What is the equilibrium price in the market for pomegranates if demand is represented by PO = 160 - 8Q0 and supply is represented by PS= 60 + 1205? %3D Price = $100 Price = $70 Price = $120 Price = $50
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- A severe flood has damaged this year's tomato crops. The initial effect on the tomato market is a If Qd = 30 - 2P and Qs = 5 + 3P, where Qd is the quantity demanded, Qs is quantity supplied, and P is the price. What is the equilibrium price? Which of the following correctly reflects the cost minimizing equilibrium condition a.(MPL)(PL) = (MPK)(PK). b.PL = PK. c.MPL/PL = MPK/PK. d.MPL = MPK.Suppose the demand equation for shale gas is Qd=10P^-1.8 and the supply equations Qs=2P^0.2What is the equilibrium price and equilibrium quantity?Suppose the market demand for Omani Halwa is given by Qd = 400 – 20 P and the market supply for Omani Halwa is given by Qs = 20 P – 200, where P = price (per Omani Halwa). Graph the supply and demand schedules for Omani Halwa using $10 through $20 as the value of P. In equilibrium, how many Omani Halwas would be sold and at what price? What would happen if suppliers set the price of Omani Halwa at $20? Explain the market adjustment process. “A household’s decision about what quantity of a particular output, or product to demand depends on a number of factors.” Discuss the major factors affecting the demand.
- Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.Suppose that the supply function for lamb in Australia is Q = 149 + 8p - 9ps, where Q is the quantity in millions of kg of lamb per year, and pand psare the prices of lamb and sheep, respectively, in Australian dollars per kg. How does the supply curve change if the price of sheep increases from AU$5 to AU$5.50 per kg? (Hint: See Solved Problem 2.1.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 supplied
- Suppose demand for a good is QD = 100 - 2P and supply is QS = -20 + P. What is the equilibrium price? A. 20 B. 40 C. 60 D. 80 2. Suppose demand for a good is QD = 100 - 2P and supply is QS = -20 + P. What is the equilibrium quantity? A. 20 B. 40 C. 60 D. 80Suppose we have a demand and supply curve where Qd = −2P + 42 Qs = 3P + 7 a. What is the equilibrium price and quantity? P* = Q* =Suppose that the annual demand and supply curves for some good in a competitive market are QD = 26 – 2P and QS = −2 + 2P a: Solve for the equilibrium quantity and price.b: Neatly graph this market, showing the horizontal and vertical intercepts of the demand curve,the vertical intercept of the supply curve, and the equilibrium. Make sure to put quantity on the horizontalaxis.
- Information on a coffee market is given as below: qs=20p-100 qd=6000/p where p is the price of coffee per tin and q is the quantity of coffee in tins. (a) Draw two functions on a diagram restricting your attention to p E[0, ∞) and q E [0, ∞). (b) Obtain the market equilibrium. What occurs if the price of coffee per tin is $15? (c) Suppose the demand function has changed to q D = 3000/p . Provide an economic explanation of this change and list a few reasons as to why it might have occurred. (d) Obtain the new market equilibrium. What would happen if the price of coffee per tin stayed the same as the equilibrium price you obtained in (b)?Suppose you are given the following supply and demand equations for your company's product, executive fountain pens: Qd = 12,000 - 2P + 3Py - 5Pn - 2Pk + 4M + 3A Qs = 8,000 + 4,000P - 7Pm - 3Pw where: Qd = quantity demanded of fountain pens Qs = quantity supplied of fountain pens P = price per unit of fountain pens Py = price per unit of pencils Pn = price per unit of notebooks Pk = price per bottle of ink M = consumer income A = number of units of advertising purchased by the company Pm = cost of purchasing materials (inputs) for fountain pens Pw = cost of hiring a worker (wage rate) a) given the signs of the coefficients in the demand equation, how does the demand for fountain pens react to each variable (i.e., substitutes, complements, normal good, inferior good)? b) given the signs of the coefficients in the supply equation, how does the supply for fountain pens react to each variable? c) suppose you are given the following data: Py = $10 Pn = $15 Pk = $8 M = $20,000 A =…(Q.3.3.) Suppose the demand and supply equations for a particular good are given as follow: QD - 140 - 2P and Qs - 4P - 10. The market for this good is currently in equilibrium. (Q.3.10) At the current market price, is the market outcome efficient? If not, state the relationship between the current market price and the efficient market price, and the current quantity traded and the efficient quantity traded. At the current market price, the market outcome_______________The current market price__________________the efficlent price, and the current quantity traded___________the efficient quantity. (Please explain the response. Do not simply provide an answer. Thank you. Option choices are: is efficient, is equal to, is greater than, is inefficient, or is less than than.)
