Suppose there are only two goods - Food (F) and Shelter (S). The demand equations for these two goods depend on their prices, pf and ps as follows: DE(Pf.Ps) = 14 - 2,4pf - 1,3ps Ds(Pf.Ps) = 16 - 2,0pF - 3,7ps The supply curves depend only on their own prices: S(pf) = PF S(ps) = 8,0ps Determine the equilibrium price of shelter. Votre réponse: Réponse
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- 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…Given the following demand and supply equations: Demand Qd = 100 - 2P Supply QS = 10 + P 1. Mathematically compute for the equilibrium price and quantity. Why would such a combination be the market equilibrium? 2. Will a shortage or surplus exist in the market if the price is i.) 20 per unit and ii.) 35 per unit? Compute mathematically how large is the shortage/surplus. 3. Illustrate in a completely labelled graph the situations presented in (2.) above.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.
- Suppose that the market demand and supply curves for doughnuts (good X) are given by QD = 50 – 40P + 0.03I + 10PY and QS = -150 + 60P – 10W, where P is price of X, I is the average consumer income, PY is the price of cinnamon pretzels (good Y), and W is the wage for workers producing good X. What is the Income elasticity of demand at the market equilibrium? Are doughnuts a normal good or inferior good? Suppose that I = $5,000 and PY = $5. What is the demand curve for good X? Suppose that W = $10 (per hour). What is the supply curve for good X? DO NUMBER 1 !!!!!The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are: Px= 78.72 Qx= 68.72 Py= 23.66 Qy= 50.98 Pz= 60.42 Qz= 90.84 The government decides to: a) impose a 25% Tax on X b) impose a 5 Rs/unit Tax on Y c) give a 10% subsidy on good z When policies (a,b), (b,c), and (a,b,c) are jointly implemented. Analyze the impact on equilibrium prices and quantities. Which policy choice is best? Why?The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are: Px= 78.72 Qx= 68.72 Py= 23.66 Qy= 50.98 Pz= 60.42 Qz= 90.84 The government decides to: Give a 10% subsidy on good Z. Analyse the impact on equilibrium prices and quantities.
- The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are: Px= 78.72 Qx= 68.72 Py= 23.66 Qy= 50.98 Pz= 60.42 Qz= 90.84 The government decides to: impose a 25% Tax on X impose a 5 Rs/unit Tax on Y When these above policies are jointly implemented. Analyse the impact on equilibrium prices and quantities.The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are: Px= 78.72 Qx= 68.72 Py= 23.66 Qy= 50.98 Pz= 60.42 Qz= 90.84 The government decides to: impose a 25% Tax on X impose a 5 Rs/unit Tax on Y give a 10% subsidy on good Z. When the above policies are jointly implemented. Analyse the impact on equilibrium prices and quantities.The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are: Px= 78.72 Qx= 68.72 Py= 23.66 Qy= 50.98 Pz= 60.42 Qz= 90.84 The government decides to: impose a 5 Rs/unit Tax on Y give a 10% subsidy on good Z. When the above policies are jointly implemented. Analyse the impact on equilibrium prices and quantities.
- The demand and supply functions for three (03) goods are given as follows: Dx = 100-3Px+Py+3Pz Dy = 80+Px-2Py-Pz Dz = 120+3Px-Py-4Pz Sx = -10+Px Sy = -20+3Py Sz = -30+2Pz The equilibrium prices and quantities of all three goods are: Px= 78.72 Qx= 68.72 Py= 23.66 Qy= 50.98 Pz= 60.42 Qz= 90.84 The government decides to: a) impose a 25% Tax on X b) impose a 5 Rs/unit Tax on Y c) give a 10% subsidy on good z Analyze the impact of each of these policies seperately on equilibrium prices and quantities.The following are market demand and supply equations for a perfume product:QD = 70 − 4PQS = 10 + 2Pwhere P is, QD and QS are quantity demanded and supplied of perfume, respectively.A) What is the equilibrium price and quantity? Calculate using the arithmetic method.B) Draw demand and supply curves for prices £0, £4, £6 ... £16.C) Suppose consumers’ income increases and perfume is considered as a normal good. As a result, the new demand equation is QD = 100 − 4P. Find the new equilibrium price and quantity of perfume.Which factor that influences change in buying plan, other than price of good? Find [05] out market equilibrium price and quantity from the demand function: Q= 15-4p ands supply function: Q=-1+ 6p. Show it graphically