The system of equations below describes the market for cars where G stands for the price of substitutes for cars and N is the price of inputs used to produce cars. Qd = a-BP+yG a, B, Y, 6, 0, X>0 Qs = -6+0P-XN Show how an increase in the price of inputs, N, affects equilibrium quantity and price.
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- Assume that demand for a commodity is represented by the equation P=20−2Qd.�=20−2��.Supply is represented by the equation P=−5+3Qs,�=−5+3��,where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity.The market for gravel has the following demand and supply relationships: Supply function: Q = 100P - 1,000 Inverse demand function: P = 50 - 0.01*Q + PX, where P represents price of gravel per ton in dollars, Q represents sales of gravel per week in tons, and PX is the price of some other product X in dollars per unit. Let PX = $50/ton In a diagram, qualitatively describe the change that would occur in the market for gravel (i.e. equilibrium price and quantity) if a new discovery has just made the production of product X cheaper. Briefly explain whether it is a movement along or shift of demand curve and supply curve for gravel. In addition to the new discovery regarding product X in previous question), suppose now workers producing gravel ask for sick leave due to COVID. Use supply and demand analysis to predict how these two shocks will affect equilibrium price and sales. Illustrate your results in a diagram. Is there enough information to determine if market prices will rise or…Sketch the market described above and indicate the values of the equilibrium price andequilibrium quantity.
- DO NOT COPY OTHER ANSWERS FROM OTHER WEBSITES. THEY ARE WRONG Consider the market for orange juice. In this market, the supply curve is given by QS = 100PJ −20PO and the demand curve is given by QD = 1000−150PJ +100PC, where J denotes orange juice, O denotes Orange, and C denotes coffee. Assume that PO = 10 and Pc = 8. Calculate the equilibrium price and quantity in the Orange juice market. Suppose that a poor harvest season raises the price of oranges to Po = 15 Draw a graph to illustrate your answers. Is it possible to reach a market equilibrium if the price of orange juice PJ remains unchanged? Why? How much quantity of orange juice will finally be exchanged on the market? Find the market price necessary to restore equilibrium. Deduce the equilibrium quantity of orange juice.Suppose the demand for shoes is given by Qd = 40 – 5P and the supply for shoes is given by Qs = 10P – 20, where P = price (per shoes). Graph the supply and demand schedules for shoes. What is the equilibrium price and equilibrium quantity using the equations provided? What would happen if suppliers set the price of shoes at $8? Illustrate this problem Explain the market adjustment process of the problem in part (iii)For the following demand and supply functions of a product, state the economically sensible values of price and quantity for which each of them are defined. Draw the market diagram for this product with price shown on the vertical axis. What are the equilibrium price and quantity? Carefully explain why the price you obtained is the equilibrium price. r q S = −5 + 3 p, q D = 20 − 2 p.
- Determine whether each of the following statementsis true, false, or uncertain. Then briefly explain each answer.a. In equilibrium, all sellers can find buyers.b. In equilibrium, there is no pressure on the market to produce orconsume more than is being sold.c. At prices above equilibrium, the quantity exchanged exceeds thequantity demanded.d. At prices below equilibrium, the quantity exchanged is equal tothe quantity suppliedPlease show chart for Price, QS, and QD. The estimated supply function for avocados is Q = 58 + 15p − 20pf, where pf is the price of fertilizer. Determine how much the supply curve for avocados shifts if the price of fertilizer rises by $1.10 per lb. Illustrate this shift in a diagram.Determine the equilibrium price and quantity of the above market when j=100. Qd= Qs given the following equations: 400 - 2P + 4j = - 100 + 3P and 400+400+100 = 3P+2P calculate price and quantity. Plot a graph showing the above
- The demand for cat treats is represented by the following equation: QD(P) = 300 – 50P, where QD represents the quantity demanded for boxes of cat treats and P represents the price of a box of cat treats in dollars. The supply of cat treats is represented by QS(P) = -100 + 50P, where QS represents the quantity supplied of cat treats and P represents the price. What is the market equilibrium price and quantity of cat treats? I believe the best way to solve this is algebraically by solving for equation 1 and plugging in the answer from equation 1 into equation 2.During 1979 an interruption in oil supplies from the Middle East caused the price of home heating oil to rise by more than 100 percent. Concern about how the sudden price increase would impact poor families led the government to seek oil from the world market. Suppose that domestic market demand and supply curves are given as follows: P = 16 – 2QD P = 4 + QS where QD is the quantity demand, QS is the quantity supplied, and P is price ($s/unit). Solve for the equilibrium price and quantity of home heating oil in the domestic market. How many barrels of oil will consumers purchase if the world price is $6/unit?