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- Q3Use a matrix method to find the equilibrium prices and quantities where the supply and demand functionsfor Good 1, Good 2 and Good 3 are asQd1 = 50 − 2P1 + 5P2 − 3P3, Qs1 = 8P1 − 5Qd2 = 22 + 7P1 − 2P2 + 5P3, Qs2 = 12P2 − 5Qd3 = 17 + P1 + 5P2 − 3P3, Qs3 = 4P3 − 1Assume 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?Information on a coffee market is given as below: qs=20p-100 qd=6000/p where p is the price of coffee per tin and q is the quantity of coffee in tins. (a) Draw two functions on a diagram restricting your attention to p E[0, ∞) and q E [0, ∞). (b) Obtain the market equilibrium. What occurs if the price of coffee per tin is $15? (c) Suppose the demand function has changed to q D = 3000/p . Provide an economic explanation of this change and list a few reasons as to why it might have occurred. (d) Obtain the new market equilibrium. What would happen if the price of coffee per tin stayed the same as the equilibrium price you obtained in (b)?
- the demand and supply of two goods are given below Good1 demand: Q1=100-2P1+2P2 Good1 supply : Q1=2P1 Good2 demand : Q2=200-4P2+2P1 Good supply : Q2=20+2P2 based on the two demand equations , we can say that the goods are ________(complements,subsitutes,unrelated) These two markets are in equilibrium when P1= $_______ and P2=$_______ if the demand for the good 1 increases by 20 both prices will change even through only the demand for good 1 initially changes. the new general equilibrium will be P1=$_______________ P2=$_______________1. Assume you spend your entire income on two goods X & Y with prices given as PX & PY, respectively. Prices and income (I) are exogenous and positive. Given that U = X2 + Y2 , derive the Marshallian demand function for good Y and evaluate the type of good. 2. Assume you spend your entire income on two goods X & Y with prices given as PX & PY, respectively. Prices and income (I) are exogenous and positive. Given that U= X2Y2 , derive the Hicksian demand function for good Y.3. Suppose that initially PX = 2, PY = 8, I = 96 and the Marshallian demand function for good Y is given by Y∗ = (0.5I/ PY)+(0.5PX/PY)− 0.5. Calculate the own price & income elasticities of demand for good Y. Interpret your computed values and say something about the type of good.4. Suppose the economy has 100 units each of goods X and Y and the utility functions of the (only) 2 individuals are: UA (XA,YA) = X0.25Y0.75, UB (XB,YB) = X0.75Y 0.25Show that pareto-improvement is possible if,…Assume the market for gruel again, which recall is an inferior good. Suppose consumer income decreases once again, but now, at the same time, the number of sellers of gruel is also decreasing. Now, the equilibrium price of gruel ____ and the equilibrium quantity____. a. increases; decreases b.increases; is indeterminate c.increases; increases d. is indeterminate; decreases e. is indeterminate; increases (d. Is not the correct answer)
- Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1651−14pQ=D(p)=1651-14p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10pQ=S(p)=-5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. Answer (1 point) Save your answer What is the equilibrium quantity? Please round your answer to the nearest integer. Answer (1 point) Save your answer What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1 point) Save your answer What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1…The market for cellular phones has seen a combination of improving telecommunication technology and rising consumer incomes. Suppose you are told that the price of cellular phones decreased over the past five years. The decreasing prices of cellular phones, a normal good, implies that the magnitude of: A. he rightward shift of the demand curve is greater than that of the rightward shift of the supply curve B. The leftward shift of the demand curve is greater than that of the rightward shift of the supply curve C. The rightward shift of the demand curve is less than that of the rightward shift of the supply curve D. The rightward shift of the demand curve is less than that of the leftward shift of the supply curveSuppose that we can represent Joyce's preferences for cans of pop (the x-good) and pizza slices (y-good) with the utility function min[4x,5y]. a) Find her Marshallian Demand Functions. b) Find her Hicksian Demand Functions
- Kids in the city were willing and able to buy 12 rolls of cotton candy when the price was $1.00 each and 2 rolls of cotton candy when the price was $3.00 each. However, cotton candy machine owners in the city are willing to make 2 cotton candy rolls when the price was$1.00 and 12 cotton candy rolls when the price is $3.00 ii) Assuming that the market is linear, showing all working Derive the demand curve Pd(Q) for cotton candy in the term of price, where x= quantity Derive the supply curve Ps(Q) for cotton candy in term of price, where x = quantity iii) Using your answer from part (ii), Determine the equilibrium price and quantity for cotton candy in the citySuppose the market demand curve for cranberry is given by the equation Qd=500-4P, while market supply curve for cranberry is described by the equation Qs=-100+2P where P is the price. Find the equilibrium quantity of cranberries ?Suppose the market demand for shirts is given by Qd = 300 – 20P and the market supply for shirts is given by Qs = 20P – 100, where P = price (per shirt). i. Graph the supply and demand schedules for shirts between price = $5 through to $15 (increase in units of 1, i.e. 5, 6, 7…). ii. Using the equations provided, in equilibrium, how many shirts would be sold and at what price? iii. What would happen if suppliers set the price of shirts at $15? Explain the market adjustment process.