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a)
Which of the following is typically not used to evaluate economic policy?
O Stability
O
O Kosher-Index
O Equity
b)
Consider following demand and supply function for a market: D: P-280-2Q: S: P=30+8Q. The market
Q-45
Q = 55
Q-35
Q-25
c)
Consider the market for wheat, which currently is in equilibrium. Covid-19 related social distancing requirements make production more expensive. This will lead to
O An increase in
O A decrease in equilibrium price and an increase in equilibrium quantity
O An increase in equilibrium price and a decrease in equilibrium quantity
O A decrease in equilibrium price and quantity
Step by step
Solved in 3 steps
- 6. Suppose the market demand curve for cranberries is given by the equationQd = 500 - 4P, while the market supply curve for cranberries (when P ≥ 50) isdescribed by the equation Qs = -100 + 2P, where P is the price of cranberriesexpressed in dollars per barrel, and quantity (Qd or Qs) is in thousands ofbarrels per year. At what price and quantity is the market for cranberries inequilibrium? Show this equilibrium graphically.(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.)use diagramsa. What is the effect on the equilibrium price and quantity traded in market of theintroduction of a new technology that reduces costs of production for all firms?b. What is the effect on the equilibrium price and quantity traded in a market of a changein tastes that reduces the demand for the product?c. What is the effect on the equilibrium price and quantity traded in a market of theimposition of a tax per unit sold on suppliers?d. What is the effect on the equilibrium price and quantity traded in a market of thepayment of a subsidy per unit sold paid to suppliers?
- Consider a competitive market for the paper-making industry. The demand curve for paper is represented by the equation P = 120 – 2Q, while supply is represented by the equation P = 60 + Q, where Q is the quantity of paper (measured in tons) and P is the price of paper per ton for each paper mill (measured in dollars). Suppose the industry pollutes the environment by discharging waste chemicals that present a health risk to the public. a) What is the equilibrium price and quantity in the competitive market? b) Suppose the government determines that the social cost of unregulated paper-making activity is $30 per ton of paper. The government decides to internalise this activity through imposing the appropriate per unit tax on paper mills. What would be the socially optimal quantity of paper, and what would be the price for each paper mill?This question is inspired on the recent evolution of electricity markets in Switzerland and the EU.Suppose a market consists of three producers:i. Firm 1 (photovoltaics) has a marginal cost of production od CHF 1 and can produce up to 100 MW/h;ii. Firm 2 (hydroelectric) has a marginal cost od production of CHF 5 and can produce up to 200 MW/H;iii. Firm 3 (gas) has a marginal cost od production of CHF 20 and can produce up to 200 MW/h.For simplicity, assume that there are no fixed costs of production.Consumers are willing to pay a constant amount of 25 CHF for each additional MW/h up to 500 MW/h. a) Draw a graph of supply and demand for this market.b) Calculate the price in the market and the profits of each company.. Demand, Supply, consumer surplus, Market Equilibrium Price floor. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum. QD = 80,000 – 20,000Px (Demand) QS = - 20,000 + 20,000Px (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Answer the following questions: A. What is the condition for market equilibrium? B Calculate the market equilibrium price and equilibrium output? C. What is the inverse demand curve P = f (QD)? D. Compute the consumer surplus at the equilibrium price. E. What is the inverse supply curve P = f (Qs)? F. Compute the producer surplus at the equilibrium price.
- 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.The following relations describe monthly demand and supply for a computer support service to small businesses: Qd=3000-10P Qs=-1000+10P whrer Q is the number of businesses that need services and P is the monthly fee, in dollars. a. at what average monthly fee would demand equal zero? b. at what average monthly fee would supply equal zero? c. plot the supply and demand curves. d. what is the equilibrium price/output level? e. Suppose demand increases and leads to a new demand curve: Qd = 3500 - 10P f. Suppose new suppliers enter the market due to the increase in demand so the new suply curve is Q=-500+10P. What are the new equilibrium price and equilibrium quantity? g. Show changes on the graph.Assume an increase in the price from the EQUILIBRIUM PRICE as established in # 1 above, SHOW GEOMETRICALLY (using a graph) the effect of such an increase in Price ABOVE THE EQUILIBRIUM point. What “economic problem” is created in the market. Measure geometrically the magnitude or distance of such “economic problem”. In the face of such an economic problem, where private sector buyers and suppliers could not do anything more (and considering the PERISHABILITY OF THE VEGETABLE PRODUCT), which economic actor should come to intervene properly? Discuss what should that intervener do amidst such economic problem faced by the microeconomic actors -- the buyers and the sellers.
- 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?(A) From the Graph HWI-Q1, please construct the direct linear Qs (P) and Qd (P) functions (assuming that the market price is P3 and market quantity is Q1.) Also solve for P* and Q* mathematically. (B) Graph both schedules (that you just built in Problem 1A) and label the market-clearing price and quantity along with their equilibrium point on YOUR OWN graph WITH GREAT CARE! (C) Please fill empty cells for Table HWI-Q1 below -with values for Qs (P), Qd (P), (Qs - Qd) and to indicate whether P moves UP/DOWN/NC (No Change).**Answer bolded questions only please** The following relations describe monthly demand and supply for a computer support service to small businesses: Qd=3000-10P Qs=-1000+10P whrer Q is the number of businesses that need services and P is the monthly fee, in dollars. a. The average monthly fee where demand equal zero. $300 b. The average monthly fee where supply equal zero. $100 d. what is the equilibrium price/output level? e. Suppose demand increases and leads to a new demand curve: Qd = 3500 - 10P f. Suppose new suppliers enter the market due to the increase in demand so the new suply curve is Q=-500+10P. What are the new equilibrium price and equilibrium quantity? g. Show changes on the graph.
