Introduction To Economics- 18/3/2021 Assignment (1) -Chapter-4 & 5&6 1. Complete the table and determine Market Demand? Market Demand Fatema Huda Price Demand Demand 8 6. 9 2 6. 2 4 2. Complete the table show Shortage(excess demand) and Surplus ( excess supply)and draw equilibrium market? Price Qd Qs 8. Marks 10 9 8 7 6 2 3 4 1 Equilibrium Prioe = a. Equilibrium Quantity= b. Draw Market equilibrium? 3. Suppose Car company raises its price from 10 $ to 30 and Suppose quantity demanded reduce from 80 to 40, Calculate Price Elasticity of Demand?

Introduction To Economics- 18/3/2021 Assignment (1) -Chapter-4 & 5&6 1. Complete the table and determine Market Demand? Market Demand Fatema Huda Price Demand Demand 8 6. 9 2 6. 2 4 2. Complete the table show Shortage(excess demand) and Surplus ( excess supply)and draw equilibrium market? Price Qd Qs 8. Marks 10 9 8 7 6 2 3 4 1 Equilibrium Prioe = a. Equilibrium Quantity= b. Draw Market equilibrium? 3. Suppose Car company raises its price from 10 $ to 30 and Suppose quantity demanded reduce from 80 to 40, Calculate Price Elasticity of Demand?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 2PA

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Similar questions

Identify each of the following as involving either demand or supply. Draw a circular flow diagram and label the flows A through F. (Some choices can be on both sides of the goods market.) Households in the labor market Firms in the goods market Firms in the financial market Households in the goods market Firms in the labor market Households in the financial market
A price ceiling will have the largest effect: substantially below the equilibrium price slightly below the equilibrium price substantially above the equilibrium price slightly above the equilibrium price Sketch all four of these possibilities on a demand and supply diagram to illustrate your answer.
During a discussion several year; ago on building a pipeline to Alaska to carry natural gas, the U.S. Senate passed a bill stipulating mat there should be a guaranteed minimum price for the natural gas that would flow through line pipeline. The thinking behind the bill was that if private firms had a guaranteed price for their natural gas, they would be more willing to drill for gas and to pay to build the pipeline. Using the demand and supply framework, predict the effects of this price floor on fine price, quantity demanded, and quantity supplied. With the enactment of this price floor for natural gas, what are some of the likely unintended consequences in line market? Suggest some policies other than the price floor that he government can pursue if it wishes to encourage drilling for natural gas and fur a new pipeline in Alaska.
Imagine that to preserve the traditional way of life in small fishing villages, at government decides to impose a price floor that will guarantee all fishermen a certain price for their catch. Using the demand and supply framework, predict the effects on the price, quantity demanded, and quantity supplied. With the enactment of this price floor for fish, what are some of the likely unintended consequences in file market? Suggest some policies other than the price floor to make it possible for small fishing villages to continue.