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- Slacks and jackets are two complementary goods, find the market equilibrium price and quantity form their demand and supply equations: Qd(s)=410-5Ps-2Pj; Qs(s)=-60+3Ps Qdj=295-Ps-3Pj; Qsj=-120+2P(ch3) In a small country, the demand and supply of turbo jets are represented by QD = 1,000 - P and QS = 2P - 500. Which of the following statements is (are) TRUE?I. The equilibrium price is $700.II. At a price ceiling of $200, there are 0 supplies.III. At a price ceiling of $300, there is an excess demand of 600 units.A) I and IIIB) II and III C) II D) IIINeed answer asap. Consumer surplus? A limited edition package is sold only to 200 customers for $130 each. The average value of the package for the 200 customers is $280.
- A $3 per unit subsidy has been granted on a commodity. If the demand of that commodity is QD=99-1P and QS=3+2P. Calculate the equilibrium price(s) and quantity after the subsidy.Given the market demand schedule of a commodity Qx = 100 – Px + 0.75Pm – 0.25Pz + 0.00750075Y. If Px=10, Pm =20, Pz =40 and Y = 10000 Where; Px = price of the commodity Pm= price of another commodity M Pz = price of another commodity Z Y = level of income Calculate: i) The different cross elasticities of demand and indicate the types of commodities ii) The income elasticity of demand for commodity X and indicate the type of commodity iii) The own-price elasticity of demand and comment on the stabilityresult.12 . Problems and Applications Q10 A market is described by the following supply and demand curves: QSQS = = 3P3P QDQD = = 400−P400−P The equilibrium price is and the equilibrium quantity is . Suppose the government imposes a price ceiling of $80. 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 $80 will result in . Suppose the government imposes a price floor of $80. 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 $80 will result in . Instead of a price control, the government levies a tax on producers of $40. As a result, the new supply curve is: QSQS = = 3(P−40)3P−40 With this tax, the market price will be , the quantity supplied will be , and the quantity demanded will be . The passage…
- Worldwide quarterly sales of a brand of cell phones were approximately q = −p + 156 million phones when the wholesale price was $p. (a) If the cellphone company was prepared to supply q = 4p − 384 million phones per quarter at a wholesale price of $p, what would have been the equilibrium price? $ (b) The actual wholesale price was $103 in the fourth quarter of 2004. Estimate the projected shortage or surplus at that price. There is an estimated ______ of million phones.Find the equilibrium price and quantity for two complementary goods slacks and jackets using elimination method. a) Qd=410-5Ps-2Pj Qs=-60+3Ps b) Qd=295-Ps-3Pj Qs=-120+2PjGiven: QS = 140,000 + 36p QD = 200,000 – 24p 1. Compute the equilibrium price and quantity.
- market demand for soda is given by Qd= 4000 - 120P and market supply is given by Qs= 200P. Solve for the equilibrium price and quantity. Calculate consumer and producer surplus.The market demand function of a commodityis represented by Qx = 20-2Px -0.5Py + 0.01M;where Qx is quantity demanded forcommodity X, Px is the price of commodity X,Py is the price of commodity Y and M is theconsumer's income.Calculate price and cross elasticities ofdemand for commodity X when Px =5, Py=10and M =1000Given market demand QD =50_p and market supply p =Qs +5 find the market equilibrium price and quantity B what would be the state of the market price 25 was fixed at birr per unit calculate and interpret price elacity of demand and equilibrium point