please send handwritten solution for part c N = 5 The supply and demand curves for a product are given by the following equations:P = aQs + b and P =cQD + dwhere Qs is the quantity supplied, Qp is the quantity demanded, P is the price of the product,and a, b, c and d are constarts.Part AGive a definition of supply and demand curves and explain what is meant by equilibrium priceand equilibrium quantity. Give an explanation in context, considering the equations above andsupporting your explanations with the use of appropriate graphs.State the range of values of the parameters a, b, c and d giving reasons based on supply anddemand economic theories.Part BThe equation of the demand function for luxury sparkling wine is given by Qp = 1520 – 5Pwhere QD is the number of bottles demanded weekly and P is the price per bottle in euros. Froma market analysis was found that:%3DThe price of each bottle increases by € 2.65 for every extra 10 bottles produced, andThe number of bottles produced is the same as the number of bottles bought when theirprice per bottle is € 184.Sketch both the supply and the demand curve for sparkling wine on the same graph labelling theequilibrium point and any intersections with the axis. You need to label each axis and give theequation for the curves in the form P = f(Q). You also need to show all your working and givefull explanations in your own words.Part CUsing the supply and demand curves given in Part B, determine the effect on the marketequilibrium if a fixed tax of € (10 + N) is introduced on the production of each bottle of wine.Here N is the last digit of your ID number.You need to use appropriate graphs to represent this situation, show all your working andprovide full explanations in your own words and in context. You also need to explain how muchthe consumer and the producer will pay more due to the introduction of this new tax.

Given information Demand function P=cQd+d Supply function P=aQs+b new demand function Q=1520-5P…

The supply and demand curves for a product are given by the following equations: P = aQs + b and P = cQD+d %3D where Qs is the quantity supplied, Qp is the quantity demanded, P is the price of the product, and a, b, c and d are constarts. Part A Give a definition of supply and demand curves and explain what is meant by equilibrium price and equilibrium quantity. Give an explanation in context, considering the equations above and supporting your explanations with the use of appropriate graphs. State the range of values of the parameters a, b, c and d giving reasons based on supply and demand economic theories. Part B The equation of the demand function for luxury sparkling wine is given by QD = 1520 – 5P where Qp is the number of bottles demanded weekly and P is the price per bottle in euros. Fro market analysis was found that:

The supply and demand curves for a product are given by the following equations: P = aQs + b and P = cQD+d %3D where Qs is the quantity supplied, Qp is the quantity demanded, P is the price of the product, and a, b, c and d are constarts. Part A Give a definition of supply and demand curves and explain what is meant by equilibrium price and equilibrium quantity. Give an explanation in context, considering the equations above and supporting your explanations with the use of appropriate graphs. State the range of values of the parameters a, b, c and d giving reasons based on supply and demand economic theories. Part B The equation of the demand function for luxury sparkling wine is given by QD = 1520 – 5P where Qp is the number of bottles demanded weekly and P is the price per bottle in euros. Fro market analysis was found that:

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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