So, given the summary table of the two different market structures, you can infer that, in general, the price is lower under a _________, and the quantity is lower under a ______________
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- Consider a competitive market in which we can analyze the market using our standard demand and supply framework (i.e., downward sloping demand, upward sloping supply, and the market price adjusts to keep the market in equilibrium). If the producers in this market all got an improvement in technology that lowered their marginal cost of producing any given level of output, then we would expect to see Group of answer choices a) an increase in supply (rightward shift). b) a decrease in demand (leftward shift). c) a decrease in supply (leftward shift). d) an increase in demand (rightward shift). e) no shift in either the supply curve or the demand curve.What is the effect of the price gouging law (effectively a price control) on prices in the market for ice in Raleigh after the storm? Illustrate with the use of an appropriate figure, particularly in comparison to what price and quantity traded would be in a competitive market without such laws. Requirements: Able to precisely identify the economic concept for explaining price gouging laws, with the appropriate use of a figure and description of outcomes relative to the competitive benchmark.Look at Tables , which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. a. What are the equilibrium price and quantity for the data displayed in the two tables?b. What if, instead of bags of oranges, the data in the two tables dealt with a public good like fireworks displays? If al the buyers free ride, what will be the quantity supplied by private sellers?c. Assume that we are back to talking about bags of oranges (a private good), but that the government has decided that tossed orange peels impose a negative externality onthe public that must be rectified by imposing a $2-perbag tax on sellers. What is the new equilibrium price and quantity? If the new equilibrium quantity is the optimal quantity, by how…
- THIS IS FOR MATHEMATICAL ECONOMIC CLASS Question (2): The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p. Find the equilibrium price and quantity. Suppose that a new technology has emerged that will enable firms to mass produce the cell phones at a reduced cost. Which curve will be affected and what will be the general outcome? Going back to question (b), if the new equilibrium price of a disposable cell phone is $11.25, how many disposable cell phones will be demanded by consumers? Derive the new function based on your analysis.Look at the tables below, which show, respectively, the willingness to pay and willingness to accept of buyers and sellers of individual bags of oranges. For the following questions, assume that the equilibrium price and quantity will depend on the indicated changes in supply and demand. Assume that the only market participants are those listed by name in the two tables. Given that the equilibrium price is $8, what is the equilibrium quantity given the data displayed in the two tables?The following two linear functions represent a market (thus one is a supply function, the other a demand function). Circle the answer closest to being correct. Approximately what will the quantity demanded be if the government controls the market price to be $3.00 (You must first find the market equilibrium price and quantity in order to see how the $3.00 relates to them)? Q = 100 – 4.6P and Q = 75 + 6.2P 2 There has been a change in the market (represented in 1 above). The change is represented by the following two equations. Circle the one correct conclusion that describes the market change. Q = 65 + 6.2P and Q = 80 – 4.6P 3 Circle the function on the answer sheet that represents the marginal revenue (MR) function for this demand function: Q = 150 – 5P
- Read the following scenario. Corn is a very valuable product for which the U.S. government routinely offers subsidies. With no price support, the equilibrium price for corn is $300 per ton and the equilibrium quantity is 500 million tons per year. Suppose that the government agrees to pay farmers $350 for every ton of corn they produce and can't sell in the market. According to the farmer's market supply curve, 600 million tons per year is supplied at the price of $350 a ton, so production should increase to this amount. However, domestic users of corn cut back their purchases. Only 450 million tons a year is demanded at the price of $350 a ton, and purchases decrease to this amount. Farmers continue to produce 500 million tons of corn per year, so because they produce a greater quantity of corn than domestic buyers are willing to purchase, something must be done with the surplus. To make the price support work, the government decides to buy the surplus. Step 2 Use the scenario to…Refer to the diagrams for two separate product markets. Assume that society's optimal level of output in each market is Q0 and that government purposely shifts the market supply curve from S to S1 in diagram (a) on the left and from S to S2 in diagram (b) on the right. The shift of the supply curve from S to S2 in diagram (b) might be caused by a per-unitWhich of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibrium
- In a perfectly competitive market for cheese with downward sloping demand and upward sloping supply, the equilibrium price is $12 per kilo. If the government imposes a price ceiling of $10, we can conclude that the government policy will: Select one: a. reduce the number of units sold only if demand is elastic b. decrease producer surplus and decrease total surplus c. reduce the number of units sold only if demand is inelastic d. decrease producer surplus but increase total surplus e. increase producer surplus but decrease total surplusGraphically illustrate how each of the following events, ceteris paribus, will affect the competitive market. (Start a new graph for each question.) Your diagrams must include competitive market equilibrium and post-government intervention: prices, quantities, consumer/producer/total surpluses, and dead-weight-losses. A price ceiling is imposed on rental apartments A price floor in form of the minimum wage. Solar panels are subsidized. An excise tax is placed on sugary drinks.This problem involves solving demand and supply equations together to determine price and quantity. a. Consider a demand curve of the form QD=-2P+20, where QD is the quantity demanded of a good and P is the price of the good. Graph this demand curve. Also draw a graph of the supply curve Qs =2P-4, where Qs is the quantity supplied. Be sure to put P on the vertical axis and Q on the horizontal axis. Assume that all the Qs and Ps are nonnegative for parts a, b, and c. At what values of P and Q do these curves intersect-that is, where does QD = Qs ? b. Now, suppose at each price that individuals demand four more units of output-that the demand curve shifts to QD - 2P+24. Graph this new demand curve. At what values of P and Q does the new demand curve intersect the old supply curve-that is, where does QD = Qs ? c. Now finally, suppose the supply curve shifts to Q's=2P-8. Graph this new supply curve. At what values of P and Q does QD=Q's? Show all working calculations and label garph with…