Plot the supply curve from the supply schedule information provided . Price. Quality supply 1 0 2 3 3 4 4 5 5 6 a) What can you explain from the graph? b) Can you identify any determinants ? c) What happened if the price change ? d) What happened if other determinants change?
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Question one
Plot the supply curve from the supply schedule information provided .
1 0
2 3
3 4
4 5
5 6
a) What can you explain from the graph?
b) Can you identify any determinants ?
c) What happened if the price change ?
d) What happened if other determinants change?
Plot the demand curve from the demand
schedule information provided.
Price Quality Demanded
1 9
2 6
3 4
4 3
5 2
(a) What can you explain from the graph?
(b) Can you identify any determinants?
(c) What happens if price changes?
(d) What else do you think will happen?
(e) What happens if other determinants change?
Step by step
Solved in 3 steps with 1 images
- Price D 1 D 2 S 1 S 2 $12 5 9 19 14 $10 8 12 17 12 $8 11 15 15 10 $6 13 18 13 8 $4 16 21 11 6 $2 18 24 9 4 Refer to Table 5-1. If D1 and S1 represent the demand and supply schedules in a particular market, then the equilibrium price and quantity are _________ and ________, respectively.Price D 1 D 2 S 1 S 2 $12 5 9 19 14 $10 8 12 17 12 $8 11 15 15 10 $6 13 18 13 8 $4 16 21 11 6 $2 18 24 9 4 Refer to Table 3-1. If D2 and S2 represent the demand and supply schedules in a particular market, then the equilibrium price and quantity are ________ and _________, respectively. Group of answer choices $12; 12 $10; 12 $8; 15 $6; 18The demand and supply equations for pepperoni pizzas in Collegetown are given by the following equations: Supply Equation Qs = -4 + P Demand Equation Qd = 28 - P What is the equilibrium quantity of pepperoni pizzas in Collegetown? A. 10 B. 12 C. 14 D. 16
- PROBLEM Consider the following: If the price per unit of good A is P175 quantity purchased is valued at 5,250 units and quantity supplied equals 2,500 units. If price changes by P1, quantity demanded changes by 4 units for consumer demand and quantity supplied changes by 2 units. Required (Show supporting calculations.): 1. Determine the demand and supply functions. 2. Determine the price and quantity at equilibrium, using algebraic solution. 3. Graph demand and supply curves on one set of axes and highlight the following: price-intercepts of demand and supply curves, quantity-intercepts of demand and supply curves, and the equilibrium point. (Make sure to LABEL your graph accordingly.)10.Which of the following would cause the demand curve for brooms to shift to the right, assuming that brooms were an inferior good? A-The price of brooms increases. B-The price of a complement increases. C-The income of all consumers decreases. D-The economy strengthens because of decreased taxes. E-The production of brooms decreases because of vacuum cleaners. 11.If a firm with a supply schedule with positive units at every price leaves a market, ceteris paribus, what will happen to the market supply? A-It will shift right by that firm's output quantity at every price. B-It will shift left or decrease by that firm's output quantity at every price. C-It will not change. D-It will become more elastic. E-Insufficient data to determine.6) The quantity demanded of a certain brand of smart phone is 2000 per week when the unit price is $84. For each decrease in the unit price $5 below $84, the quantity demanded increases by 50 units. The supplier will not market any of the smartphones if the unit price is $60 or less, but the supplier will market 1800 per week if the unit price is $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and price
- As a result of increased tensions in the Middle East, oil production is down by 1.21 million barrels per day – a 5 percent reduction in the world's supply of crude oil. Explain the likely impact of this event on the market for gasoline and the market for small cars.The gasoline market will have: higher equilibrium prices and lower equilibrium quantity. higher equilibrium prices and higher equilibrium quantity. lower equilibrium prices and higher equilibrium quantity. lower equilibrium prices and lower equilibrium quantity. The small car market will have: higher equilibrium prices and lower equilibrium quantity. higher equilibrium prices and higher equilibrium quantity. lower equilibrium prices and lower equilibrium quantity. lower equilibrium prices and higher equilibrium quantity.(Q.3.3.) Suppose the demand and supply equations for a particular good are given as follow: QD - 140 - 2P and Qs - 4P - 10. The market for this good is currently in equilibrium. (Q.3.10) At the current market price, is the market outcome efficient? If not, state the relationship between the current market price and the efficient market price, and the current quantity traded and the efficient quantity traded. At the current market price, the market outcome_______________The current market price__________________the efficlent price, and the current quantity traded___________the efficient quantity. (Please explain the response. Do not simply provide an answer. Thank you. Option choices are: is efficient, is equal to, is greater than, is inefficient, or is less than than.)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 is
- The market supply and demand equations for a given product are given by the expressions QD=200-50p QS=-40+30P a. Find the equilibrium price and Quantity b. Suppose that there is an increase in demand and supply to QD=300-50P QS=-20+30P Respectively, find the new equilibrium point. In addition to this, show the impact of change in demand and supply using axing graph.Q55 Brazil is the largest soybean producer in the world. Covid-19 has played havoc for the global soybean market. What combination of changes in supply of soybeans and demand for soybeans in the global market would most likely increase the equilibrium quantity? Multiple Choice when supply of soybeans decreases and demand for soybeans decreases when supply of soybean increases and demand for soybeans increases when supply of soybeans decreases and demand for soybeans increases when supply of soybeans increases and demand for soybeans decreases when there is a shortage of soybeansPrice D 1 D 2 S 1 S 2 $12 5 9 19 14 $10 8 12 17 12 $8 11 15 15 10 $6 13 18 13 8 $4 16 21 11 6 $2 18 24 9 4 Refer to Table 5-1. Suppose that D2 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D2 to D1, then: