Given the following information Price Quantity Demanded Quantity Supplied $2 10kgs 5kgs $5 4kgs 15kgs Derive the demand and supply curves as well as the equilibrium price and quantity.
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- What is the relationship between total surplus and economic efficiency?Explain why voluntary Martians improve social welfare."Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of£56 in February 2023. Many fans complained about receiving constant errormessages and being stuck in long on-line queues of more than 500,000 people. Inresponse to these negative comments a spokesperson for Ticketmaster, thecompany in charge of selling the tickets, stated that: ‘There was never going to be enough tickets to meet demand’." What is a secondary ticketing market, and how does its existence affect the allocation of resources in the market for Beyonce's Renaissance tour tickets? (Include diagram)
- ) Suppose that a perishable item costs $8 and sells for $10. Any item that is not sold by the end of the daycan all be sold at $5.(a) Find MP = ________ and ML = .___________ The table below reveals the discrete demand for this item. (b) Complete the last column of the table.Demand P(Demand = this level) P(Demand ≥ this level)110 0.20120 0.15130 0.15140 0.15150 0.15160 0.10170 0.05180 0.05(c) Use the marginal analysis to determine how many units should be stocked. Analysis: ________________________________________________________________________ Conclusion: ________________________________________________________________ Q) ABC Woodcarving manufactures two types of wooden toys: soldiers and trains. A soldier sells for $29 and uses$10 worth of raw materials. Each soldier that is manufactured increases ABC’s variable labor and overhead costsby $12. A train sells for $22 and uses $7 worth of raw materials. Each train…Suppose that a perishable item costs $10 and sells for $16. Any item that is not sold by the end of the daycan all be sold at $8.(a) Find MP = and ML = .The table below reveals the discrete demand for this item. (b) Complete the last column of the table.Demand P(Demand = this level) P(Demand this level)110 0.20120 0.15130 0.15140 0.15150 0.15160 0.10170 0.05180 0.05(c) Use the marginal analysis to determine how many units should be stocked. Analysis: ________________________________________________________________________ Conclusion: ________________________________________________________________________Chapter 2 Problem #5. Suppose the demand and supplycurves for a product are given by QD= 500 −2PQS=−100 + 3Pa. Graph the supply and demand curves.b. Find the equilibrium price and quantity.Qd= Q3500-2P= -100+3PP= Pe = 120 & Qe=260The equilibrium price is $120 and the quantity is 260c. If the current price of the product is $100, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?d. If the current price of the product is $150, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?e. Suppose that demand changes to QD= 600 – 2P.Find the new equilibrium price and quantity, and show this on your graph.***PLEASE SHOW ALL EQUATIONS AND METHODS,
- Mr.A who is the business of selling furniture has provided his demand and supply for hisproductsDuring the year 2018Price $ Demand supply12 0 3610 3 308 6 246 9 184 12 122 15 60 18 01.Draw the demand and supply graph and plot the equilibrium price and quantity2.Find the consumer and producer surplus3.Comment on below prices on whether it will lead to excess demand or supply10,4,12,04.The Government introduced a tax of 6 $.Show the impact in the graph5.Calcualte the consumer burden, supplier burden and Government revenueHi may explain to me how to solve the question step by step? TQ Sally Henin has a price elasticity of demand for gasoline of -0.8. Her income elasticity for gasoline is 0.5. Sally's current income is $40,000 per year. Sally currently spends $800 per year on gasoline. The price of gasoline is currently $1.00 per gallon. a. A contemplated excise tax on gasoline will cause the price of gasoline to rise to $1.40. What impact will the tax have on Sally's consumption of gasoline? b. Since the purpose of the tax is only to discourage gasoline consumption, Congress is considering a $200 income tax rebate to lessen the burden of the gasoline tax. What impact will the rebates have on Sally's consumption of gasoline? 3. Assume that both the tax and rebate are implemented. Will Sally be worse off or better off?(True or false) Demand is negativley sloped. Supplu is perfectly inelastic. Putting a sales tax on buyers will cause the market price paid by buyers to sellers to decrease
- The article described shortcomings of using CAFE standards to improve fuel economy and emissions of carbon from automobiles: “Taxing carbon emissions or gasoline directly, as Europe does, would be far more cost-efficient.” The federal gasoline tax is 18.4 cents per gallon. The impact of an increase in the gasoline tax depends on the reaction of consumers to the tax. A research study found that the price elasticity of demand for gasoline is -0.06. Holding everything else constant, assume that an increase in the federal tax on gasoline results in a 5 percent increase in the price of a gallon of gasoline. If the price elasticity of demand for gasoline is -0.06, how much will the quantity demanded for gasoline change? Explain how you derived your answer.cite example where the marketeconomy provides low -priced goods ans sevicesfor lower-income individuals and does so profitably, think of specific examples in the followinfg areas: hotels, air travel, restaurant, clothing, groceries, derinks, entertainment, and vacations.explain the concept of inelastic demand while cproviding an example
