Suppose that P represents price. Quantity demanded is given by: Qd = 61- 3 P and Supply is represented by: Qs = 3 +2P What is the equilibrium market
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- I) The demand for petroleum is given by QD=85 − 0.4? where Q Dis the quantity demanded in thousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is given by QS=55+0.6?. Calculate the equilibrium price and quantity in this market. II) In the context of the problem in part (i), calculate the demand and supply for petroleum if the market price is $15 per barrel. What problem exists in the economy?(a) The demand for petroleum is given by QD=85 − 0.4? where Q Dis the quantity demanded in thousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is given by QS=55+0.6?. Calculate the equilibrium price and quantity in this market. (b) In the context of the problem in part (a), calculate the demand and supply for petroleum if the market price is $15 per barrel. What problem exists in the economy.Demand: Qd= 2,600 - 5P Supply: Qs= 1000 + 10P What would be the amount of shortage if a price ceiling is imposed at $180?
- Suppose demand for good X is given by QD = 900- 1/2P where p is the price and QD the quantity demanded. Supply is given by QS = 1/4P. a) Suppose 60 TL tax is imposed on each unit of X that is purchased. What are the equilibrium price and quantity of X after the tax is imposed?A market is described by the following supply and demand curves: QSQS = = 4P4P QDQD = = 400−P400−P The equilibrium price is and the equilibrium quantity is . Suppose the government imposes a price ceiling of $60. This price ceiling is , and the market price will be . The quantity supplied will be , and the quantity demanded will be . Therefore, a price ceiling of $60 will result in . Suppose the government imposes a price floor of $60. This price floor is , and the market price will be . The quantity supplied will be and the quantity demanded will be . Therefore, a price floor of $60 will result in . Instead of a price control, the government levies a tax on producers of $10. As a result, the new supply curve is: QSQS = = 4(P−10)4P−10 With this tax, the market price will be , the quantity supplied will be , and the quantity demanded will be . The passage of such tax will result in .Suppose the demand equation for shale gas is Qd=10P^-1.8 and the supply equations Qs=2P^0.2What is the equilibrium price and equilibrium quantity?
- Market Equilibrium, disequilibrium, Floor and Ceiling Prices, CS, PS, DWLBased on the following functions, compute for the:Demand: P = 1200 – 4QSupply : P = 655 + 2Q Assume that the government provided subsidy amounting to P150 to consumers Draw the graph on item 2 Determine the PbIn a particular market, demand and supply curves are defined by the following equations: P=50 – 0.5QD QS= -20 + 2P where, P is the price in pounds, QS is the quantity supplied and QD is the quantity demanded. What is the equilibrium price and quantityDemand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.
- Given the following demand and supply function of milk in a market. Q_{d} = 28 - 4P + P respectively. Q_{s} = 18 i. and Determine the equilibrium price and quantity of milk? ii. If government fixes price at GHC 1.00, find the quantity demanded and supplied of milk and comment on the situation market. in the What is the full economic price that consumers would end up paying as a result of (ii) above?Given the following information Qd = 240 – SP Qs = P Where Qd is the quantity demand, Qs is the quantity supplied and P is the price. Suppose the government decides to impose a tax of $12 per unit on sellers in this market. Determine (i) Quantity after taxgiven the following information Qd=240 -5p and Qs= P Where Qd is the quantity demanded and Qs is the quantity supplied and P is the price, Calculate the equilibrium price, equilibrium quantity, consumer surplus and production surplus