The mobile phone market in Europe shows the following characteristics: Production 15.9 mn units Consumption 22.8 mn units European Price 36 Eurocents Elasticity of supply 1.5 Elasticity of demand -0.3 a) Derive the demand and supply curves in the mobile phone market.
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- the mobile phone market in europe shows the following characteristics?Production 15.9 MN unitsConsumption 22.8 MN unitsEuropean price 36 EurocentsElasticity of supply 1.5Elasticity of demand -0.3Drive the demand and supply curves in the Mobile market. Demand, Supply, consumer surplus, Market Equilibrium Price floor. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum. QD = 80,000 – 20,000Px (Demand) QS = - 20,000 + 20,000Px (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Answer the following questions: A. What is the condition for market equilibrium? B Calculate the market equilibrium price and equilibrium output? C. What is the inverse demand curve P = f (QD)? D. Compute the consumer surplus at the equilibrium price. E. What is the inverse supply curve P = f (Qs)? F. Compute the producer surplus at the equilibrium price.For each of the incident occurred in the cigarette market, explain whether the demand curve or the supply curve is affected and the effects on the equilibrium price and quantity in the cigarettes market. Support your answers with suitable market diagrams. Your diagram should take into consideration the price elasticity of demand and supply for cigarettes. (i) Price of electronic vaporisers ( vapes) increases (ii) Workers in the cigarettes industry have an increase in wages (iii)Research concludes that smoking will cause cancer
- Market demand in Nizwa for rice is obtained by_________. a. By calculating the total supply of rice in Nizwa b. By calculating the total production of rice in Nizwa. c. Adding the demands of all rice consumers in Nizwa vertically d. Adding the demands of all rice consumers in Nizwa horizontallyQuestion 1 Consider a rice farmer planting two (2) types of rice, white and brown rice, concurrently in his rice field using the same resources and technology and harvesting them at the same time. Given that consumers like to mix both white and brown rice in their daily consumption, explain the effect on the white rice market when the price of brown rice increases. Support your answers with suitable white rice market diagrams. Consider a farmer that produces both white and brown rice. It is discovered that the demand for brown rice is relatively more inelastic compared to the demand for white rice. Initially the price of both white and brown rice is the same and the farmer produces the same quantity of white and brown rice. Now there is an improvement in agricultural technologies that affect both white and brown rice equally. Employ the demand and supply model to compare and contrast the effects on the equilibrium price and quantity of both white and brown rice…Samsung launched 5G mobile phones in the Oman Market because Oredoo and Omantel introduced a 5G network in Oman in the year 2021. But in Sri Lanka still, Samsung is selling 4G mobile phones. The determinant of demand discussed in above statements are ____________. a. Taste and preference of the consumer b. Income of the consumer c. Climatic conditions d. Technological changes
- The market for pizza has the following demand and supply schedules:a.Graph the demand and supply curves.What are the equilibrium price and quantity in this market?b.If the actual price in this market were above the equilibrium price,what would drive the market towards the equilibrium?c.If the actual price in this market were below the equilibrium price,what would drive the market towards the equilibrium?Draw separate diagrams for a, b and c. a) Lets consider the market for street food which is an inferior good. Show using demand and supply curves what will happen to the equilibrium price and quantity of street food if people’s income decreases. b) Lets consider the market for mobile phones. Show using demand supply curves what will happen to the equilibrium price and quantity of mobile phones if there is a technological advancement in the mobile phone manufacturing industry. c) Lets consider the market for fuel. Show using demand supply curves what will happen to the equilibrium price and quantity of fuel if price of cars fall.Plot the following hypothetical market demand and supply schedules for commodity X. Use graphing paper or a clean sheet of papaer.
- Explain the two main types of related goods according to demand and supply analysis.Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events:Suppose the Doctors recommend eating Apples every morning. The Monsoon rains adversely affect the Apple Harvest. The government announces increase in Wages of workers. The price of petrol in the market comes down. Consumers Income falls during government imposed Lockdowns due to health concerns. Given below is the Supply Schedule of Nestle Milk per liter:Price of Milk per liter (in Rs) 100 200 300 400Quantity Supplied per day in liters (in 1000s) 100 200 300 400Use the above data to illustrate the Supply Curve in a graph with complete labels. Assume Rs. 200 is the original price of milk per liter and 200,000 liters is the original quantity of supply. Suppose the price rises from Rs. 200 to Rs. 300, what will be the amount of Quantity Supplied?Illustrate the impact of (C) on the graph. Is this a movement along the supply curve or shift of the curve?Consider the product of gasoline. Its PES is estimated at 1.6. Which of the following would be true? a) Gasoline’s supply is inelastic b) Its supply curve is a steep, upward sloping line c)Its supply curve is a vertical line d) Its supply curve is a flat, upward sloping line e) None of the above 2. Think about the market for gasoline again. Due to the rise of electrical and hybrid cars, there is a decrease in tastes and preferences for gasoline. What is the effect on this market? a) Price falls and quantity increases b) There is a greater decrease in quantity than in the price c)There is a greater increase in quantity than in the price d) The demand curve will become more steep e) None of the above 3. Please complete the following sentence. The more inelastic the supply curve... a) the more consumer surplus created by implementing a tax on a product b) the greater the tax burden on the buyers c)the greater the tax burden on the sellers d) the more a shift in the demand curve causes…
