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- Market equlibrium price for strawberries is 5 dollar per kg if demand increase why would not 5 dollar per kg be the equilibrium price anymore draw a diagramif the equilibrium quantity is 50 units, show on a raph that the difference between the maximum buying price & minimum selling price is greater at 25 than at 33 units.Suppose that the market for bottled water can be represented by the following equations: Demand: P = 10 - 2QDSupply: P = 1 + 0.5QSwhere P is the price per gallon, and Q represents quantity of purified water, represented inmillions of gallons of water consumed.a) Calculate the equilibrium price and quantity of bottled water.b) Concerned over high water prices after the winter storm, the government sets a priceceiling of $2.25 per gallon of water. What is the new quantity of water sold in themarket? Use supply and demand curves to illustrate your answer, showing both theoriginal equilibrium from part a) and the new quantity sold with the price ceiling.c) Calculate the producer surplus and consumer surplus at the initial equilibrium priceand quantity from part a).d) Calculate the new producer surplus and consumer surplus with the price ceiling frompart b).e) How does the total consumer and producer surplus in part c) compare to the totalconsumer and producer surplus in part d)? What…
- The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Price ($ per kg) Sugar-free Gummy Bears Demanded (thousands of kg) Regular Gummy Bears Demanded (thousands of kg) $2.20$2.20 181.00181.00 485.00485.00 $2.60$2.60 175.00175.00 379.00379.00 $3$3 157157 273.00273.00 $3.40$3.40 137.00137.00 155.00155.00 As the price of gummy bears rises from $2.60$2.60 to $3$3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears:Normally, the people of COVID-FREE LAND demand of 3000 sanitizers and 18000 toilet rolls. Suddenly, there is outbreak of covid-19 and demand for sanitizers and toilet rolls increased to 4,000 and 20,000 respectively. How could COVID-FREE land meets its new demand. Identify and comprehensively discuss at least three possibilities or ways.The supply of Pespi is given by the following equation: Q p S = −24 + 6Pp + Pc + 2Pw where Q p S is the quantity of Pespi supplied, in millions of litres, Pp is the price of Pespi per litre, Pc is the price of Coek per litre; and Pw is the price of the water used to make the products per litre. (a) Graph the inverse supply curve when Coek sells for $4 a litre and water sells for $2 a litre What is the supply choke price? (b) How much Pespi will be supplied at a price of $4 and a price of $8?
- Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.Determine the equilibrium price and quantity of the above market when j=100. Qd= Qs given the following equations: 400 - 2P + 4j = - 100 + 3P and 400+400+100 = 3P+2P calculate price and quantity. Plot a graph showing the aboveCalculate the value of equilibrium price and equilibrium quantity of the commodity Y.When,the demand and supply equations of a commodity Y in a perfectlycompetitive market are given by :Qd = 1100 - 2PQs = 600 + 3P
- The demand for watches is given by p= 7000 - 2q dollars and the supply of watches is given by p = 0.01q2 + 2q + 1000 dollars where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided calculate the equilibrium quantity and the equilibrium price for watches.Green et al. (2005) estmate the supply and demand curves for Californa processod tomatoes. The supply function is: \[ \ln \left(Q_{s}\right)=0.200+0.550 \ln (p) \] whereQis the quantify of processing tomatoes in milions of tons per year andpis the price in dollars per ton. The demand function is: \[ \ln \left(Q_{d}\right)=2600-0.200 \ln (p)+0.150 \ln \left(p_{1}\right) . \] wherep1is the price of tornato paste (which is what processing tomatoes are used to produce) in dollars per ton. Supposept=$119Determine how the equilerium price and quantity of processing tomatees change if the price of tomato pasise tails by16%. If the price of tomato paste fals by18%, then the equaborium price will by 5 (Enter a numene response using a real number rounded to two decimal places)Explain how the supply curve for child care workers has shifted since February 2020 (before the Covid-19 shutdown) and how this has affected availability and pricing of child care in the US. use drawings
