Here are the circumstances in an apple juice market. In this market, the supply curve is QS = 10PJ - 5PA and the demand curve is QD = 100 - 15PJ + 10PT, where J is apple juice, A is apples, and T is tea. (c) If PA = $ 1 and the price of tea decreases to PT = 3, find the new equilibrium market price and quantity of apple juice
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- Q1 Consider the market for orange juice. In this market, the supply curve is given by QS = 100PJ −20PO and the demand curve is given by QD = 1000−150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Assume that PO = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice. Draw a graph to illustrate your answers. Q2 Suppose the price elasticity of demand for the market of mobile phones is 0.90. If all mobile-phone companies simultaneously increased their prices, will total revenue in the industry increase or decrease? If a single mobile-phone…Ab 56 Economics Suppose the market demand for a lb. of organic butter is: Q=50-2.5P D and suppose the (competitive) market supply for organic butter is Q = 10P - 20 S What is the equilibrium quantity?DO NOT COPY OTHER ANSWERS FROM OTHER WEBSITES. THEY ARE WRONG Consider the market for orange juice. In this market, the supply curve is given by QS = 100PJ −20PO and the demand curve is given by QD = 1000−150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Assume that PO = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Draw a graph to illustrate your answers. Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice.
- 4. Here are the circumstances in an apple juice market. In this market, the supply curve is QS = 10PJ - 5PA and the demand curve is QD = 100 - 15PJ + 10PT, where J is apple juice, A is apples, and T is tea. (a) If the PA price is assumed to be $ 1 and PT = $ 5, calculate the equilibrium price and quantity on the market for apple juice.Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60 - 4P 1. What is the price in equilibrium? 2. What is the quantity in equilibrium?Suppose the market demand for Omani Halwa is given by Qd = 400 – 20 P and the market supply for Omani Halwa is given by Qs = 20 P – 200, where P = price (per Omani Halwa). Graph the supply and demand schedules for Omani Halwa using $10 through $20 as the value of P. In equilibrium, how many Omani Halwas would be sold and at what price? What would happen if suppliers set the price of Omani Halwa at $20? Explain the market adjustment process. “A household’s decision about what quantity of a particular output, or product to demand depends on a number of factors.” Discuss the major factors affecting the demand.
- Assume that we are looking at the market for California wine. Assume that the initial equilibrium price is $20 and quantities are 1,000. What would be the impact on this market of a severe drought that destroys 50% of the grapes that are used to make this wine? Supply would shift to the left, a shortage would develope, prices would decrease resulting in higher prices and lower quantity of wine. Supply would shift to the left, a surplus would develope, prices would increase resulting in higher prices and lower quantity of wine. Supply would shift to the left, a shortage would develope, prices would increase resulting in higher prices and higher quantity of wine. Supply would shift to the left, a shortage would develope, prices would increase resulting in higher prices and lower quantity of wine.Question 1 Suppose the market demand for pizza is given by Qd = 300 - 20P and the market supply for pizza given by Qs = 20P – 100 Graph the supply and demand for pizza using $5 through $15 as the value of P. In equilibrium, how many pizzas would be sold, and at what price? What would happen if suppliers set the price of pizza at $15? Explain the market adjustment process. Suppose the price of hamburgers, a substitute for pizza, doubles. This leads to a doubling of the demand for pizza (at each price consumers demand twice as much pizza as before). Write the equation of the new market demand for pizza. Find the new equilibrium price and quantity for pizza. If the price of Pizza is $2 what is the elasticity of demand and supply for pizza? Now if the price increases to $5 calculate the demand and supply elasticities.Market equilibrium is one of the fundamental concepts in economics.i. Describe market equilibrium using relevant graphs and discuss market surplus and market shortage. (5)ii. Suppose the market for kittens from an adoption centre can be described by the following equations: Demand equation: Qd = 100 – 20P Supply equation: Qs = 130 + 2P Calculate the equilibrium price (P) and quantity (Q) of kittens. Remember that a negative price for kittens is not allowed. How many kittens will be adopted by humans and how many will be “strays?”
- Q1 Consider the market for orange juice. In this market, the supply curve is given by QS = 100PJ −20PO and the demand curve is given by QD = 1000−150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Assume that PO = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Draw a graph to illustrate your answers. Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice.A market consists of groups of buyers and sellers of a good or service. Market equilibrium represents the price at which the quantity of goods supplied is balanced with the number of goods consumers are willing and able to buy. Consider the market for coffee: Assume first that there is a heatwave that damages a large portion of coffee beans. Describe how this would affect equilibrium in the market for coffee. Specifically, does demand or supply shift, in which direction, and what is the effect on equilibrium price and quantity? Last, extend your analysis to the long run, a period of time long enough for new coffee growers to enter the market or for existing growers to exit the market. How might equilibrium price and quantity in the market for coffee be affected when enough time is allowed for a change in the number of sellers in the market?DRAW # 9 AND SHOW WHAT HAPPENS WHEN WE SLIGHTLY RAISE THE PRICE ON THE MARKET EQUILIBRIUM CURVE-