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- Estimate the equlibrium price and quantity of the market whose demand and supply functions are pd =−(q + 4)2 + 100 and ps = (q + 2)2 respectively.The demand and supply functions are given as follows: Qd = 100-8P Qs = -35+10P If the government sets the price as 6.5 dollars what will be the economic condition?Amy is a graduate student living in Dallas who works as a caddy to supplement their normal income. At an hourly wage rate of $15, they are willing to caddy 5 hours per week. Upping the wage to $25 per hour, they are willing to caddy 14 hours per week. Using the midpoint method, the elasticity of Amy’s labor supply between the wages of $15 and $25 per hour is approximately (0.06, 0.53, 1.89, 10.56) , which means that Amy’s supply of labor over this wage range is (elastic/inelastic) .
- A store that sells maize meal discovers that when the price of 1kg maize meal Is R24 per kilogram, the quantity demanded is 306 kgs per week. When the price decreases to R21 per kg, then the sales increase to 340 kgs per week.There are many possible ways to limit the number of cabs in a city. The most common method is an explicit quota using a medallion that is kept forever and can be resold. One alternative is to charge a high license fee each year, which is equivalent to the city’s issuing a medallion or license that lasts only a year. A third option is to charge a daily tax on taxicabs. Using figures, compare and contrast the equilibrium under each of these approaches. Discuss who wins and who loses from each plan, considering consumers, drivers, the city, and (if relevant) medallion owners.It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = 289 − 7x dollars. Determine the consumers' surplus if the market price is set at $10/unit. (Round your answer to two decimal places.)
- Only elves live inn Rivendell. Elves in Rivendell are expert jewelry makers. In the perfectly competitive market for jewelry in Rivendell, the demand and supply are given by QD = 10– 2P QS = 5P Jewelry made in Rivendell is also desired by humans who live in the world outside Rivendell. Jewelry can be sold to those humans in a perfectly competitive world market where Pw = 2. Jewelry can be traded within Rivendell and in the world outside. a) What will be the price at which trade of jewelry occurs? What quantity will be sold to elves in Rivendell and what quantity will be exported? b) Calculate the producer surplus and consumer surplus in Rivendell, and illustrate them in a demand and supply graph.Deborah is a stay-at-home parent who lives in San Francisco and does some consulting work for extra cash. At a wage of $20 per hour, she is willing to work 2 hours per week. At $35 per hour, she is willing to work 11 hours per week.Using the midpoint method, the elasticity of Deborah's labor supply between the wages of $20 and $35 per hour is approximately_____Refer to Exhibit 4-3. If P1 is a price ceiling, the maximum (per-unit) amount buyers are willing to pay to purchase Q1 units is Group of answer choices P1. P2. P3. P1 + P2. P3 - P1.
- The two drop bar options are (potatoes, tea, neither potatoes nor tea, both potatoes and tea)A few years ago, the Boston Globe reported that the city of Boston planned to spend $14 million to convert the FleetCenter sports arena and entertainment center into an appropriate venue for the Democratic National Convention (DNC). The city engaged Shawmut Design and Construction in a contractual relationship to complete the work, which was supposed to start 48 days prior to the commencement of the DNC on July 26. However, when negotiations between Boston’s mayor and the police union broke down, the Boston Police Patrolmen’s Association took to the picket lines surrounding the FleetCenter and prevented construction crews from beginning the work. The Globe reported that “a truck attempting to deliver steel turned around after a crowd of union members stood at a chain-link gate in front of the arena, shouting ‘back it up,’ and ‘respect the line, buddy.’” Moreover, the Globe reported that “On-duty police officers, who had been instructed to prevent pickets from restricting access, did…Are refridgerators elastic or inelastic? State determinants that support guess.