Consider a competitive market for red lentils with 100 identical farmers in Horsham Victoria, a competitive market price of $5 and the following MC for each farmer: MC = = $0.05Q Also consider the following market demand function: QD = 1000-40P a) Calculate the optimal level of production (in tonnes) for each farmer (show workings)
Q: 63. A farmer can produce 10,000 pears if he uses the whole of his one-acre farmland. If he uses the…
A:
Q: A man borrowed P2,000 from a bank and promised to pay the amount for one year. He received only the…
A: Here it is given that- Amount borrowed from bank =P 2,000Amount recieved after the bank collected an…
Q: Explain how the Supply Curve would shift if the number of producers increased? (Be sure to identify…
A: When talking about the impact of change in the number of producers, it can be said that it will…
Q: Suppose the base year for this price index is 2019. In the last row of the table, calculate and…
A: The price index is a computation that provides the rate of changes that occurred in the cost of…
Q: A consumer currently spends a given budget on two goods, X and Y, in such quantities that the…
A: Utility maximization is the idea that individuals and organizations seek to achieve the highest…
Q: If a server was laid off at the beginning o the pandemic due to a lack of customers coming to their…
A: There are various kinds of Unemployment Cyclical Unemployment Frictional Unemployment Structural…
Q: Two charities are collecting old clothes in a county that has three towns along a road, as depicted.…
A: Introduction A strictly dominated strategy is a strategy that ALWAYS delivers a worse outcome than…
Q: Why is bundling typically less successful for tangible goods than it is for intangible goods?…
A: Tangible commodities, often known as physical goods, are the primary assets used by businesses to…
Q: . With both words and diagrams analyze the effects on equilibrium price and quantity when…
A: Demand curve represents an inverse relationship between the price level and the quantity demanded by…
Q: What are the hofstede’s dimensions of India?
A: Hofstede dimension: The framework known as Hofstede's Cultural Dimensions Theory, which was created…
Q: A Boeing plane 747 cost $50 million. Last year, the exchange rate between the US $ and the Canadian…
A: The Foreign Exchange Market or Forex market is a market where buyers and sellers trade foreign…
Q: T-Shirt Enterprises is selling in a purely competitive market. It is producing 3,000 units, selling…
A: Given T-shirt Enterprises is operating in a purely competitive market so it can not influences the…
Q: 5. Capital flight The following graphs depict the market for loanable funds and the relationship…
A: The interest rate that an investor, saver, or lender receives after taking inflation into account is…
Q: Three major means of collusion by oligopolists are Multiple Choice cartels, informal…
A: Collusive oligopoly is a structure of the market, in which there are few companies in the market,…
Q: On the Forbes list of the World's Billionaires, Elon Musk, Bernard Arnault, and Jeff Bezos rank at…
A: Scarcity refers to the fact that people have unlimited wants but limited resources are available. So…
Q: An industry comprising 40 firms, none of which has more than 3 percent of the total market for a…
A: Any area where sellers of certain goods or services may meet consumers of the same goods or services…
Q: Employed Unemployed Not in the Labor Force 12,000 people 4,000 people 5,500 people
A: Labour force:- The total number of persons in the age group of 18-59 are contemplated as a labor…
Q: Suppose the Italian government imposes a tariff on imported lumber products. The effect this tariff…
A: Import: An import is a nation that receives an export from the nation that sends it. The most…
Q: 1. In Town A there is only one newspaper, Daily Outrage. The demand for the paper depends on the…
A: Price elasticity of demand Price elasticity is a concept used by economists to analyze how changes…
Q: What is the macroeconomic equilibrium? The macroeconomic equilibrium is real GDP of $ ___ trillion…
A: The term "aggregate supply" refers to the overall volume of goods and services offered in the…
Q: The idea of assigning numerical values to determine a preference ordering over a set of ob- jects is…
A: The indifference curve is a curve that shows the combination of two things (generally goods) that…
Q: how can tariff be a source of government revenue?
A: All of the government's earnings from taxes and other sources are referred to as government revenue.…
Q: Compute the missing reference value * Reference Value 100 80 41 30 Your answer Positive Differential…
A: Positive Differentiation Value is the financial value that an opportunity generates for the buyer…
Q: ssuming Lesotho has a high intensity of labour abundance whilst Swaziland has a high intensity of…
A: H-O Model of international trade emphasize the importance of factor endowment in deciding…
Q: The natural rate of unemployment is 6%, and the actual unemployment rate is 9%, Okun's coefficient…
A: When inflation is stable or at a non-accelerating rate, the natural rate of unemployment is the…
Q: If the nominal GDP is 1000 billion euro, and on average every euro is spent 4 times a year, the…
A: According to the equation:- M V = P Y Now here the M stands for money supply in the economy V…
Q: Classify the following as microeconomics or macroeconomics and provide a justification for your…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: tting a low price or high price. The payoffs from the price choices are: Assume that the game is…
A: In the sequential game, one player moves first and he is followed by the other player. Thus, player…
Q: Bob is not considered unemployed if he: Group of answer choices all of the above is not looking…
A: In economics, unemployment refers to a situation where an individual is willing to work but is not…
Q: According to these statements about public services and location decisions: 1. High-service city…
A: Public services refers to the services provided by the government to everyone in an economy in…
Q: 4. Consider the Cash Flow diagram (Figure 2) where money is deposited in Riyadh Bank for 5 years.…
A: A cash flow series with an arithmetic gradient is one in which the cash flow either rises or falls…
Q: A decrease in the efficiency of various employment agencies to find better matches for those looking…
A: In an economy, if the efficiency of various agencies to find better match between employer and…
Q: When each person specializes in production of the good or service for which he or she has a…
A: The gains from specialization and trade are based not on absolute advantage but on comparative…
Q: Why does SMC curve cut AVC curve at the minimum point of AVC curve?
A: The change in total cost per unit of change in output is known as short-run marginal cost (SMC).…
Q: The Canadian government has provided export assistance to Bombardier Inc. with its Technology…
A: In the context of economic trade, the term "free market" refers to an unrestricted system in which…
Q: A payment of P2000 is due today, and another one for P3000 is due in the 6th year. If 6% interest…
A: The interest rate is the amount charged on top of the principal by a lender to a borrower for the…
Q: QUESTION 1 You are currently on your summer break. You could either enjoy your summer in Hawaii with…
A: An ideal market with perfect competition is an extreme case. In accordance with economic theory,…
Q: If the total cost of 20 units of a product is $20, and the total cost of 21 units is $21, then from…
A: Marginal cost is defined as the change in total production resulting from producing an extra unit of…
Q: Game trees are most useful for Multiple Choice showing Nash equilibrium.…
A: Game tree is something that will define various important game elements like player,strategies and…
Q: The Martian Corporation, a space vehicle development company, is starting a new division that will…
A: The external rate of return or ERR is defined as the rate of return for a project where the excess…
Q: A property is sold for $200,000. Typical financing terms are an 85% loan with a 10% interest rate…
A: Capitalization rate is a real estate valuation measure used to compare different real estate…
Q: Consider a worker who consumes one good and has a preference for leisure. She maximizes the utility…
A: The term "utility" in economics basically refers to the satisfaction or pleasure experienced after…
Q: Suppose that good 1 is normal and good 2 is inferior. Prove that the total effect on demand for good…
A: Inferior goods are those goods that have a negative relation with income. When income increases then…
Q: Bea is an expected utility maximizer with von Neumann-Morgenstern utility u(x) = x². She has an…
A: Given information U=X2 Initial wealth W=>3 The chances of winning and losing are 50-50 If wins…
Q: Assume that a consumer consumes two diff erent goods, and the utility function is u(x)= u (x1, x2) =…
A:
Q: n game theory, a "payoff matrix" is a table that shows the following, except Multiple Choice…
A: Game theory refers to a theoretical mathematical model for conceiving social scenarios among…
Q: Table 2 Consumer Willingness to Pay Curly $50 Moe 30 Larry 15 Refer to Table 2. The table above…
A: The difference between what consumers are willing to pay and what they actually pay is known as the…
Q: For a certain commodity the supply equation is given by S=2p + 5 At the price of $1, there is a…
A: demand refers to the quantity that a consumer wishes to buy at a given price in given period of…
Q: Question 5 Other things being equal, the higher the value of elasticity; the more likely the…
A: Price elasticity of demand will be calculated as the ratio of the percentage change in quantity…
Q: carefully explain whats happening to the market for a regular cup of coffee. indicate the impact if…
A: The demand and supply curves also depend on the prices of related goods. Price of related implies…
Step by step
Solved in 4 steps
- Green et al. (2005) estmate the supply and demand curves for Californa processod tomatoes. The supply function is: \[ \ln \left(Q_{s}\right)=0.200+0.550 \ln (p) \] whereQis the quantify of processing tomatoes in milions of tons per year andpis the price in dollars per ton. The demand function is: \[ \ln \left(Q_{d}\right)=2600-0.200 \ln (p)+0.150 \ln \left(p_{1}\right) . \] wherep1is the price of tornato paste (which is what processing tomatoes are used to produce) in dollars per ton. Supposept=$119Determine how the equilerium price and quantity of processing tomatees change if the price of tomato pasise tails by16%. If the price of tomato paste fals by18%, then the equaborium price will by 5 (Enter a numene response using a real number rounded to two decimal places)estion 1:There are 5000 identical individual buyers in the market for commodity X, and the demand function for commodity X is given by given by Qdx = 24 -4Px. There are 500 identical producers of commodity X, each with a Supply function given by Qsx = 40Pxa) Find the market demand function b) Find the market supply function for commodity X keeping maximum price 8c) Mathematically find the equilibrium price and the equilibrium quantity. d) Make on (the table given below) market demand schedule and Market Supply Schedule, keeping maximum price 8e) Plot, on one set of axes, the market demand curve and the market supply curve for commodity X and show the equilibrium point.Market Demand SchedulePrice QuantityMarket Supply SchedulePrice QuantityK Given the input-output matrix below, find the output matrix if final demand changes to 400 for water, 180 for electric power, and 700 for agriculture. Industry: Water Electric Power Agriculture Other Water 120 120 240 720 The output matrix is X = (Round to two decimal places as needed.) Industry Electric Power 400 200 100 300 8 Agriculture Final Demand 180 240 120 60 260 170 500
- Predicting Changes in Equilibrium Price and Quantity Suppose that the market demand for farmed salmon is Qd = 12 – p and the market supply of farmed salmon is Qs = 9.6 + 0.5p – 0.2pt, where Q is the quantity of salmon in millions of tons per year, p is the price of salmon in dollars per pound, and pt is the price of tilapia in dollars per pound. The supply function demonstrates that the facilities that are used to farm salmon are also suitable for farming tilapia. a) Use a market diagram to demonstrate that the equilibrium price and quantity of salmon is implicitly a function of the price of tilapia. That is, show how a change in the price of tilapia will impact the market for farmed salmon. (No need to use numbers here, just sketch and explain.) b) Using the supply and demand functions, derive the relationship between the price of tilapia and the equilibrium price and quantity of salmon. You should ultimately calculate and . Check your work by calculating the impact of an increase in…Use the following general linear supply function: Qs = 40 + 6P - 8PI + 10F where Qs is the quantity supplied of the good, P is the price of the good, PI is the price of an input, and F is the number of firms producing the good.If PI = $20 and F = 60 what is the equation of the supply function?Group of answer choices Qs = 480 + 6P Qs = 40 + 8P P = 480 + 6Qs Qs = 400 + 6P none of the aboveA manufacturing business can supply 60 plasma TV sets per month at a price of $280 per set, or sell 140 plasma TV sets if the price is $370 per set. A group of retailers will buy 80 plasma TV’s if the price is $350 per pair and 120 plasma TV’s if the price is $300 per set. Given that the demand and supply functions must be linear: Find the linear equations representing both demand and supply Find the point of market equilibrium (number of TVs: q) and the price per unit (p) at that point.
- Estimated Supply Function: Q = 100 + 20p – 28pf If we hold pf at $0.50 per lb for fertilizer. Calculate a supply function and draw a supply curve. If change in price Δp= 1 then what is the change in quantity ΔQConsider a competitive market for the paper-making industry. The demand curve for paper is represented by the equation P = 120 – 2Q, while supply is represented by the equation P = 60 + Q, where Q is the quantity of paper (measured in tons) and P is the price of paper per ton for each paper mill (measured in dollars). Suppose the industry pollutes the environment by discharging waste chemicals that present a health risk to the public. a) What is the equilibrium price and quantity in the competitive market? b) Suppose the government determines that the social cost of unregulated paper-making activity is $30 per ton of paper. The government decides to internalise this activity through imposing the appropriate per unit tax on paper mills. What would be the socially optimal quantity of paper, and what would be the price for each paper mill?Assuming a supply function of Qs = 100+100p and a demand function of Qd = 700-50p and an equilibrium price of $4 with an equilibrium quantity of 500million gallons please answer the following
- The competitive market for Botox procedures is characterized by the following supply and demand curves: QS = −2,000 + 10P and QD = 24,000 −16P where P is the price of the procedure and QS is the quantity supplied and QD is the quantity demanded. a: Solve for the equilibrium quantity and price in the Botox market.b: Neatly graph the market for Botox procedures, showing the vertical intercepts of the supplyand demand curves. Show the equilibrium.Find the price-demand equation for tickets to a particular zoo when the demand is 225 tickets per day at $15.00 per ticket, given that the marginal price-demand function, p′(x), for x number of tickets per day, is given as p′(x)=−0.015e−0.01x. If the zoo only sells 150 tickets per day, what should the price be? Do not round until the end. Round your answer to the nearest hundredth and do not include a dollar sign in your answer.Assume quantities need not be integers. Demand in a competitive market is Qd(P)=120 – (4/10)*P. If 20 units are transacted, what is the lowest marginal benefit (i.e., MWTP) at which an item is purchased? Round to two decimal places and do not enter a currency symbol. If your answer is $1.125, enter 1.13.