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- What is consumer surplus? How is it illustrated on a demand and supply diagram?Suppose both of these events took place at the same time. Combine your analyses of the impacts of the iPod and the tariff Induction to determine the likely impact on the equilibrium price and quantity of Sony Walkman-type products. Shaw your answer graphically.If demand is inelastic, will shifts in supply have a larger effect on equilibrium price or on quantity?
- Describe the mechanism by which supply creates its osi1 demand.demand equations QD = 3550 - 20P supply equations QS = 1800 + 30P what is equilibrium price ?This not a grade Question to go with picture: Label the new Equilibrium E1 What is the new equilibrium price? What is the new equilibrium quantity? Was the result of a change in supply or quantity supply? Was the change an increase or decrease? As a result, did the equilibrium price increase or decrease? As a result did the equilibrium quantity increase or decrease?
- Market research has revealed the following information about the market for lamps: The demand schedule can be represented by the equation QD = 24 - 3P, where OD is the quantity demanded and P is the price. The supply schedule can be represented by the equation Os-4 + 2P, where Qs is the quantity supplied. (Show all your work). a) Sketch the demand and supply curves, carefully labeling your intercepts. b)Calculate the equilibrium price (P*) and quantity (Q*) in the market for lamps. c) If the market price was artificially set at P-$6, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much? d) If the market price was artificially set at P-$2, what kind of imbalance would this create in the market (surplus or shortage)? Of exactly how much?** I have the answer to the equation, I just am unsure of how to go about plotting the graph. Thank you! ** Suppose that a market analysis shows that the demand and supply equations for the market are as follows: Qs=8P; QD=336-6P. Find the equilibrium price and quantity in this market. Now, using graph paper, plot the supply and demand curves carefully and verify that the curves intersect at the equilibrium price and quantity that you found. On your graph, be sure to label your axes and clearly indicate the price and quantity intercept values.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 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?During a severe recession, the demand for luxury automobiles will be affected. At the same time, more companies introduce new models of luxury automobiles. As a result of these changes, what would happen to the equilibrium of the automobile market? a. the effect on the market equilibrium price of luxury automobiles cannot be predicted. b. the market equilibrium quantity of luxury automobiles sold will definitely increase. c. the market equilibrium price of luxury automobiles will definitely decrease. d. the market equilibrium price of luxury automobiles will definitely increase.answer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…
