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- Demand for Martha’s Mums will be 650 small mum plants if they are priced at $4.25 each but only 150 if they are priced at $10.75 each. a. Find the linear demand equation for Martha’s small mums (let x = number of small mum plants supplied, y = price). b. At what price will the demand for Martha’s mums drop to zero? c. What will be the demand for Martha’s mums if they are free? (Round to the nearest whole number).indicate whether you think the statement is true or false andexplain why. 9. Natural gas and coal are two fuels used for electricity generation and their cross-price elasticity is positive.10. A tax on gasoline will have a smaller deadweight loss if the demand for gas is inelasticthan if it is elastic.11. If the solar panel industry is competitive, the marginal firm makes zero profits in the longrun.12. The supply of goods depends on the vertical aggregation of individual demands.13. Applying dynamic efficiency to non-depletable renewable energy is not necessary becauseits quantity will not in the future.14. Given a competitive oil market and zero extraction cost, dynamic efficiency entails that thecurrent oil price equals the present discounted value of the future price.Assume there is a market for good X. If the price of a complementary good rises, the equilibrium price of good X will __________ and equilibrium quantity of good X will ___________ . decrease, increase decrease, decrease increase, increase increase, decrease A demand function is given by, Q = 100 – P. What is the point elasticity when P = $50? -0.5 -1.5 -1 -2 Assume the government imposes an effective minimum wage (i.e., one above the equilibrium wage rate that would otherwise prevail in that market). Our supply and demand analysis implies? A employment will decrease an excess demand for workers exists a surplus of wages will exist employment will increase
- Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.In a town behind the local mountains, 3 individuals each buy flowers following theirindividual demands P = 8 − Q and 2 individuals each follow their individual demand P = 3 −Q. For prices between $0 to $3, the town’s aggregate demand for flowers is given by(a) P = 11 − 2Q(b) P = 30 − 5Q(c) P = 30 −Q5(d) P = 6 −Q5(e) None of the aboveSuppose 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…
- Which of the following statements is true? a) If the PED for a product is less than zero, the demand for the product is said to be inelasticb) If the PED for a product is greater than zero, the demand for the product is said to be elasticc) The flatter the demand curve the more inelastic the demand for the productd) If the product is a necessity, then the demand tends to be more inelastic The Consumer Surplus is a) the difference between what a consumer wishes to buy and what he can afford to buyb) the difference between what the consumer plans to buy and what he actually buysc) the difference between what the consumers is willing to pay for a product and what he paysd) the difference between what the consumer is able to pay and what he actually pays. Suppose that Brock raises its tuition by 30% to pay for higher professor salaries.2 An economics professor asks his students, “Due to the tuition increase, how many of you will transfer to another universiy or drop out?” One student out of every 2 says that he or she would transfer or drop out. Based on this information, the price elasticity of demand for education at this university is: (A) 1. (B) Elastic. (C) Inelastic. (D) Zero.The quantity demanded each month of russo Espresso Makers is 250 when the unit price is $140; the quantity demanded each month is 1000 when th e unit price is $110. the suppliers will market 750 expresso makers if the unit price is $60 or higher. At a unit price of $80 they are willing to market 2250 units Both the demand and supply equations are known to be liniear. A: Find the demand equation. B: Find the supply equation. C: Find the equilibrium quantity and the equilibrium price.
- Waterfront homes have an inelastic supply and electric scooters have an elastic supply. Suppose that arise in population doubles the demand for both products. a) Graph the scenario for waterfront homes.Graph the scenario for electric scooters. See attached documents for graphs. What happens to theequilibrium price and quantity in each market? Response: In each of these cases the equilibrium prices goup, quantity in the scooters goes up, and the waterfront homes quantity does not change. b) Whichproduct experiences a larger change in price? Waterfront homes Why? There is an abundance in thedemand at the initial price so then this increases the price of waterfront homes. Explain the role ofelasticity in the change. c) Which product experiences a larger change in quantity? Electric ScootersWhy? Electric Scooters are an inelastic product. Explain the role of elasticity in the change. d) Whathappens to total consumer spending on each product? As the price and quantity goes up for…Normally, the people of COVID-FREE LAND demand of 3000 sanitizers and 18000 toilet rolls. Suddenly, there is outbreak of covid-19 and demand for sanitizers and toilet rolls increased to 4,000 and 20,000 respectively. How could COVID-FREE land meets its new demand. Identify and comprehensively discuss at least three possibilities or ways.Match the non-price determinates of supply with the change in supply. There is only 1 change in quantity supplied.