Directions: Plot the following hypothefical market demand and supply schedules for commodity X in a graphing paper Quantity Demanded Price (Peso) Quantity Supplied (Units) (Units) 900 150 P 30.00 25.00 800 300 700 350 20.00 600 15.00 600 400 800 10.00 1000 5.00 200 1. What is the equilibrium price? Equilibrium quantity?
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- The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Use the Demand and Supply Model below to answer the questions that follow. Q. Use the mid-point approach to calculate the price elasticity of demand for rice in Australia.The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Explain the impact of the bushfires on the rice market in New South Wales with Demand and Supply model.The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. Use the Demand and Supply Model below to answer the questions that follow. *Picture attached. 1.Use the Demand and Supply Model above to explain the impact of the bushfires on the rice market in New South Wales. 2.Use the mid-point approach to calculate the price elasticity of demand for rice in Australia. 3.What is the price elasticity of demand for rice? Based on your answer, is rice a necessity commodity? Explain your answer.
- The 2019/20 Australia Bushfires affected food production nearly in New South Wales, Queensland and Victoria that are regarded as the food basket for Australia. Assume that before, the bushfire, in 2017/18 Australia produced 80,000 metric tons. Also, assuime that after the bushfire devastation in 2019/20 Australia produced 50,000 metric tons of rice. Finally, assume that during the same period 2017/18 and 2019/20 the price rice in Australia rose from AUD 1.75 per kg to AUD 3.00 per kg respectively. 1. Use the mid-point approach to calculate the price elasticity of demand for rice in Australia. 2. What is the price elasticity of demand for rice? Based on your answer, is rice a necessity commodity? Explain your answer.Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. How much is the price of product ABC when no one wants to sell the product? How much is the gap at price of Php 18? How much is the price of product ABC when no one wants to buy it? Choices: shortage ; 3.75 6decrease ; 0.25shortage ; 1.536increase ; 0.5-39 increase ; 0.25 5decrease ; 0.5 surplus ; 1.5 16surplus ; 3.75Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. How much is the gap at price of Php 11? A one peso decrease in the price of the product would _ quantity demanded by _ units.How much is the equilibrium price? How many units is the quantity supplied when price is zero? Choices: shortage ; 3.75 6decrease ; 0.25shortage ; 1.536increase ; 0.5-39 increase ; 0.25 5decrease ; 0.5 surplus ; 1.5 16surplus ; 3.75
- PLEASE ANSWER A The Market for Chicken Meat in Davao Citya. Fill in the missing algebraic signs ( + or -) of the demand and supply equations for chicken meat belowaccording to the hypothesized direction of relationships. where:Q = quantity of chicken meat in kilograms, per dayPC = price of chicken meat (in pesos per kilogram)I = income of average consumer (in pesos per day)PB=price of beef (in pesos per kilogram)W=wage rate paid in the poultry business (in pesos per day)PF= price of mixed feeds (in pesos per kilogram) Demand: QD = 20 ___ 1.5PC____0.8 I ____ 0.6 PBSupply: QS = - 20 ___ 4.5PC____0.5 W ____ 3 PFb. Suppose the other variable affecting the demand for and supply of chicken meat have the followingvalues: I = P300/day ; PB = P100/kg; W = P100/day; PF = P10/kgi. Derive the simple demand and supply equations where Q is a function of P.ii. Solve for the equilibrium price and quantity in the market.iii. Suppose the government imposes a price ceiling of P50/kg:1. What happens…Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. How many units is the quantity demanded when product ABC is for free? A one peso increase in the price of the product would _ quantity supplied by _ units.How many units is the equilibrium quantity? shortage ; 3.75 6decrease ; 0.25shortage ; 1.536increase ; 0.5-39 increase ; 0.25 5decrease ; 0.5 surplus ; 1.5 16surplus ; 3.75PLEASE ANSWER c The Market for Chicken Meat in Davao Citya. Fill in the missing algebraic signs ( + or -) of the demand and supply equations for chicken meat belowaccording to the hypothesized direction of relationships. where:Q = quantity of chicken meat in kilograms, per dayPC = price of chicken meat (in pesos per kilogram)I = income of average consumer (in pesos per day)PB=price of beef (in pesos per kilogram)W=wage rate paid in the poultry business (in pesos per day)PF= price of mixed feeds (in pesos per kilogram) Demand: QD = 20 ___ 1.5PC____0.8 I ____ 0.6 PBSupply: QS = - 20 ___ 4.5PC____0.5 W ____ 3 PFb. Suppose the other variable affecting the demand for and supply of chicken meat have the followingvalues: I = P300/day ; PB = P100/kg; W = P100/day; PF = P10/kgi. Derive the simple demand and supply equations where Q is a function of P.ii. Solve for the equilibrium price and quantity in the market.iii. Suppose the government imposes a price ceiling of P50/kg:1. What happens…
- Please answer Part 1. Using the information below, construct the Supply and Use table for Balowamma.Part 1. i. Corn was imported by the agricultural sector (100,000) and 80% used by the sector. ii. Manufacturing industry utilizes 20% of imported corn to produce bread which is sold to government, private sector and hotels equally. iii. Household sector and private sector utilize the remaining corn equallyPart 2. i. Oil refinery imported $720,000 worth of crude oil to produce. ii Oil refinery uses crude oil to produce $500,000 worth of petrol and $220,000 worth of diesel. iii Household purchased (40%) of petrol government (30%), manufacturing (10 %) and exports (20%).Part 3.$5000 was paid as wages in for workers in the agricultural and manufacturing sector.Tax on the production of petrol was $7000.Using the information below, construct the Supply and Use table for Balowamma.1. Oil refinery imported $720,000 worth of crude oil to produce.2. Oil refinery uses crude oil to produce $500,000 worth of petrol and $220,000 worth of diesel.3. Household purchased (40%) of petrol government (30%), manufacturing (10 %) and exports (20%).Need solution!! ASAP PLEASE TYSM 1. Given the hypothetical demand of product (y) in a known market are Demand (D1) = 500, 400, 100, 200, and 300. Construct the demand curve and shift in the demand curve if prices in peso will start from 100php with an interval of 100php each. 2. Where is the shift if Demand (D2) will increase to 100? Show it graphically. 3. How will you explain the graph? 4. Use pen and graphing paper or Microsoft Excel to plot. 5. Please consider the law of demand in crafting the demand schedule.
