The demand for petroleum is given by QD=85 − 0.4P where Q D is 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+0.6P. Calculate the equilibrium price and quantity in this market.

Q: Which of the following is not a reason why negative consequences can result from efforts to control…

A: Price Controls are the limits set on the prices of goods and commodities by the government. For…

Q: Which of the following statements is correct Multiple Choice If supply increases and demand…

A: Increases in demand moves demand curve to the right and decreases in demand moves it to the left.…

Q: Refer to the information provided in Figure below to answer the question. 0,55 0.50 0.45 0.40 Number…

A: Due to a price ceiling, the price of a commodity cannot rise above a fixed level or amount. As a…

Q: The price of Good C increases by 70%, causing the quantity consumed of Good D to increase by 50%.…

A: The substitute goods are used for each other. Rise in price of one good leads to the demand for…

Q: An increase in supply and demand will lead to an increase in the equilibrium price and an…

A: An increase in demand and supply shifts the demand and supply curve towards right.

Q: There is constantly a shift in supply and demand curves and markets are never at equilibrium. As a…

A: Equilibrium is defines as a point where demand is equal to supply in the market. When prices falls…

Q: Based on the diagram below, if a $60 per-unit subsidy were implemented in this market, what would…

A: Equilibrium is achieved where the quantity demanded is equal to the quantity supplied. Thus,…

Q: $2.00 $1.50 $1.00 20 27 28 30 35 Millions of Gallons of Milk Per Week Refer to the above diagram for…

A: Equilibrium in the market is attained when demand is equals to the supply of the product. When…

Q: Which of the following will not change the equilibrium quantity and price for fast-food hamburgers?…

A: The equilibrium price and quantity exist at the level where the demand and supply are the same.

Q: In Country Faraway, cigarettes are forbidden, so people trade cigarettes in a black market. The…

A: We are given the demand and supply of cigarettes as follows:QD = 12 − PQS = 2P Demand: Demand of a…

Q: There are 100 sellers in the market for widgets: 40 people are willing to sell a widget at £10 or…

A: The supply curve is a realistic portrayal of the connection between's the expense of a good or…

Q: In a particular market, demand and supply curves are defined by the following equations QD300 20P,…

A: Qd = 300 - 20P Qs = -540 + 40P

Q: Which of the following statements is (are) correct? (x) If the supply curve is upward sloping and a…

A: As we know market is in equilibrium where demand and supply curve intersect at certain oint and…

Q: Florida, like several other states, has passed a law that prohibits "price gouging" immediately…

A: Price gouging refers to a scenario in which if severe natural calamities occur like an earthquake or…

Q: In the market for automobiles, firms in the industry are able to buy the steel for the cars at a…

A: Steel is an input for the assembly of cars, so a fall within the price of steel causes the…

Q: Consider a poor country confronting the rising price of eggs, an important food source for the…

A: Answer: Option A (At the new price, fewer egg producers would supply the market and there would be…

Q: How is the price of gasoline determined in a competitive market? What predictions can you make about…

A: In a competitive market due to the the large number of suppliers and perfect knowledge equilibrium…

Q: Suppose the market shown in the graph below is initially in equilibrium with price at P1. Then, the…

A: Hi! thanks for the question but as per the guidelines, we can answer only one question at one time.…

Q: Which of the following statements best describes equilibrium in a market? At equilibrium, quantity…

A: At equilibrium, quantity demanded equals quantity supplied is the statement that best describes…

Q: The demand for petroleum is given by QD=85 – 0.4? where QD is the quantity demanded in thousands of…

A: Given data: Demand of petroleum is given by, QD=85-0.4P Supply of petroleum is given by, QS=55+0.6P…

Q: Determine how the following affects the market for apples in the United States.    While not…

A: Note: In the BNED Guidance, only the first question can be answered at a time. Resend the question…

Q: The market for plastic has been estimated to have these supply and demand relationships: Supply Q =…

A: (a)  At equilibrium, demand and supply curve intersects each other (or demand and supply are equal…

Q: Suppose the market demand for pizza is given by Qd = 300 – 20P and the market supply for pizza is…

A: Given: Qd=300-20P Qsd=-100+20P Note: Due to multiple subparts being posted, the first three subparts…

Q: Wool and cotton can both be used to manufacture clothing in the garment industry. Suppose that bad…

A: When cotton crops gets destroyed due to bad weather, the result is decrease in supply of cotton,…

Q: Which of the following statements is correct? Multiple Choice   If supply decreases and demand…

A: Equilibrium occurs where quantity demanded equals quantity supplied, that is at the intersection of…

Q: The natural tendency to equilibrium in a given market happens when      the price is lower or higher…

A: The equilibrium in a market arrives when the quantity demanded by the consumers is exactly matching…

Q: Read the following scenario. Corn is a very valuable product for which the U.S. government…

A: A subsidy is an immediate or roundabout installment to people or firms, for the most part as a money…

Q: equilibrium price. Should the University accept the offer to install the seats? QUESTION 4 The…

A: We will solve the first three subparts only. Please resubmit the question with any other parts if…

Q: Florida, like several other states, has passed a law that prohibits “price gouging” immediately…

A: When law of ‘price gouging’ is imposed, it strictly prohibits the firms to not be able to charge…

Q: Let Qd stand for the quantity demanded, Qs stand for the quantity supplied, and P stand for price.…

A: Equilibrium is established when quantity demanded equals quantity supplied. There is only one…

Q: The market equilibrium for milk in your city can best be described as follows:   Group of answer…

A: Prices of goods and services that exists in the market is decided with the help of market variables-…

Q: An economist estimates that a market has a demand curve of the form P = 26 - (0.867) Q and a supply…

A: Given  Demand equation: P=26-0.867Q…

Q: Refer to Figure 5 - 5. Suppose this market for gardening services is in a free - market equilibrium.…

A: Economic surplus is the surplus earned by consumers and producers in the economy. ECONOMIC SURPLUS =…

Q: 11. Disequilibrium Suppose the market for cantaloupes is unregulated. That is, cantaloupe prices are…

A: Demand: - Demand is the relationship between the quantity demanded and the price of a good. There is…

Q: Many states have price gouging laws. These laws forbid the prices of certain goods from rising…

A: Here, it is given that many states uses price gouging laws to prevent the market price of goods and…

Q: Question 12.12.  A surplus of a product will arise when price is  above equilibrium with the result…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Find the equilibrium price if the price-demand equation is p=D(x)=23-1/20x, and the price-supply…

A: The equilibrium price is achieved at the intersection of the demand curve and the supply curve. It…

Q: The demand for petroleum is given by QD=85 − 0.4? where Q Dis the quantity demanded in thousands of…

A: Answer I) We know, at the market equilibrium of petroleum, the quantity demanded and the quantity…

Q: The market for peanut butter in Winnipeg has the following supply and demand curves: Demand: P = 30…

A: A demand curve shows the connection between amount demanded and cost in a given market on a diagram.…

Q: At an equilibrium price for gasoline,   a. everyone who is willing and able to purchase gasoline at…

A: Demand curve depicts the relationship between price and quantity demanded and supply curve depicts…

Q: Corn is a very valuable product for which the U.S. government routinely offers subsidies. With no…

A: The data given is as follows:- Equilibrium price of corn = $300 Equilibrium quantity of corn = 500…

Q: C) As the demand decreased, the supply turned into a surplus. As the demand for restaurant meals has…

A: The four step approach of analyzing the change in demand and supply is: Step 1: One need to draw a…

Q: Consider the market for milk in Saskatchewan If p is the price of milk (cents per litre) and Q is…

A: Given information: Demand: p = 240 - 10QD Supply: p = 30 + 10QS Where p is the price of milk (cents…

Q: More than 20 states have laws outlawing price gouging during a state of emergency, which might be…

A: During a state of emergency, it is usually important that goods, especially basic necessities, are…

Q: 1. At a price of $2.28 per bushel, the supply of barley is 7,500 million bushels and the demand is…

A: Equilibrium is the situation where the demand curve and the supply curve intersect at each other.

Q: The demand for petroleum is given by QD=85 − 0.4? where Q Dis the quantity demanded in thousands of…

A: Equilibrium is the state where the market demand and market supply are equals and as an outcome of…