surplus and consumer surplus at the initial equilibrium priceand quantity from part a).d) Calculate the new producer surplus and consumer surplus with the price ceiling frompart b).e) How does the total consumer and producer surplus in part c) compare to the totalconsumer and producer surplus in part d)? What…The demand for stoves is given by QD=450−20P and the market supply isgiven by QS = 20 + 100Pi. In equilibrium, how many stoves would be sold and at what price? ii. What would happen if suppliers set the price of stoves at $15? Explainthe market adjustment process. iii. Using the response in part (i), calculate the price elasticity of demandfor stoves when price changes to $10.Work from home and stay home restrictions impacted the market of many household items, with discussions about toilet paper and even international news. a)what impact did covid 19 restrictions have on the market of toilet paper? explain using a supply and demand diagram. b) states enacted policies that prevent price gouging during the pandemic. explain the impact of this policy on the market
- The city of Chambana has a large number of video poker arcades. The demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. • What is the equilibrium number (quantity) of games played? • What is the equilibrium price? • Draw a diagram depicting the equilibrium in this market. Continue your analysis of the video poker market in Chambana: demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. Now suppose that the city of Chambana passes a new law which requires that all video poker arcades contribute m cents to a city charitable fund for each game played on their machines. This is, essentially, an excise tax. In a new diagram, show the effect of the new law on the market and explain this effect. (Do not try to give an algebraic solution; just show what happens graphically and provide a…i will 10 upvotes urgent In the market for personal protective equipment, quantity supplied can be predictedusing the model Q = 10p - 30, and quantity demanded using the model Q = -20P+600. Determine the equilibrium quantity in this market. 440 120 180 146.67) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 8. Find the slope of the demand curve. a) 0.2b) 5c) -1d) -2Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0.1 pointa) 13b) 2c) 10d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determinedb) 12c) 10d) 14 10) If the price of Pepsi increases, what will happen to the market price of Coke? a) remain unchangedb) decreasec) increased) change