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- The quantity demanded for the Sony VCR model 37 is 2500 per week when the unit price is $700. For each increase in unit price of $50, the quantity demanded decreases by 250 units. The suppliers will provide 2500 units when the price is $800 per unit, and they will not supply any units for $500 or less. (Note: Define your variables.) A. Algebraically determine the supply equation. (Place in function form.) B. Algebraically determine the demand equation. (Place in function form.) C. Algebraically determine the equilibrium quantity and price. D. At what price does excess supply occur?The lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as: Qd= 65 – 10P Qs= -35 + 15P Find the equilibrium price and quantity and show it on labeled D/S diagram. How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2? Show on the Demand-Supply diagramin (a), the graphical interpretation of your answer of (b).The lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as:Qd= 65 – 10P Qs= -35 + 15P1 Find the equilibrium price and quantity and show it on labeled D/S diagram.2 How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2?3 Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).
- The lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as: Qd= 65 – 10P Qs= -35 + 15P Find the equilibrium price and quantity and show it on labeled D/S diagram. How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2? 3.Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).The supply and demand functions for maize farmers are given as Qs = - 32 + 10P and Qd = 40 – 2P respectively where Qs is quantity supplied in bags, Qd is quantity demanded in bags and P is the price per bag in Ghana Cedis. (a) Determine the equilibrium price and quantity of maize. (b) As a result of the introduction of a new technology in maize farming, the supply function for maize changes to become Qs = - 20 + 10P. Demand remains unchanged. i. Determine the new equilibrium price and quantity. ii. Derive the supply and demand table for maize before and after the introduction of the new technology for price ranges 3, 4, 5, 6, 7 and 8. (c) Suppose government intervenes in the maize market and fixes a minimum price of GHC8 per bag after the introduction of the new technology. i. What happens in the maize market? ii. Give two (2) measures that the government can take to deal with the situation created by the minimum price in (c) i. aboveSuppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…
- Demand and supply in a market are described by the equations Qs= 1800 + 240P Qd= 3550 - 266P a) Solve algebraically to find equilibrium P and Q b) Draw the demand and supply curve and show equilibriumQuestion 1a. Estimate the equilibrium price and quantity of the market whose demand and supply function are pd=(q+)^2+100 and ps=(q+2)^2 respectively. 1b. If the region shaded grey in the diagram above represents a set, derive the system of inequalities that define that region. 2. The profit function, in dollars for a product given by p(x)= -x^3 + 76x^2 - 380x - 2800 Where x is the number of units produced and sold. If the break-even point occurs when 10 units are produced and sold a. Find the quadratic factor of P(x) b. Find finds the number of units other than 10 that give break-even for the product.Questions 1-17 refer to below statement and demand and supply functions. Suppose that demand and supply curves for avocado in Brooklyn are as the followings: Qd = 144 − 24P Qs = -36 + 12P where Qd and Qs are quantities demanded and supplied in tons respectively, and P is the price of avocado in dollars per kg? 1) If price elasticity of demand for avocado at price P* is equal to -2/3, how much is P*? a) $2.00 b) $2.20 c) $2.40 d) $2.60 e) $2.80 2) What is quantity demanded at price P* at which price elasticity of demand for avocado equals -2/3? a) 82.2 tons b) 83.2 tons c) 84.4 tons d) 85.2 tons e) 86.4 tons 3) If price elasticity of supply for avocado at price P* is equal to 2.5, how much is P*? a) $2 b) $3 c) $4 d) $5 e) $6 4) What is quantity supplied at price P* at which price elasticity of supply for avocado equals 2.5? a) 6 tons b) 12 tons c) 18 tons d) 24 tons e) 30 tons 5) What is market clearing equilibrium price and quantity in Brooklyn avocado market? a) $3; 20…
- The price of oil is currently over $80 per barrel and has been as high as $90 per barrel after Saudi Arabia and a couple of oter OPEC countries reduced output this year. The demand for oil is expected to increase by 1 million barely per day over the next year according to the International Energy Agency but OPEC+ has been unclear about its intentions of increasing oil supplies. a. If OPEC+ increases its production by million barrels per day, we can unambiguously say that the equilibrium price will fall, and the equilibrium quantity will rise.A chain of electronic stores sells hand-held color televisions. The weekly demand and supply models are given below. N is the number of televisions sold or supplied per week in the respective model and p is the price of the television. a. How many hand-held televisions can be sold and supplied at $144 per television? b. Find the price at which supply and demand are equal. At this price, how many televisions can be supplied and sold each week? N = −7p+1134 Demand model. N = 3.5p Supply model.Y7 1- One Suppose P=8-0.2q in each of the two periods MC in each of the two periods =$4 Supply of the resource is 20 units a)Calculate the Dynamically efficient allocation of this depleted resource over the two periods if the discount rate is 10% b)Calculate marginal user cost in each period 2- Consider the inverse demand functions for two users of water A and B User A P=8-0.2 qA User B P=8-0.2 qB If the marginal cost of providing water is constant and equal to $2 and the supply of water is equal to 30 units, solve for the statically efficient allocation of water among the two users