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- Economics Suppose that the market demand and supply curves for doughnuts (good X) are given by QD = 50 – 40P + 0.03I + 10PY and QS = -150 + 60P – 10W, where P is price of X, I is the average consumer income, PY is the price of cinnamon pretzels (good Y), and W is the wage for workers producing good X. I = $5,000 Py = $5, W = $10 What is the cross-price elasticity of demand at the market equilibrium? What can you say about the relation between doughnuts and cinnamon pretzels?Explain price determination in a competitive market, and show how equilibrium changes in response to changes in determinants of demand and supply.Is the shadow price of a dairy feed ration different from the price the farmer pays per pound of the ration? Explain. Of what importance is a shadow price to a farmer seeking to maximize profits from a dairy herd?
- Consider the special case of perfectly inelastic Demand. Describe exactly what this means and what the Demand Curve graph would look like. What would happen to equilibrium price and quantity if the Supply Curve shifted? What could cause perfectly inelastic Demand? Give an example or two of a product with almost perfectly inelastic demand. Do you think market price is a good allocative mechanism in such a situation?Use the demand and supply (D&S) model to demonstrate the change in the market conditions from Q3 2020 to Q3 2021 for the new car market and used car market in the US. Use two separate D&S diagrams corresponding to the two markets, and carefully label the curves and clearly indicate all equilibrium prices and quantities. For your price points, use values based on actual data where possible. Use hypothetical values (rough guesses) relying on intuition for quantities. What do you think the price elasticity of demand (PED) might look like for new or used cars in Q3 2021 compared to Q2 2020? In your answer, discuss a key determinant of PED.If an effective ceiling price is placed on hamburgers, then
- The increase in demand for soap operas also increases the salaries of actors and actresses. If the soap opera industry is in a perfectly competitive market, what is the supply curve? long term for horizontal or upward-sloping soap operas? Explain.Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID-19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.Since the supply curve intersects the horizontal axis, all of the points along the supply curve shown are inelastic. true or false and explain
- Consider the market for accountants' services. Using standard notions of demand and supply, for each of the following scenarios, identify whether it could be illustrated by shift of the demand or supply curve (left or right?) and explain how the equilibrium price and quantity would change if the following things happen, ceteris paribus; a. in reaction to corporate financial scandals in the USA, the UK government forces all companies to impose stricter financial and accounting controls. b. The UK Chartered Accountants decides to limit the number of accountants entering the market by making the Board exam particularly difficult. c. More students at university graduate with accounting degrees because they believe that accounting earn higher salaries than anyone else.(a) If lemons cost $1 per pound, the wage rate is $1 per hour, and theprice of lemonade is p, what is his marginal cost function? (b) What is his supply function? (c) If lemons cost $4 per pound, the wage rate is $9 per hour, and theprice of lemonade is p, explain in detail how these changes would affect theoriginal supply function in part (b)? ONLY ANSWER PART B AND C.Use the data and graph below to complete the following. Plot the data points onto the graph. Use all necessary labels. Suppose Miley Cyrus only charges $60 per ticket. Draw this price ceiling on the graph What is the equilibrium price and quantity in this market? Price:# # $# Quantity: If the price Miley Cyrus charges for each ticket is below equilibrium, why doesn’t she raise her prices?
