Suppose the market demand for sanitizer is given by Qd = 300 – 10Pand the market supply for sanitizer is given by and Qs = 40P -200 where P= price (per sanitizer). Tabulate and graph the supply and demand schedules for sanitizer using GHC 5 through GHC 30 as the value of P. b. In equilibrium, how many sanitizers would be sold and at what price? c. What would happen if the price of sanitizer is set at GHC 20 or GHC 5? Explain the market adjustment process in both cases.

Suppose the market demand for sanitizer is given by Qd = 300 – 10Pand the market supply for sanitizer is given by and Qs = 40P -200 where P= price (per sanitizer). Tabulate and graph the supply and demand schedules for sanitizer using GHC 5 through GHC 30 as the value of P. b. In equilibrium, how many sanitizers would be sold and at what price? c. What would happen if the price of sanitizer is set at GHC 20 or GHC 5? Explain the market adjustment process in both cases.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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Suppose the market demand for sanitizer is given by Qd = 300 – 10P and the market supply for sanitizer is given by and Qs = 40P -200 where P= price (per sanitizer). a. Tabulate and graph the supply and demand schedules for sanitizer using GHC 5 through GHC 30 as the value of P.b. In equilibrium, how many sanitizers would be sold and atwhat price?c. What would happen if the price of sanitizer is set at GHC 20 or GHC 5?Explain the market adjustment process in both cases.
Suppose the market demand for shirts is given by Qd = 300 – 20P and the market supply for shirts is given by Qs = 20P – 100, where P = price (per shirt). i. Graph the supply and demand schedules for shirts between price = $5 through to $15 (increase in units of 1, i.e. 5, 6, 7…). ii. Using the equations provided, in equilibrium, how many shirts would be sold and at what price? iii. What would happen if suppliers set the price of shirts at $15? Explain the market adjustment process.
Suppose the market demand for Omani Halwa is given by Qd = 400 – 20 P and the market supply for Omani Halwa is given by Qs = 20 P – 200, where P = price (per Omani Halwa). Graph the supply and demand schedules for Omani Halwa using $10 through $20 as the value of P. In equilibrium, how many Omani Halwas would be sold and at what price? What would happen if suppliers set the price of Omani Halwa at $20? Explain the market adjustment process. “A household’s decision about what quantity of a particular output, or product to demand depends on a number of factors.” Discuss the major factors affecting the demand.
Demand 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.
The demand for bacon is given by Q d=70-3p and the supply is Q s=2p-30. (a). Draw the demand and supply functions. Find the equilibrium quantity and price, and show them on the graph. (b). Suppose due to increased health awareness the demand changes to 50-3p. The supply remains the same. Draw the new demand function on the same graph, and find the new equilibrium price and quantity. Has the demand increased or decreased? How did the equilibrium price and quantity change compared to part a.?
Information on a coffee market is given as below: qs=20p-100 qd=6000/p where p is the price of coffee per tin and q is the quantity of coffee in tins. (a) Draw two functions on a diagram restricting your attention to p E[0, ∞) and q E [0, ∞). (b) Obtain the market equilibrium. What occurs if the price of coffee per tin is $15? (c) Suppose the demand function has changed to q D = 3000/p . Provide an economic explanation of this change and list a few reasons as to why it might have occurred. (d) Obtain the new market equilibrium. What would happen if the price of coffee per tin stayed the same as the equilibrium price you obtained in (b)?
Q1 Consider the market for orange juice. In this market, the supply curve is given by QS = 100PJ −20PO and the demand curve is given by QD = 1000−150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Assume that PO = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Draw a graph to illustrate your answers. Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice.
DO NOT COPY OTHER ANSWERS FROM OTHER WEBSITES. THEY ARE WRONG Consider the market for orange juice. In this market, the supply curve is given by QS = 100PJ −20PO and the demand curve is given by QD = 1000−150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Assume that PO = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Draw a graph to illustrate your answers. Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice.
In her article for Slate, Glaser (2017) suggests that consumers are willing to pay any price for the latest Apple iPhone. In fact, even those who are not willing to do so may be encouraged or ‘nudged’ to purchase the latest device. However, a range of studies have indicated serious health implications associated with smartphone usage. Assuming companies like Apple cannot easily increase or decrease supply in the short-run, how might this information alter the market equilibrium for smartphones? including diagrams
Assume that the demand curve D(p) given below is the market demand for widgets: Q=D(p)=1651−14pQ=D(p)=1651-14p, p > 0 Let the market supply of widgets be given by: Q=S(p)=−5+10pQ=S(p)=-5+10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. Answer (1 point) Save your answer What is the equilibrium quantity? Please round your answer to the nearest integer. Answer (1 point) Save your answer What is the consumer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1 point) Save your answer What is the producer surplus at equilibrium? Please round the intercept to the nearest tenth and round your answer to the nearest integer. Answer (1…
Suppose that the demand and supply of liter of petrol are given in table 1 as per attachment What is the equilibrium price and quantity of petrol? Use a graph paper to draw a demand curve and supply curve based on the table above. Now suppose that a political crisis in the Middle East lead to a decrease in the supply of petrol by 8 liter per day at every price. Show the change in the graph paper and show the new equilibrium position. What is the new equilibrium price of petrol? What is the new equilibrium quantity of petrol? In order t o help the consumer, the government imposes a price control of RM0.60 per liter: Give the name of this price control. How much petrol will be demanded by consumer at this price?. How much petrol will be offered for sale by…
THIS IS FOR MATHEMATICAL ECONOMIC : 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. Suppose that more consumers prefer the disposable cell phone over the smart phone because the disposable cell phone is more durable than the smart phone. This latest news comes after the fact that firms that manufacture disposable cell phones have the latest technology integrated into their production facilities. What will be the market effect? Going back to question (d), suppose that the price of a disposable cell phone is now set at…