ANSWER ALL FOR UPVOTEI WILL REALLY UPVOTE ALL I PROMISE P1. Plot and graph the data on the supply curve.Quantity Demanded (in kgs)100908070605040PPPrice (Php)50.0060.004. Plot and graph the data on the supply curve.70.0080.0090.00100.00110.002. Analyze the data and describe the supply curve.3. Compute the elasticity of demand and supply with an implication based on the estimated results.SFigure 1: Price and Quantity Supplied of TilapiaLegend: P-Price, S-Supply, Qd - Quantity DemandedDDQuantity Supplied (in kgs)405060708090100Figure 2: Price and Quantity Demanded of TilapiaLegend: P-Price, D - Demand, Qd - Quantity Demanded5. Analyze the data and describe the curve.6. Using the data from the demand and supply, determine the equilibrium point of the demand andsupply curves.SFigure 3: Equilibrium PriceQdQdQd7. How much is the price in the equilibrium point?8. Suppose the price of rice is P85.00. Is the quantity demanded will be lower or higher than at theequilibrium price of P80.00 per kilo? Is the quantity supplied be lower or higher? Is there a shortage or asurplus in the market? If so, how much?

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Quantity Demanded (in kgs) 100 90 80 70 60 50 40 Price (Php) 50.00 60.00 1. Plot and graph the data on the supply curve. P 70.00 80.00 90.00 100.00 110.00 S Quantity Supplied (in kgs) 40 50 Figure 1: Price and Quantity Supplied of Tilapia Legend: P-Price, S-Supply, Qd - Quantity Demanded 60 70 80 90 100 2. Analyze the data and describe the supply curve. 3. Compute the elasticity of demand and supply with an implication based on the estimated results. Qd

Quantity Demanded (in kgs) 100 90 80 70 60 50 40 Price (Php) 50.00 60.00 1. Plot and graph the data on the supply curve. P 70.00 80.00 90.00 100.00 110.00 S Quantity Supplied (in kgs) 40 50 Figure 1: Price and Quantity Supplied of Tilapia Legend: P-Price, S-Supply, Qd - Quantity Demanded 60 70 80 90 100 2. Analyze the data and describe the supply curve. 3. Compute the elasticity of demand and supply with an implication based on the estimated results. Qd

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 3.6P: (Price Elasticity of Supply) Calculate the price elasticity of supply for each of the following...

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(Price Elasticity of Supply) Calculate the price elasticity of supply for each of the following combinations of price and quantity supplied. In each case, determine whether supply is elastic, inelastic, perfectly elastic, perfectly inelastic, or unit elastic. a. Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 400 units. b. Price falls from $2.25 to $1.75; quantity supplied falls from 600 units to 500 units. c. Price falls from $2.25 to $1.75; quantity supplied remains at 600 units. d. Price increases from $1.75 to $2.25, quantity supplied increases from 466.67 units to 600 units.
Suppose you learned that the price elasticity of demand for wheat is 0.7 between the current price for wheat and a price 2 higher per bushel. Do you think that farmers collectively would try to reduce the supply of wheat and drive the price up 2 higher per bushel? Explain your answer. Assuming that they would try to reduce supply, what problems might they have in actually doing so?
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