The initial supply and demand curves for a good are illustrated in the above figure. If there are technological advances in the production of the good, then the new equilibrium price for the good Select one: O a. could be less than, equal to, or more than $6. O b. is more than $6. O c. is less than $6. O d. is $6. An excess quantity supplied can be corrected by
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- Suppose the demand for apple juice is QD = 30 – 2P, and the supply of apple juice is QS = 20 + 4P,where P is the price of the juice, QD and QS are the quantities demanded and supplied respectively.a. Find the equilibrium price and the equilibrium quantity for apple juice.b. Suppose a freeze in Florida damages the orange harvest and, as a result, the price of orangesrises. What will happen to the equilibrium price and equilibrium quantity of apple juice? Why?Suppose that the supply function for lamb in Australia is Q = 149 + 8p - 9ps, where Q is the quantity in millions of kg of lamb per year, and pand psare the prices of lamb and sheep, respectively, in Australian dollars per kg. How does the supply curve change if the price of sheep increases from AU$5 to AU$5.50 per kg? (Hint: See Solved Problem 2.1.What will happens to equilibrium price P" and equilibrium quantity Q* if a) The price of cocoa falls b) People became more health conscious and consume less calories. c) Both the price of cacao falls and people became more health conscious and consume fewer calories?
- can you answer these questions too: 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 $11.75. How many disposable cell phones will be demanded by consumers? Whichever curve you’ve determined should be shifted, derive the new function.Consider a hypothetical market for copper (q), where q is measured in 1000 tons. Suppose the supply of virgin copper is Sv = 10+5q. Suppose that the supply for recycled copper is Sr = 15+2.5q. Demand for copper is P = 65 – 1.5q. Note, buyers don’t distinguish between recycled and virgin copper. a. Draw a graph that illustrates these supply and demand conditions. b. What will the equilibrium output level of copper be in this market? What will the equilibrium price be? How much of this copper will be recycled? Label these values on your graph in part a. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.What happens when Tropical Storm Edna produces heavy rains that destroy a significant portion of the orange crop? What is the effect of this tropical storm on the EQUILIBRIUM PRICE of oranges? A. Equilibrium price will DECREASE as a result of this tropical storm. B. Equilibrium price will INCREASE as a result of this tropical storm. C. Equilibrium price will REMAIN THE SAME as a result of this tropical storm. What is the effect of this tropical storm on the EQUILIBRIUM QUANTITY of oranges? A. Equilibrium QUANTITY will DECREASE as a result of this tropical storm. B. Equilibrium QUANTITY will INCREASE as a result of this tropical storm. C. Equilibrium QUANTITY will REMAIN THE SAME as a result of this tropical storm.
- Given what you have learned about 1) demand (and its determinants) and quantity demanded and 2) supply (and its determinants) and quantity supplied. Peanut crops have been destroyed by fungus. Consumers are substituting almond butter for peanut butter because they perceive it to be a healthier option. The prices of both peanut butter and almond butter are rising. Why? Since peanuts were destroyed by fungus this will lead to a decrease in the supply of peanuts used to make peanut butter. A decrease in supply will lead to an increase in the price of peanut butter. Almond butter is being used as a substitute for peanut butter because it is healthier. This will increase demand which will increase the price. Am I in the right ballpark here as to why both prices increased? A graph will really help me grasp how to solve this. Thank youTHIS 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…Suppose demand and supply for eggs are given by the following equation: Qd = 100-20P Qs = 10 +40P Where Qd = number of eggs purchased yearly Where Qs = number of eggs farms would sell yearly Where P = price per dozens of eggs a) Fill in the following table Price Per Dozen 5.00 6.00 6.50 7.00 7.50 Quantity Demanded (Qd) - - - - - Quantity Supplied (Qs) - - - - - b) Use the information to find the equilibrium price and equilibrium quantity, c) Graph the demand and supply curves and identify the equilibrium price and quantity. please sir solve accurate and fast and three parts. Ok thanks.
- Gasoline and heating oil can be both processed from the same raw material - crude oil. Assume that the price of heating oil decreases substantially. What will we observe in the market for gasoline? a) The equilibrium price increases, while the equilibrium quantity decreases b) The equilibrium price increases, and the equilibrium quantity also increases c) The equilibrium price decreases, while the equilibrium quantity increases d) The equilibrium price decreases, and the equilibrium quantity also decreases Please correct and incorrect answer explanation Note:- Please don't simply copy and paste content from other AI tools or bots, or else I may have to downvote your actions. Do not provide the handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.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)?Assume gasoline is sold in a competitive market, the equilibrium price is $50 per barrel, and the equilibrium quantity is 1000 barrels. (a) Using the numerical values above, draw a correctly labeled graph of the gasoline market and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $40 per barrel, will there be a surplus or a shortage in the market? Explain. (c) Assume new oil wells are discovered. On your graph from part (a), show how this change will affect the equilibrium price and quantity in the market for gasoline. (d) Assume instead there is an increase in the price of gasoline-operated automobiles. How will this change affect the market for gasoline? Explain. (e) If both changes in part (c) and part (d) occurred simultaneously, what will happen to the equilibrium price and quantity of gasoline?