Draw the Supply and Demand Curves for the following schedule: Supply: There are six suppliers with cost of 12, seven suppliers with cost of 36, and seven suppliers with cost of 48. Demand: There are 10 demanders with cost of 50, and 10 demanders with cost of 24. Stripe the area of consumer surplus, and shade in the area of producer profit. Identify the equilibrium price and quantity.
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Draw the
Supply: There are six suppliers with cost of 12, seven suppliers with cost of 36, and seven suppliers with cost of 48.
Demand: There are 10 demanders with cost of 50, and 10 demanders with cost of 24.
Stripe the area of
Identify the
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- Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $90. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Jake, green (triangle symbols) for Latasha, purple (diamond symbols) for Nick, tan (dash symbols) for Rosa, and orange (square symbols) for Tim. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $90. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.) Based on the information on the preceding graph, you can tell…Supply and Demand Problems Follow the directions to create graphs and explanations. Looking at the market for Sacramento Kings Coffee Mugs: Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price. Suppose the Kings win the NBA championship, which is a big surprise, show what would happen on your graph (& labels) and explain it in words. Looking at the market for chocolate chip cookies: Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price. Suppose the cost of chocolate chips goes up, show how this will affect the graph (& labeling) and explain it in words. For the next two, draw a little graph to show your work and fill in each of the blanks correctly with one of the following words: increase, decrease,…Demand and Supply Schedules for Papaya Price $ Quantity demanded Quantity Supplied 4 36,000 4,000 8 32,000 8,000 12 28,000 12,000 16 24,000 16,000 20 20,000 20,000 24 16,000 24,000 28 12,000 28,000 32 8,000 32,000 36 4,000 36,000 Plot the demand and supply curve for mangoes.
- homework Question 1: During the pandemic, many workers started to work from home using digital technologies. Children also started homeschooling using digital technologies. At the same time, technological progress has accelerated in the IT industry. Assume that the market for computer is in perfect competition and that the initial price of a computer is 1000 dollars. Given this context, explain the impact of the pandemic on: The supply curve of computers (answer in 70-130 words) The demand curve of computer (answer in 70-130 words) The equilibrium in the market for computers (answer in 70-130 words).The accompanying diagram shows the demand and supply curves for taxi rides in New York City. At E1 the market is at equilibrium with 600 million miles of rides transacted at an equilibrium price of $2.50. Calculate each of the following (round to the nearest million): Consumer surplus:_________ Million Producer surplus:________ Million Total surplus:________ Million 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.Using the schedules given, plot the demand curve and the supply curve. Label the axes and indicate for each axis the units being used to measure price and quantity. Then answer the questions. Price Quantity demanded (bushels of wheat) Price Quantity supplied (bushels of wheat) $4.20 125,000 $4.20 230,000 $4.00 150,000 $4.00 220,000 $3.80 175,000 $3.80 210,000 $3.60 200,000 $3.60 200,000 $3.40 225,000 $3.40 190,000 $3.20 250,000 $3.20 180,000 $3.00 275,000 $3.00 170,000 Indicate the equilibrium price and quantity on the graph by drawing lines from the intersection of the supply and demand curves to the price and quantity axes. If the Federal government decided to support the price of wheat at $4.00 per bushel, tell whether there would be a surplus or shortage and how much it would be. Demonstrate your answer to part (c) on your graph being sure to label the quantity you…
- Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the “cost,” or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone.The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Total surplus in this market is _______ million. Complete all problems in attachment.1. When price increases __________________ increases. 2.When price increases __________________decreases. 3. The height of the supply curve represents the ____________________ for each quantity. 4. The height of the demand curve represents the __________________ for each quantity. 5. What must be given up to produce one additional unit is called the..... Options: supply marginal value total cost quantity supplied quantity demanded marginal cost demand total value
- 5. Producer surplus for a group of sellers The following graph shows the supply curve for a group of sellers in the U.S. market for smartphones (orange line). Each seller has only one smartphone to sell. The market price of a smartphone is shown by the black horizontal line at $150. Each rectangle on the graph corresponds to a particular seller in this market: blue (circle symbols) for Kenji, green (triangle symbols) for Lucia, purple (diamond symbols) for Paolo, tan (dash symbols) for Sharon, and orange (square symbols) for Van. (Note: The name labels are to the right of the corresponding segment on the supply curve.) Use the rectangles to shade the areas representing producer surplus for each person who is willing to sell a smartphone at a market price of $150. (Note: If a person will not sell a smartphone at the market price, indicate this by leaving his or her rectangle in its original position on the palette.)Draw 3 graphs explaining the movement on the supply curve (1st graph), shift left (2nd graph), and shift right (3rd graph) of supply curve applied to food supply examples, providing a minimum of one economic factor per graph to explain the changes in supply. Include: - Explanation of equilibrium price and quantity, and how equilibrium shifts with supply and demand curve shifts, applied to the examples used in the graphs and the explanation of shortage & surplus, applied to the examples used in the graphs.Assignment 1 Draw a demand curve for economics classes at HCCC, showing the trade-off between price and quantity. Now draw another demand curve to the right of the original (i.e. showing an increase in demand). Give three reasons that demand for economics classes might shift to the right like this. The following table contains information about the wheat market: Price per Bushel (dollars) Quantity Demanded (bushels) Quantity Supplied (bushels) $2 40,000 0 4 34,000 4,000 6 28,000 8,000 8 24,000 16,000 10 20,000 20,000 12 18,000 28,000 14 12,000 36,000 16 6,000 40,000