The supply curve for some good is Qs = -10 + P. The demand curve for the same good is given by QD = 70 - 3P. What are the coordinates of equilibrium %3D in this market? Select one: O a. P 15, Q = 22 O b. P 20, Q = 10 c. P 38, Q = 15 O d. P = 25, Q = 11
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- What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?Time remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…The equations describing demand and supply curves for pizzasare given as follows:Q= 500 –P and Q= 2P + 200. a.What is the equilibriumpriceand quantity? b.Suppose that the price levelis set by the government at $150. Will there be a shortage or surplus? Explain why . What is the size of the surplus or shortage ?
- 1) In the market for smart phones, explain how will thefollowing statement impact the equilibrium price andquantity?Average incomes increase and new technology improvesproductive efficiency(Make sure that you also consider the effect on demandand supply curves where appropriate)The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…Q a. Market equilibrium is a situation where the market clears itself. Show this behaviour with thehelp of supply and demand graphs? Q b. We often see in competitive markets that a producer can neither charge higher prices norlower than equilibrium price. Why does this happen? And what are its effects on equilibrium price?
- Suppose that the prie<> of basketball tickcts at yourcollege is determined by market forces. Currently. thedemand and supply schedules arc as follows:Price Quantity Demanded Quantity Supplied$4 10,000 tickets 8.000 tickets8 8,000 8,00012 6,000 8,00016 4,000 8,00020 2,000 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. \oVhat arc the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. 1he additional stu·dents will have the following demand schedule:Price Quantity Demanded$4 4,000 tickels8 3,00012 2,00016 1,00020 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the ne\"' demand schedule for theentire college. What will be the newcquUibrium price and quantity?In equilibrium, how many stoves would be sold and at what price? The demand for stoves is given by QD=450−20? and the market supply is given by QS = 20 + 100P. (i), calculate the price elasticity of demandfor stoves when price changes to $10ii. What would happen if suppliers set the price of stoves at $15? Explainthe market adjustment process. iii. Using the response in part (i), calculate the price elasticity of demandfor stoves when price changes to $10usiness EconomicsQ&A Library) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c) -1 d) -2 Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0 a) 13 b) 2 c) 10 d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determined b) 12 c) 10 d) 14 Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: (7) - wrong data. "quantity demanded drops from 10 to 12" is wrong since value from 10 to 12 is an increase, not a drop. Ask Your Question Again 6 of 10 questions left until 1/15/21 Question I. If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c)…
- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100d. Suppose there is an increase in consumers' incomes. In the market for automobiles(a normal good), does this event cause an increase in demand or an increase in quantitydemanded? Does this cause an increase in supply or an increase in quantity supplied?(Explain. NB: Explanation must not be more than half a page.)e. Suppose there is an advance in the technology employed to produce automobiles. Inthe market for automobiles, does this event cause an increase in supply or an increasein the quantity supplied? Does this cause an increase in demand or an increase in thequantity demanded? Explain NB: Explanation must not be more than half a page.f. The demand and supply functions for two related commodities A and B in two differentmarkets are defined below:QdA= 410-5PA-2PB QdB= 295-PA-3PBQsA= -60+3PA QsB= -120+2PBi. Find the equilibrium conditions in the two marketsii. How are goods A and B related? Explain your.Chapter 2 Problem #5. Suppose the demand and supplycurves for a product are given by QD= 500 −2PQS=−100 + 3Pa. Graph the supply and demand curves.b. Find the equilibrium price and quantity.Qd= Q3500-2P= -100+3PP= Pe = 120 & Qe=260The equilibrium price is $120 and the quantity is 260c. If the current price of the product is $100, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?d. If the current price of the product is $150, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?e. Suppose that demand changes to QD= 600 â 2P.Find the new equilibrium price and quantity, and show this on your graph.***PLEASE SHOW ALL EQUATIONS AND METHODS,