Using the article linked https://www.abc.net.au/news/2021-02-01/quarantine-contracts-hotel-industry-slow-recovery-covid19/13098452 Draw a diagram to show the impact of border closures on the demand curve for Australian CBD hotel rooms. On the same diagram, show a further impact of joining hotel quarantine programs on the demand for CBD hotel rooms. Explain the reasons for these changes, including a basic explanation of what a demand curve represents.

Using the article linked https://www.abc.net.au/news/2021-02-01/quarantine-contracts-hotel-industry-slow-recovery-covid19/13098452 Draw a diagram to show the impact of border closures on the demand curve for Australian CBD hotel rooms. On the same diagram, show a further impact of joining hotel quarantine programs on the demand for CBD hotel rooms. Explain the reasons for these changes, including a basic explanation of what a demand curve represents.

Microeconomics: Principles & Policy

14th Edition

ISBN:9781337794992

Author:William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:William J. Baumol, Alan S. Blinder, John L. Solow

Chapter6: Demand And Elasticity

Section: Chapter Questions

Problem 2TY

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The lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as:Qd= 65 – 10P Qs= -35 + 15P1 Find the equilibrium price and quantity and show it on labeled D/S diagram.2 How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2?3 Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).
Normally, the people of COVID-FREE LAND demand of 3000 sanitizers and 18000 toilet rolls. Suddenly, there is outbreak of covid-19 and demand for sanitizers and toilet rolls increased to 4,000 and 20,000 respectively. How could COVID-FREE land meets its new demand. Identify and comprehensively discuss at least three possibilities or ways.
Volkswagen’s reputation among car buyers was shattered when the public discovered it was cheating on its emissions checks. What happened to equilibrium prices and quantities in the market for Audis, which is widely known to be a good substitute for Volkswagens also created in Germany? The equilibrium price Group of answer choices is ambiguous and the equilibrium quantity increases. increases and the equilibrium quantity increases. decreases and the equilibrium quantity increases. increases and the equilibrium quantity decreases.
In a particular market, demand and supply curves are defined by the following equations QD = 300 – 20P,QS = -540 + 40P, where P is the price per unit in pounds and QD and QS are the quantity demanded and quantity supplied, respectively. A) What is the equilibrium price and quantity? B) If a maximum price is fixed at £12, what quantity will be traded?
The lockdown around the world has caused the rapid growth in the electronic market as people have shifted from conventional methods to the new methods for imparting knowledge and staying connected. If demand and supply function are given as: Qd= 65 – 10P Qs= -35 + 15P Find the equilibrium price and quantity and show it on labeled D/S diagram. How do you interpret market equilibrium: (i) if P= Rs.6? (ii) if P=2? 3.Show on the Demand-Supply diagram in (a), the graphical interpretation of your answer of (b).
Normally, the people of COVID-FREE LAND demand of 3,000 sanitizers and 18,000 toilet rolls. Suddenly, there is an outbreak of COVID-19 and the demand for sanitizers and toilet rolls has increased to 4,000 and 20,000, respectively. How would COVID-FREE LAND meet its new demand. Identify and comprehensively discuss at least three possibilities or ways. State all appropriate assumptions made.
Take as a point of departure the following initial conditions: thereexists the unstable market equilibrium at $4 price; the DD curve has coordinates (7,0) and (0,7); the SS curve has coordinates (0,-1) and (7,7). 1. Explain what changes in structural variables could lead to the smaller quantities demanded and supplied while the equilibrium price stays at $4. Draw the relevant supply-demand diagram, which furnishes the coordinates of the DD and SS curves, characterizedby the smaller quantities demanded and supplied at the $4 price?
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Figure 1.1 shows a chart with the demand and supply curves for new Oxygen Ventilators that have now entered the Caribbean market. The demand and supply curves Demand(1) and Supply(1) respectively shown in Figure 1.1 are given by the following formulae: (Note that the price is in thousands of dollars and quantity in thousands of units) For the Demand curve Demand(1), P = -0.8Q + 6 For the Supply curve Supply(1), P = 0.4Q + 2 Using the equations given, calculate the equilibrium point for the demand for and supply of the new Oxygen Ventilators. Show all calculations.
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Less strict regulation results in many more companies obtaining the right to mine coal in Mpumalanga. At the same time, alternative energy solutions result in a decrease in the demand for coal-generated electricity. Explain how the market for coal will be affected by these changes. Clearly indicate how the equilibrium price and equilibrium quantity of coal will be affected by these changes. Make use of a combination of diagrams and verbal explanation to explain your answer.
Using data on the market of a particular product, the following show the estimated demand and supply equations respectively Qd = 4,437.50 − 332.5P and Qs = 2,250 + 300P. If the government will intervene in this market and imposes that the maximum price will be 25% less than the market price (round-up to six decimals), F. How much would be the quantity demanded? Round-up to two decimals. G. How much would be the quantity supplied? Round-up to two decimals. H. Based on the market price of the product and slope of supply equation, what is the condition in the market? Explain concisely.