Answered: Supply curve crosses with vertical oxes…

Supply curve crosses with vertical oxes on point 20 unit, If supply curve slope is 5 Then find quantity of supply when price equal 30 $

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 24RQ: Name some farm that can cause a shift in the supply curve in markets for goods and services.

See similar textbooks

Related questions

Q: According to the 1951 Refugee Convention, refugees are people owing to [ ] fear of being persecuted…

A: Refugee: It refers to the people who came from different cities just to take shelter in the other…

Q: the SRATC can LRAC Q DA The fim cannot produce at pont C because there is no SRATC curve through…

A: The presence of a fixed input constrains is short-run average costs. So, in the long term, we can…

Q: 3) a) Discuss the phrase there ain't no such thing as a free lunch (TANSTAAFL) in the context of…

A: When choosing between two possibilities, a person, an investor, or a firm may suffer opportunity…

Q: Refer to the following table: 2019 2018 2017 $0.20 Broccoli price $0.40 $0.40 $0.50 $0.50 $0.50…

A: Here, price of different goods are given for three different years, with same quantity.it is also…

Q: J 4 ‘If workers accepted lower wages, there would be no unemployment.’ Discuss

A: In an economy, unemployment is the situation when there is relatively more number of workers…

Q: a, calculate the amount of the monetary base: illion antity of the money supply: h io of reserves to…

A: DISCLAIMER “Since you have asked multiple question, we will solve the first question for you. If you…

Q: A company sells three types of products for $20, $15, and $10 per unit. In 1 year, the total revenue…

A: Total revenue is the total receipts collected from the sale of the goods and services in the market.…

Q: C. Fill in the average revenue and marginal revenue in the table. Output (Q) Total Revenue (TR)…

A: The sum of money generated per unit of output is referred to as average revenue. In other words, it…

Q: Consider the following data for a particular economy: GDPmp = 950 Private consumption = 750 Gross…

A: According to the question, it is given that : GDP at market price = 950 Private consumption = 750…

Q: Can the banking sector "create" money? Explain your answer.

A: Banks are defined as financial institutions that perform various financial functions for their…

Q: otherwise downvote switches from a flexible exchange rate regime to a fixed exchange rate regime,…

A: The monetary policy is not an effective when a country follow the fixed exchange rate system. The…

Q: Why might a country still produce a good on a smaller scale even if it does not have the comparative…

A: Comparative advantage refers to an economy's ability to produce a certain item or service at a lower…

Q: The production engineers at Impact Industries have derived the optimal combinations of labor and…

A: Economies of scale refers to decrease in average cost when output increases, and there are…

Q: Is the following statement true or false? Given is the graph below of the oil market. Without the…

A: Without the tax, the point where the demand and supply curve intersects is called the equilibrium…

Q: The Quick Snap photo machine at the Lemon County bus station takes snapshots in exactly 80 seconds.…

Q: Lilly deposits $350 every month into an account that earns 8% annual interest where interest is…

A: To calculate future value at compounded semiannually, we need to use the formula : FV=PV(1+i)n…

Q: Economics Susiy 2. If the euro interest rate is 6%, and the expected exchange rate is 1.06 USD per…

A: To calculate Expected Dollar Return on Euro Deposits, the formula used is : R = R* + E* - EEwhere, R…

Q: Assume that an appliance manufacturer is employing variable resources X and Y in such amounts that…

A: Marginal Revenue refers to the revenue that a firm or seller receives in the sale of an additional…

Q: An economy is a fare class on an airplane for pets O an agency where bankers discover new ways to…

A: This is MCQ question of economy

Q: Suppose that income rises 50% while price of X rises 25% and price of Y rises 75%. How would the…

A: Budget line is also known as price line for consumer it shows different combinations of two goods…

Q: If I have a simple discount note for 75 days (ordinary interest), a discount of $150, and have…

A: Given information: Simple discount note for 75 days The discount is $150 Proceeds are $11850 and…

Q: A monopolist is determining the optimal output Q* to produce. Demand Function: P=12-2Q Average…

A: Given Demand function faced by monopolist: P= 12-2Q ... (1) Average cost function:…

Q: u (x1, x2) = x1x2 What is the value of MRS(4, 20)? (Don't forget to include a minus sign in your…

A: Given Utility function:u(x1,x2)=x1x2 .... (1) We have to calculate the marginal rate of…

Q: What is public administration? Define bureaucracy and explain the role of bureaucracy in public…

A: Public administration is the study of and preparation of civil servants for administrative purposes…

Q: Economics MPL Betsy's Bangles produces and sells woven bracelets. The table shows information about…

A: Answer to the three sub parts of the question is as follows:

Q: What action should the Federal Open Market Committee (FOMC) take if it sees signs of inflation…

A: Federal reserve has twin objectives of full employment and stability. Federal reserve seeks to…

Q: Answer the following questions on the basis of the following three sets of data for the country of…

A: Aggregate supply:- Aggregate supply indicates the amount of production that enterprises would…

Q: A country has 50 million people, 30 million of whom are adult noninstitutionalized civilians. Of the…

A: Discouraged workers refer to those workers who have hove hooked up looking got work. So they are not…

Q: Which of the following is an example of an intermediate good? Select one: O a. lumber you buy to…

A: Goods that are taken into use to produce other goods are called intermediate goods.

Q: Suppose an economy begins in steady state. By what proportion does per capita GDP change in the long…

A: Gross Domestic Product and How It Changes GDP is in a steady state when it normally has reached a…

Q: Sarah likes basketball games and going to movies. Every month he has $480 to spend on the two…

A: In financial matters, a budget constraints addresses every one of the mixes of labor and products…

Q: Kindly answer in narrative form. Please cite your sources. Thank you so much! 1. What Trade: (You…

A: Exports Exports refers to the process where the country sells there commodities and services to…

Q: For a given level of output (Yf), will the current account balance (CA) vary inversely with the…

A: Level output is the net output of an economy in a period ( generally a year). It represents the…

Q: 1. Tim has borrowed money from Lisa and proposed to pay back the money in two payments. Tim…

A: Interest that is computed on the principle amount of a loan or the first deposit made to a savings…

Q: As defined by economists, the labor resource is the human capital input into the production process.…

A: factors of production are very important in the process of production and they are Labour , Capital,…

Q: Discuss the link between adventure tourism and eco-tourism, discuss the best practices in Adventure…

A: Introduction Several diverse types of tourism have arisen within the tourism sector, each attempting…

Q: Consider an economy with three people and two goods: private good (x) and public good (y). Suppose…

A: Answer - Public Goods :- Public goods which are non-rivalious and non-exhaustive in nature and…

Q: Theory of The Firm f(1₁,1₂)= Ar₁"1₂-9 Consider the Cobb-Douglas production function: 1. Derive the…

A: Answer to question number 2 is as follows:

Q: Assume that the demand for cosmetic or plastic surgery is price inelastic. Are the following…

A: Disclaimer- “Since you have asked multiple question, we will solve the first three question for you…

Q: curves given by the following: TC = Assume that all firms in a competitive industry have cost 128…

A: In long run of every market , every factor is variable factor which means in this run nothing is…

Q: In markets for information, which party generally has more knowledge about the value of the…

A: In the market for information, people gets information about goods and services by sellers and…

Q: Is this statement true or false? And why? The resource-based view (RBV) as an HR strategy…

A: According to resource-based theory, an organization's strategic resources offer it with a great…

Q: Consider the utility maximization problem max U(x, y)=√x+y s.t. x+4y= 100. (a) Using the Lagrange…

A: A consumer is in equilibrium when he maximize his utility with given income and market prices and…

Q: Answer the following questions on the basis of the following three sets of data for the country of…

A: During the immediate short-run, the aggregate supply curve is horizontal, which implies the price…

Q: A real estate developer bought land for $170 000.00 down and monthly payments of $8 450.00 for 5…

A: Given Down payment = 170,000 Monthly payment = 8450 $ Time = 5 years Interest rate = 8.75 %…

Q: Using the supply and demand analysis of the market for reserves, indicate how the following…

A: Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Q: Explain the relation between average variable cost and marginal cost for both the short-run and…

A: Cost Curves show the relation between the costs that a firm incur in the process of production and…

Q: 1. Utility and Consumer Surplus A. Use the figure below to fill in the total utility and marginal…

A: Marginal utility is the addition to the total utility when one more unit of a product or a service…

Q: Suppose TC=2(w^1/α +r^1/β )y. Find the optimal bundle, (L ◦ , K ◦ ). α= 5 and β=6

A: Given TC =2w1/α+r1/βy .... (1) We have to find the optimal input bundle…

Q: If I have a simple discount note for 75 days (ordinary interest), a discount of $150, and have…

A: Given information: Discount note for 75 days, The discount is $150 and the proceeds are $11850…

Question

M12

Supply curve crosses
with vertical oxes on point
20 unit, If supply curve
slope is 5 Then find
quantity of supply when
price equal 30 $

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Select the correct answer. A price floor will usually shift: demand supply both neither Illustrate your answer with a diagram.
Table 3.9 illustrates the markets demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations: The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price. A new study says that eating cheese is good for your health, so that demand increases by 20 at every price.
How does one analyze a market where both demand and supply shift?
Name some farm that can cause a shift in the supply curve in markets for goods and services.
When the price is above the equilibrium, explain how market forces move me market price to equilibrium. Do the same when the price is below the equilibrium.
If a new breakthrough in manufacturing technologyreduces the cost of producing Blu-rayplayers by half, what will happen to the eachof the following?a. Supply of Blue-ray players.b. Demand for Blu-ray players.c. Equilibrium price and quantity of Blu-rayplayers.d. Demand for Blu-rays.
usiness EconomicsQ&A Library) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c) -1 d) -2 Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0 a) 13 b) 2 c) 10 d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determined b) 12 c) 10 d) 14 Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: (7) - wrong data. "quantity demanded drops from 10 to 12" is wrong since value from 10 to 12 is an increase, not a drop. Ask Your Question Again 6 of 10 questions left until 1/15/21 Question I. If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c)…
Show the effect of the following event on the market for gas-powered small cars: People decide to have more children. DemandSupplyPrice of Gas-powered Small CarsQuantity of Gas-powered Small CarsDemand Supply
The market demand and supply equations for theme park in a city are given by P=30–0.005QD andP=10+0.005QS,wherePisthepriceindollarsandQD isthe quantity of theme-park tickets demanded and QS is the quantity of theme park ticket supplied. Explain the implications of the welfare of consumers, producers and the society when the price of theme park ticket is fixed at $15.
Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.
Ernie owns a water pump. Because pumping largeamounts of water is harder than pumping smallamounts, the cost of producing a bottle of waterrises as he pumps more. Here is the cost he incurs toproduce each bottle of water:Cost of first bottle $1Cost of second bottle $3Cost of third bottle $5Cost of fourth bottle $7a. From this information, derive Ernie’s supplyschedule. Graph his supply curve for bottledwater.b. If the price of a bottle of water is $4, how manybottles does Ernie produce and sell? How muchproducer surplus does Ernie get from thesesales? Show Ernie’s producer surplus in yourgraph.c. If the price rises to $6, how does quantity suppliedchange? How does Ernie’s producer surpluschange? Show these changes in your graph
Market Equilibrium A retail chain will buy 800 televisions if the price is $350 each and 1200 if the priceis $300. A wholesaler will supply 700 of these televisions at $280 each and 1400 at $385 each. Assumingthat the supply and demand functions are linear, findthe market equilibrium point and explain what itmeans.