In a given town, demand for fish and supply of fish is given by P = 4976 - 6* Q and P = 2248 + 20 *Q respectively. Here P and Q denote are fish price and fish quantity (in tons). How many tons of fish are sold if the fish market is competitive?
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- Suppose that supply and demand for a certain commodity are described by the supply curve, p = 0.0002q + 0.03 and demand curve, p = - 0.001q + 35.31. Determine the quantity of the commodity that will be produced and the selling price. The quantity of the commodity that will be produced isPlease answer part (D). 1. Much of the demand for U.S. agricultural output comes from other countries. Suppose that the total demand for wheat in the U.S. wheat market is QDT = 3,244 – 283P, where P is the price measured in dollars per bushel and Q is the quantity of wheat expressed in millions of bushels per year. Of the total demand, total domestic demand was QD,US = 1,700 – 107P. Total supply of wheat in the U.S. market is QST = 1,944 + 207P. As a result of the ongoing trade war with China, suppose the export demand for wheat falls by 40 percent. a. U.S. farmers are concerned about this drop in export demand. How does this drop in export demand impact the market price of wheat in the U.S.? Do farmers have much reason to worry? Explain/support your answer. b. How does the reduction in export demand affect U.S. consumer surplus in the wheat market? Illustrate and explain. c. Now, suppose the U.S. government wants to buy enough wheat to raise the price to $3.50 per bushel. With…Consider a competitive market for which the quantities demanded and supplied (per year) at various prices are given as follows: Price ($) Demand (millions) Supply (millions) 60 22 14 80 20 16 100 18 18 120 16 20 Equilibirum price
- n a perfectly competitive market, aggregate demand is given by Qd = 148 − 3Y, where as aggregate supply is given by Qs= −22 + 2Y , where QD, QS and P denote quantity demanded, quantity supplied and price, respectively. What can be said about the market outcome when price is 38? A. The government will impose a sales tax B. All sellers are making losses C. The market is in equilibrium D. There is a shortage of the product E. There is a surplus of the productConsider a competitive market for the paper-making industry. The demand curve for paper is represented by the equation P = 120 – 2Q, while supply is represented by the equation P = 60 + Q, where Q is the quantity of paper (measured in tons) and P is the price of paper per ton for each paper mill (measured in dollars). Suppose the industry pollutes the environment by discharging waste chemicals that present a health risk to the public. a) What is the equilibrium price and quantity in the competitive market? b) Suppose the government determines that the social cost of unregulated paper-making activity is $30 per ton of paper. The government decides to internalise this activity through imposing the appropriate per unit tax on paper mills. What would be the socially optimal quantity of paper, and what would be the price for each paper mill?Pure Land Rent, per Acre Land Demanded, Acres $ 500 100,000 400 200,000 300 300,000 200 400,000 100 500,000 50 600,000 Suppose that the available quantity of a certain type of farmland is 400,000 acres, and the demand for this land is given in the table. How much of the farmland will be rented? Group of answer choices 200,000 acres 300,000 acres 400,000 acres 500,000 acres
- Over the last 20 years there has been significant quantities of new natural gas resources discovered in the United States. For this assignment you are asked to consider what the natural gas market would have looked like prior to these discoveries, after these discoveries, and what impact these discoveries would have on prices of natural gas as well as products dependent on the natural gas market (e.g., electricity) Question 1: Please use the chart below to show what demand and supply would generically look like in a market for a natural resource such as natural gas. (Hint: the supply for a natural resource is fixed, so the supply is vertical/always then same quantity)The demand for rice is given by Q d=20-p and the supply is Q s=3p-20. a. Draw the demand and supply functions. Find the equilibrium quantity and price, and show them on the graph. b. Suppose due to drought the supply changes to 3p-30. The supply remains the same. Draw the new supply function on the same graph, and find the new equilibrium price and quantity. Has the demand increased or decreased? How did the equilibrium price and quantity change compared to part a.?In a particular market, demand and supply curves are defined by the following equations QD = 300 – 20P,QS = -540 + 40P, where P is the price per unit in pounds and QD and QS are the quantity demanded and quantity supplied, respectively. A) What is the equilibrium price and quantity? B) If a maximum price is fixed at £12, what quantity will be traded?
- Pundits often complain about gasoline price increases at the pump during periods of market oil price increases, stating that the gasoline at the gas station was purchased prior to oil market price increases. "Why should gas that is purchased and held in inventory, prior to market price increases, be increased in price? Price gouging!" are typical comments. Please comment knowledgeably on any conceivable economic justification for raising gas station prices, for gasoline that is purchased and held in inventory, prior to the market price increase. Only use information found in chapter three fundamental Economic Problem: Scarcity and Choice Textbook: Economics: principles and policy 14th by William BaumolPundits often complain about gasoline price increases at the pump during periods of market oil price increases, stating that the gasoline at the gas station was purchased prior to oil market price increases. "Why should gas that is purchased and held in inventory, prior to market price increases, be increased in price? Price gouging!" are typical comments. Please comment knowledgeably on any conceivable economic justification for raising gas station prices, for gasoline that is purchased and held in inventory, prior to the market price increase. This is business economics. Uses book Economics principles and policy by William Baumol 14th ed. focus chapter 3The market for gravel has the following demand and supply relationships: Supply function: Q = 100P - 1,000 Inverse demand function: P = 50 - 0.01*Q + PX, where P represents price of gravel per ton in dollars, Q represents sales of gravel per week in tons, and PX is the price of some other product X in dollars per unit. Let PX = $50/ton In a diagram, qualitatively describe the change that would occur in the market for gravel (i.e. equilibrium price and quantity) if a new discovery has just made the production of product X cheaper. Briefly explain whether it is a movement along or shift of demand curve and supply curve for gravel. In addition to the new discovery regarding product X in previous question), suppose now workers producing gravel ask for sick leave due to COVID. Use supply and demand analysis to predict how these two shocks will affect equilibrium price and sales. Illustrate your results in a diagram. Is there enough information to determine if market prices will rise or…
