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- Determine whether each of the following statementsis true, false, or uncertain. Then briefly explain each answer.a. In equilibrium, all sellers can find buyers.b. In equilibrium, there is no pressure on the market to produce orconsume more than is being sold.c. At prices above equilibrium, the quantity exchanged exceeds thequantity demanded.d. At prices below equilibrium, the quantity exchanged is equal tothe quantity suppliedvSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.The imosition of a price celing on market will resut in
- Let Qd stand for the quantity demanded, Qs stand for the quantity supplied, and P stand for price.lf Qd = 20 - 2P and Qs = 5 +3P, then the equilibrium quantity is Select one: a. 12 b. None of these c. 14 d. 20given the following information Qd=240 -5p and Qs= P Where Qd is the quantity demanded and Qs is the quantity supplied and P is the price, Calculate the equilibrium price, equilibrium quantity, consumer surplus and production surplusIn Country Faraway, cigarettes are forbidden, so people trade cigarettes in a black market. The cigarette demand is QD = 12 − P , and the cigarette supply is Qs = 2P . Find the equilibrium price and quantity in the black market. The government becomes aware of the black market and reinforces the police so that half of the cigarette supply would be seized and destroyed. Under this circumstance, what are the demand and supply functions? What is the new equilibrium price and quantity? Show the change by using a supply and demand diagram.
- Consider the market for crude oil. Suppose the demand curve isQd = 100 – P, the supply curve is QS= P/3. Because the price ofoil is deemed too high, the government gives producers asubsidy of 4 dollars per barrel to help buyers. Explain whether the subsidy lowers the price consumers paid by 4 dollars perbarrel?warring ( i just want the answer for C ) A- Given the following two equations:Qd = 150 – 3PQs = 70 + 2P Calculate the equilibrium price and the equilibrium quantity. Show all your work.B- Using the above two equations to find the values of Qd, Qs, the market situation (Shortage/Surplus/Equilibrium), and the Value of shortage or surplus if any, at the following prices.10, 15,20 and 25. C-If the consumer income increases by 20%, what will happen to the equilibrium price and quantity. warring ( i just want the answer for C )Given the following information Qd = 240 – SP Qs = P Where Qd is the quantity demand, Qs is the quantity supplied and P is the price. Calculate the following: (i) Buyers reservation price (ii) Sellers reservation price
- Market: Airline-TicketsScenario: During A Pandemic Carriers have radically reduce air-fare prices for international flights causing a three-percent(3%) increase in sales(tickets-revenue).At the same time, because of the aforementioned pandemic there have been eleven-percent(11%) reduction in demand for international-air-travel.Using the list of options of possible impacts, select what is happening in the following markets. Select the impact if any on:i.Supplyii.Priceiii.Quanityiv.DemandLet Qd stand for the quantity demanded, Qs stand for the quantity supplied, and P stand for price. If Qd = 20 - 2P and Qs = 5 + 3P, then the equilibrium price is a. $4. b. $3. c. $2. d. $1The demand for cat treats is represented by the following equation: QD(P) = 300 – 50P, where QD represents the quantity demanded for boxes of cat treats and P represents the price of a box of cat treats in dollars. The supply of cat treats is represented by QS(P) = -100 + 50P, where QS represents the quantity supplied of cat treats and P represents the price. What is the market equilibrium price and quantity of cat treats? I believe the best way to solve this is algebraically by solving for equation 1 and plugging in the answer from equation 1 into equation 2.
