curve for gasoline, The discovery of a large new reserve of crude oil will shift the leading to a _ equilibrium price for gasoline. Assume crude oil is an input in gasoline production All other answers are incorrect demand, lower Supply, higher demand, higher
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- Given the following information Price of burger(Pb)=P50 Price of spaghetti (Ps)= P75 MU of burger(MUb)=180 utils MU of spaghetti(MUs)= 225 utils Required: A. Compute for the consumers equilibrium B. What is the decision of the consumers ? Will he buy burger or spaghetti ? Justify your answr.Raman noodles are an inferior good. If all consumer's incomes decrease, then the ____ curve shifts causing equilibrium price to _____ and equilibrium quantity to _____. Word bank: Demand, increase, decrease, increase, decrease, supply.This is a difficult question. Take your time to match the term to its definition or description. Complement Inferior Good Normal Good Substitute A. E1<0 B. EXY<0 C. E1>0 D. EXY>0
- Q1 new technology introduced which reduces cost pf producing of hybrid cars graph pre market equilibrium aand post market equilibrium. Q 2 importance of elasticity in decision makingfor consumers and producers, explain your concept byplotting separate graphsMarket Equilibrium A retail chain will buy 900 cordless phones if the price is $10 each and 400 if theprice is $60. A wholesaler will supply 700 phonesat $30 each and 1400 at $50 each. Assuming that thesupply and demand functions are linear, find the market equilibrium point and explain what it means.a. Estimate the equlibrium price and quantity of the market whose demand and supply functionsare pd = −(q + 4)2 + 100 and ps = (q + 2)2respectively. b. If the region A (shaded grey) in the diagram above represents a solution set, derivethe system of inequalities which define that region.
- Please answer Not a grade Was this change an increase or decrease? As a result did the equilibrium price and quanity increase of decrease?Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q Draw the graph for items (2-3) Determine the amount of CS (Red) Determine the amount of PS (Blue) What is the Total Benefit?A nomadic tribe in Lapland spends all its productive time hunting reindeer. Someof the reindeer meat is kept for consumption and the remainder is sold at a nearbytrading station in return for other goods. It is observed that when the price ofreindeer meat increases the amount the tribe is willing to supply decreases.(a) Sketch this situation in a diagram, with axes ‘reindeer meat’ and ‘all othergoods’. (Hint: locate the production position and sketch the consumptionopportunities line before and after the price change).(b) Determine if reindeer meat is an inferior good to the tribe?(Hint: consider what happens to the consumption position).(c) How does the analysis change if the tribe can hunt and trade fish as well as thereindeer? (Hint: now label the axes ‘reindeer meat’ and ‘fish’ and considerboth the production and consumption decisions
- I used to buy 3 movies a month, but when Connecting U dropped the price of a gigabyte of data from a high of $20 to a low of $14.48 (a total decrease of 32.02 percent according to the midpoint formula), I want to buy 5 movies a month. A) My demand for movies increases by 33.34% B) My demand for movies increases by 66.67% C) My demand for movies increases by 50% 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.You are presented with the following data from The Home Depot (THD) on sales of its Snowminator Snow Shovel during the winters of 2012-2015, throughout Canada. The product’s price (P), measured in Canadian Dollars, is: 26, 22, 18, 14, 10, 6, and 2. The corresponding quantity demanded (Qd) in the Northern part of the nation, measured in millions of shovels, was: 3, 6, 9, 12, 15, 18, and 21. While the corresponding quantity demanded, measured in millions of shovels, in the Southern part of the nation was: 4, 6, 8, 10, 12, 14, and 16. Assume all the data was retrieved internally from The Home Depot. In two separate graphs that you have created using Excel, clearly and accurately graph the demand and total revenue curves for the Northern part of Canada. These will be graph # 1 and # 2, respectively. In a separate graph from part A above, clearly and accurately graph the demand curve for the Southern part of Canada. This will be graph # 3. Solely consider your graphs and data in…The demand for pancakes is given by Qd = 40 – 5P and the supply is given byQs = 10P – 20, where P = price What is the equilibrium price and equilibriumquantity? i. The price for iPhones in Barbados has increased significantly. Demand for thecellular device has also increased. This is contrary to the law of demand. Doyou agree or disagree? Explain your answer. ii. Identify the flaw in this analysis: “If more Jamaicans become vegetarians, thedemand for beef will fall. The decrease in the demand for beef will cause theprice of beef to fall. The lower price, however, will then increase the demand.In the new equilibrium, Jamaicans might end up consuming more beef thanthey did initially.”