Demand for park visits is Q =10,000 −100P. How many visitors will attend if the park charges a $20.00 admission fee? A. 2,000 B. 4,000 C. 6,000 D. 8,000
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- Suppose demand for a good is QD = 100 - 2P and supply is QS = -20 + P. What is the equilibrium price? A. 20 B. 40 C. 60 D. 80 2. Suppose demand for a good is QD = 100 - 2P and supply is QS = -20 + P. What is the equilibrium quantity? A. 20 B. 40 C. 60 D. 80Suppose we have a demand and supply curve where Qd = −2P + 42 Qs = 3P + 7 a. What is the equilibrium price and quantity? P* = Q* =Suppose the market for rum can be described by the following equations: Demand: P= 10- Q, Supply: P= Q - 4, where P is the price in US dollars per unit and Q is the quantity in thousands of units. Then: 1) a) what is the equilibrium price and quantity?
- Suppose the demand and supply of firearms in Jail are given as follows: Demand: P = 630 − 349Q Supply: P = 480 + 2Q in which Q is the quantity of firearms in million units and P is the price per each firearm in Jalian dollars. a. The equilibrium price is [ANS1] Jalian dollars and the equilibrium quantity is [ANS2] million units. b. Suppose the government purchases 10 million units of firearms back from the market. After the government enters the market, on the new demand curve, when the price is 555 Jalian dollars, the total quantity demanded is [ANS3] million units of firearms. c. Suppose the government wants to use such buyback program to reduce the quantity of firearms in the community to zero. The government will need to buy at least [ANS4] million units of firearms from the market and spend at least [ANS5] million dollars. d. Suppose the government wants to use taxation to reduce the quantity of firearms in the community to zero. The government will need to impose a…Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1651−14pQ=D(p)=1651-14p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10pQ=S(p)=-5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. Answer (1 point) Save your answer What is the equilibrium quantity? Please round your answer to the nearest integer. Answer (1 point) Save your answer What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1 point) Save your answer What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1…Q1. Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=806−10p, p > 0 Let the market supply of widgets be given by:Q=S(p)=−4+8p , p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth.What is the equilibrium quantity? Please round your answer to the nearest integer.What is the total revenue at equilibrium? Please round your answer to the nearest integer.
- Suppose the supply curve is given by Q=3P and the demand curve is given by P=20-Q. What is the quantity sold in equilibrium? What is the equilibrium price? Question 4 options: P=15 Q=5 None of the other answers is correct P=5 Q = 15 P=10 Q=10This question provides another chance to practice implementing the 4-step approach to analyzing shifts in supply and demand. With the onset of the coronavirus pandemic, many people became fearful of going to restaurants for full-service, sit-down meals. C) As the demand decreased, the supply turned into a surplus. As the demand for restaurant meals has decreased, there is an excess of restaurant meals. D) Based on your answer to part c., will the equilibrium quantity of restaurant meals go up or will the equilibrium quantity of restaurant meals go down? Explain your answer. In particular, will your answer focus on quantity demanded or will it focus on the quantity supplied? E) Result: state the effects of the fear of eating in restaurants on the equilibrium price and quantity of restaurant mealsIn this problem, p is in dollars and x is the number of units. The demand function for a product is p = 54 − x2. If the equilibrium price is $5 per unit, how many units will be purchased at this price? x1 = What is the equilibrium point? (x1, p1) = What is the consumer's surplus? (Round your answer to the nearest cent.) $
- Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60 - 4P 1. What is the price in equilibrium? 2. What is the quantity in equilibrium?Using data on the market of a particular product, the following show the estimated demand and supply equations respectively Qd = 4,437.50 − 332.5P and Qs = 2,250 + 300P. If the government will intervene in this market and imposes that the maximum price will be 25% less than the market price (round-up to six decimals), F. How much would be the quantity demanded? Round-up to two decimals. G. How much would be the quantity supplied? Round-up to two decimals. H. Based on the market price of the product and slope of supply equation, what is the condition in the market? Explain concisely.The demand for good X is estimated to be Qxd = 10, 000 − 4Px + 5Py+ 2M + Ax, where Px is the price of X, Pyis the price of good Y, M is income, and Ax is the amount of advertising on X. Suppose the present price of good X is $50, Py = $100, M = $25,000, and Ax = 1,000 units. Based on this information, we know that the demand for good X is: Select one: A. inelastic. B. elastic. C. unitary elastic. D. neither elastic, inelastic, nor unitary elastic.
