Suppose that the demand per ounce of a rare type of chocolate, Qd is represented by the following equation, where P is the price of chocolate and Qd is the quantity of chocolate sold: Qd = 2200 - 24P The supply of chocolate, Qs, is represented by the equation: Qs = -500 + 75P Find the equilibrium price and quantity of chocolate sold. Give your answers to two decimals. Price $ ? Quantity: ?

Q: The answers are all incorrect

A: Loan amount required = $26000 Monthly rate R = .25% Time = 60 months Let, monthly payment = P

Q: Country X is a small open economy operating a fixed exchange rate system and imperfect capital…

A: Fixed exchange rate is the rate where it is controlled and managed by the central bank through…

Q: Let the quantity demanded be given by the function function D(P) where pis price. Assuming it is…

A: Law of Demand: keeping other things equal if the price of a product increases, then the quantity…

Q: Suppose the market for tennis shoes has one dominant firm and five fringe firms. The market demand…

A: Since you have posted a question with multiple sub-parts, we will provide the solution to only the…

Q: QUESTION 31 If you have a $20,000 car loan for 3 years at 6% with monthly compounding and payments,…

A: Present value is the value of investment in today's dollar.  Future value is the value of investment…

Q: The following is an excerpt describing the Oregon Medicaid lottery: In 2008, Oregon implemented a…

A: The randomized experiment, true natural experiment, and as if random natural experiments are…

Q: Table 4-11 Price $10 $8 $6 $4 $2 a) Quantity Demanded c) 10 d) 20 30 40 50 b) $2 and 50 units.…

A: Market demand and Supply: In the market for a good, we have the demand and the supply curves. And…

Q: The Consumer Price index in 2015 was 115 and increase to 125 in 2016, Calculate rate of inflation in…

A: Given information: The consumer price index in 2015 was 115 i.e., CPI in 2015 = 115 ------------ The…

Q: Oscar purchased a $30 steak for dinner, but burned it bad on the grill. Since he paid top dollar for…

A: In the economic reasoning the sunk costs are irrelevant and should not be considered.

Q: Which of the following statements is most accurate? The Keynesian model focuses on…

A: A macroeconomic theory called the Keynesian economic model places a strong emphasis on how aggregate…

Q: Nelson and Plosser (1982) found that much of the recession following the oil shock of 1973-1975 was…

A: Recession refers to a reduced rate of economic activity. It is caused by numerous factors such as…

Q: An observation indicates that the initial population of grey seals P(t) nearby a harbor is 25 and…

A: In economics, population refers to the total number of individuals living within a specific…

Q: 3. Suppose that a consumer can earn a higher wage rate for working overtime. That is, for the first…

A: Apart from working hours, leisure time is when consumers invest in their own comfort and wellness.…

Q: Consider the following data on U.S. GDP: GDP Year (Billions of current dollars) (Billions of 2012…

A: Gross domestic product (GDP) measures the market value of final goods and services produced by a…

Q: a) What is the future value of a series of payments of $6,000 each, at the end of 8 years, at 6%…

A: Ordinary annuity is the equal series of payment is made at constant interval at the end of each…

Q: Who has the comparative advantage in the production of tubas? Eddie, because his opportunity cost of…

A: Given information Eddie and Dave both produce guitars and tubas.  Eddie can produce either 32…

Q: Consider the following equations for a small open economy for both the goods and money markets. C =…

A: C = 30 + 0.8Yd T = 10 + 0.2Y G = 100 TR = 10 I = 40 – 10r M = 20 + 0.14Y X = 20. LP = 10 + 0.15Y LT…

Q: Thomas Robert Malthus is an important figure in classical economic thought, but his ideas were…

A: Thomas Malthus was an 18th-century economist and demographer who is best known for his theory of…

Q: 7. Suppose the only game in town involves flipping a fair coin (so Heads and Tails are equally…

A: The likelihood of winning at least $5000 by making a single bet of $10000 on a fair coin flip is 0.5…

Q: )Brandon and his family often rent movies from the new internet movie streaming service, Xanadu. The…

A: Since there are more than 3 sub-parts, we will provide the solution only to the first three parts s…

Q: Who do you think will benefit the most from the 2 years free community college? However,as…

A: It depends on various factors such as the specific design of the program, the demographics of the…

Q: (11) Assume two firms with the same constant average and marginal cost, AC = MC = 5, facing the…

A: Introduction When several enterprises offer equivalent competitive goods or services, monopolistic…

Q: What is the critics of a monopoly market. Explain in detail.

A: A monopoly refers to a market structure in which there is only one seller of a particular product or…

Q: Durable Goods: $25 Imports: $6 Gross Investment: $23 Services: $20 Nondurable Goods: $18…

A: Since you have posted a question with multiple sub parts, we will provide the solution only to the…

Q: Which of the following tends to be observed if a country increases its tariffs on imports? a. The…

A: Protectionism is the practice of defending domestic industries against foreign competition by the…

Q: The following number of bags of cookies were removed from a production line in the last five hours…

A: The given data set is, 7,12,5,13, and 13.    Formula:- Sample Variance = s2 = ∑(x−x―)2n−1 Sample…

Q: Assume a monopsony uses only one factor, i.e. labor, L, to produce a final good, Q, which is sold in…

A: To determine the welfare effects of the introduction of a minimum wage at the competitive level, we…

Q: How do economists determine the optimal amount of pollution control?

A: In economics, marginal benefit and marginal cost are two important concepts, which determine the…

Q: Consumption of certain public goods by individuals or firms reduce the quality of services…

A: Public goods are non-excludable and non-rival in nature. Non-rival goods are such that goods for…

Q: In the preceding diagram what areas represent consumers surplus at the equilibrium price of PE? At…

A: Producer surplus is characterized as the distinction between the amount the producer will supply…

Q: Which economic condition would most likely be experienced if aggregate supply shifts from AS to AS2…

A: A disequilibrium in the market conditions causes the price and quantity to change as the demand and…

Q: Compute the price elasticity of the following points in the demand curve: P QD A 10 20 B15 18

A: Price elasticity of demand measures the responsiveness of change in quantity demand to change in…

Q: A friend of yours bought a new sports car with a ​$5,000 down payment plus a ​$26,000 car loan that…

A: EMI = [P x R x (1+r)n ]÷[(1+r)n-1] P = principal = $26000 R = interest rate per month = 0.25% n =…

Q: Emily goes camping on the weekend and eats marshmallows (M) and crackers (C) there. She wants to…

A: Given  Marshmallows M and crackers C are perfect complements for Emily as she consumes 1 marshmallow…

Q: 1. One German worker can produce either cars or 10 tons of grain a year. One Japanese worker can…

A: Comparative advantage refers to the ability to produce goods and services at a lower opportunity…

Q: 1) Draw a typical demand curve or schedule for Baseball and then show your answers the following: a)…

A: The willingness to buy a good backed by the purchasing power is known as the demand. The law of…

Q: Suppose there exist two imaginary countries, Denali and Congaree. Their labor forces are each…

A: Comparative advantage refers to the ability of the nation to produce the goods at an opportunity…

Q: The following production table gives estimates of the maximum amounts of output possible with…

A: The marginal product of Y measures the change in the total product due to the change in input Y,…

Q: What was the inflation rate in 2010? Round your answer to the nearest hundredth of a percent. Do NOT…

A: The Consumer price Index is a economic measures that is used to measure the change in price of goods…

Q: 3. Suppose that a consumer can earn a higher wage rate for working overtime. That is, for the first…

A: An individual can spend its time in either working, for which he/she earns a wage rate, or can…

Q: John invests $1200 at an annual rate of 4.4% compounded semi-annually for 3 years.

A: We use the formula for compound interest. A = P[1+r]ⁿ Since we have semi annually we use the…

Q: What is your stand about the rice tariffication law in the philippines? explain thoroughly.

A: The purpose of the Rice tariffication Law is to liberalize the rice industry by eliminating quotas…

Q: hould Happiness be used as a measure of poverty also.Why or why not?

A: Happiness, or subjective well-being, can be a useful measure of poverty in addition to more…

Q: would this be considered deflation?

A: Inflation is the rate of rise in costs over a given period. Inflation is typically a wide measure,…

Q: Calculate GDP for a country with investment of $2 trillion, government purchases of $3 trillion,…

A: Gross Domestic Product (GDP) basically refers to a metric used to determine a nation's overall…

Q: Germany allows firms to choose the depreciation method(s) of: straight-line method…

A: Depreciation is the methodical distribution of an asset's cost that is over the course of its useful…

Q: You buy 2000 shares of XYZ for $50 with 55% margin. Three months later the price is $60. What is the…

A: Investment buying power refers to the amount of money that an investor has available to purchase…

Q: Consider the perfectly competitive market for steel. Assume that, regardless of how many firms are…

A: Supply refers to the quantity that a producer wishes to sell at a given price in given period of…

Q: Arnold Van would like to buy some 'sala' set for his new house and Aaron, another consumer would…

A: Sales at Sell = 35,500 Reseller = 30,000

Q: 2. A consumer has the utility function u = (x₁c₁)" (x₂-C₂), a+b=1 U=(X1C1) (X2 C₂), a+b=1 where the…

A: ***Since the student has posted multiple questions, hence, the expert is required to solve only the…

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.