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- Consider the following general linear demand and supply functions that represent a market: Qd = Z −GP (3) Qs = D + EP+ CS (4) where P is the price, S is a variable denoting the average amount of production shipping costs, and Qd and Qs are the quantity demanded and the quantity supplied. Assume D, E, G, and Z all have values greater than zero. What equation (in addition to equations 3 & 4) completes our mathematical model of market equilibrium? Identify the parameters, endogenous variables, and exogenous variables in the above system of Derive expressions for the equilibrium market price (P∗) and quantity (Q∗) and illustrate your answers with a graph. Be sure to specify the symbolic values of the demand and supply curves where they intersect with the P-axis and Q-axis in the positive Given your…City-wide lockdowns were implemented in Sydney by the NSW government in July-August 2021 in response to new COVID-19 cases detected in the community.1. Assuming a perfectly competitive market and using a market demand and supply model:(a) Illustrate the market equilibrium for Sydney apartments before the city-wide lockdown was implemented. (b) Explain, with the aid of a new diagram, the impact of the Sydney city-wide lockdown on the market from part (a) assuming the construction industry was still allowed to operate normally.(c) Suppose the NSW government was considering doubling the first-home buyer’s grant. Explain the impact of this on the market for Sydney apartments and illustrate this on your diagram from part (b).2. Assume that builder XYZ is a monopoly in Sydney’s Southwest, who specialises in apartment construction.(a) Draw a diagram to illustrate XYZ making economic profits before the implementation of the hard lockdown in Sydney’s Southwest. On your diagram clearly indicate…Assume that the resource market is purely competitive. If the price of the resource falls, other factors constant, then a firm that sells its product in a purely competitive market will Multiple Choice increase production by a larger amount than a firm with some monopoly power in its product market. increase production by a smaller amount than a firm with some monopoly power in its product market. decrease production by a larger amount than a firm with some monopoly power in its product market. decrease production by a smaller amount than a firm with some monopoly power in its product market.
- To determine the market equilibrium numerically, after a shift of the D curve, we must: Calculate a new Qd (Qd1), then equate Qd1=Qs0 Calculate a new Qd (Qd1), then equate Qd0=Qs0 Calculate a new Qd (Qd1), then equate Qd1=Qd2 none of theseA6 A functioning market exists when there is more than one firm on either the buying side of the selling side of the market for a particular product.City-wide lockdowns were implemented in Sydney by the NSW government in July-August 2021 in response to new COVID-19 cases detected in the community. Assuming a perfectly competitive market and using a market demand and supply model: Illustrate the market equilibrium for Sydney apartments before the city-wide lockdown was implemented. (b) Explain, with the aid of a new diagram, the impact of the Sydney city-wide lockdown on the market from part (a) assuming the construction industry was still allowed to operate normally. (c) Suppose the NSW government was considering doubling the first-home buyer’s grant. Explain the impact of this on the market for Sydney apartments and illustrate this on your diagram from part (b). 2. Assume that builder XYZ is a monopoly in Sydney’s Southwest, who specialises in apartment construction Draw a diagram to illustrate XYZ making economic profits before the implementation of the hard lockdown in Sydney’s Southwest. On your diagram…
- Refer to the question above. When a small business owner takes the market equilibrium price determined by the market equilibrium, then the output level of the small company will be: A)18 B)20 C)23 D)32Market demand is given as QD = 140 – 5P. Market supply is given as QS = 2P. In a perfectly competitive equilibrium, what will be the value of producer surplus? Question 19 options: $1000 $600 $800 $400Market demand is given as Qd = 400 - 2P. Market supply is given as Qs = 3P + 100. In a perfectly competitive equilibrium, what will be price and quantity? Question 18 options: Price will be $100 and quantity will be 200. Price will be $60 and quantity will be 280. Price will be $1 and quantity will be 500. Price will be $30 and quantity will be 140.
- Assume that the Clothing brands J. and GulAhmed are two competing brands in Karachi. With the arrival of the winter season, GulAhmed announces a 30% discount on all products. Using ‘Comparative Statics Analysis’ of demand and supply model: a. Explain how the managements of the both brands will study the short-run and long-run impact on the sale of cloths, after the announcement of discount on all products in the Cloth market? b. Demonstrate and explain, with clearly labelled two panel diagrams, the ‘Rationing Function’ and the Allocating or ‘Guiding Function’ of Price.Consider the following perfectly competitive market for oranges: Qs = 5P Qd = 60 – 5P Now suppose that demand for oranges increases by 20 units at each price. After the increase in demand, which of the following is correct? Group of answer choices a The equilibrium price is unchanged, and the quantity traded increases by 20. b The equilibrium price increases by $2, and the quantity traded increases by 20. c The equilibrium price increases by $2, and the quantity traded increases by 10. d The equilibrium price increases to $8, and the quantity traded decreases to 40.Assume Tea brands A and B are competing brands in the market. With arrival of winter season, A announces good promotional deals. Using ‘Comparative Statics Analysis’ of demand and supply model: How will the managements of the two brands study the short-run and long-run impact on Tea Sales, after the announcement of promotions in the market of Tea? Demonstrate and explain, with clearly labelled two panel diagrams, the ‘Rationing Function’ and the Allocating or ‘Guiding Function’ of Price.