With an inverse demand equation of  P = 10 – 0.05Q and an inverse supply equation of P = 1 + 0.10Q: a. Derive and plot the demand and supply curves b. Calculate for Consumer Surplus, Producer Surplus and Total Surplus at the equilibrium quantity

Q: -Question Completion Status: Market for Herring 15 So 8 Sworld + tariff Sworld Do 250 750 1670 3000 ...

A: A country becomes an importer when world price is less than domestic equilibrium price because quant...

Q: Are technical regulations in different countries equal and constitute they barriers to trade? Which ...

A: A technical regulation is a Government document that lays down product characteristics or their rela...

Q: Briefly define the terms in 30 to 50 words each: 1: Stagflation, 2: Depression and 3: Recession

A: Stagflation: As we know that stagflation is considered as a type of economic cycle in which both inf...

Q: Market for Game Consoles 600 Tools 550 500 CS PS 450 400 S 350 ESeq 300 250 200 150 100 50 10 20 30 ...

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a...

Q: Fishermen in the Atlantic ocean in Nova Scotia are catching fewer fish and are having to fish many m...

A: The concept that depicts additional output that results from one unit increase in the use of inputs ...

Q: Pat and Chris can spend their nonleisure time working either in the marketplace or at home  (prepari...

A: A budget constraint in economics refers to all the combinations of goods and services that a consume...

Q: Assume you have $2,000 autonomous consumption and given $10,000 disposable income did not allow you ...

A: Given autonomous consumption = 2000 Disposable income = 10000 At 10000, savings equal to zero The co...

Q: Explain the economic pillar of Starbucks in essay type

A: Starbucks is a global coffee company with more than 20,000 locations in more than 60 countries. Howe...

Q: Which of the following best describes a microeconomic question? (A) What is the value of US dollar i...

A: Answer: The right answer for the above mentioned statement is option B: Should a particular firm ent...

Q: The supply and demand curves for a product are given by the following equations: P = aQs +b and P = ...

A: Given information Given information Demand function P=cQd+d Supply function P=aQs+b new demand funct...

Q: 1. Present Value Costs Your company wants to bring outdoor ice-skating to Palm Springs, California a...

A: Answer a. The annual cost of owning and sustaining an asset is calculated by multiplying the net pre...

Q: Which of the following is a way to compute GDP?

A: The economics as a study is based upon the idea that the resources which are present with the econom...

Q: An increase in productivity in a country will cause its currency to ________ because it can produce ...

A: When there is an increase in productivity, more output is produced so the value of currency improves...

Q: Which of these is not a time-dependent economic indicator? A. IRR B. MARR C. ERR D. B/C ratio

A: The indicators that allow an analysis of the performance of the economy and predictions of the perfo...

Q: instructor wants to create a test that has true-false questions, multiple-choice questions, and essa...

A: Both 1st and 2nd part solved below,

Q: Suppose the workers on a farm are equally productive but they may decide not to work as hard because...

A: Adverse selection: When there is asymmetric information between two parties, and the party with the ...

Q: 3. In 1986, the CPI stood at 109.6 while in 2016 it stood at 240.0. In 1986, a new Toyota Corolla LE...

A: Consumer price index is the weighted sum of a consumption basket used to gauge inflation rate in the...

Q: 1. In answering the question, you should emphasize the line of reasoning that generated your results...

A:

Q: Consider the following dynamic game between two players. Each player chooses one of the actions "kee...

A: Given information There are 2 strategy each player plays  Keep and Share 2 players P1 and P2 It's a ...

Q: Suppose that you are in an economy with reserve requirements are equal to 15%, and cash drain is equ...

A: According to the question given, IN an economy, reserve requirements are equal to 15% and cash drai...

Q: This refers to the premium to compensate investors for not having to convert their investments into ...

A: In the bond market, investors and borrowers interact with each other to make an exchange of monetary...

Q: What do you think is the most important aspect to consider when trying to understand the concept of ...

A: Knowledge-based economies in industrialised countries are characterised by the development of inform...

Q: 2. Below is a tabular data of price and quantity demand and quantity supply for banana que. 10 40 20...

A: P 5 10 15 20 25 Qd 50 40 30 20 10 Qs 10 20 30 40 50 [a] To solve the demand and supply equati...

Q: The supply and demand curves for a product are given by the following equations: P = aQs + b and P= ...

A: Given information Demand function P=cQd+d Supply function P=aQs+b new demand function Q=1520-5P P=18...

Q: 3. Consider two firms that simultaneously choose quantities q1, 42. The price per unit is specified ...

A: Given information demand function P=12-q1-q2 MC=C  

Q: 7 Q. China is known to price its exports differently in international markets compared to price in i...

A: Trade is important for countries all around the world. In trade, exports and imports of goods and se...

Q: a. At which point(s) is this society producing some of each type of output but producing inefficient...

A: NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question...

Q: 3. The rate of inflation as of Thursday is 6 %, this is expected to continue. Sylvia wants to earn a...

A: Given Rate of inflation =6% We know that the real rate of interest = nominal interest rate minus the...

Q: The time series line chart below shows the total return on a stock index fund over a certain time pe...

A: The graph above shows the changes in stock index during the time period from before 2017 to 2021.  A...

Q: The two most important functions of central banks are to:   Question 12 options:   a)  execute monet...

A: Central bank is referred as bankers bank. It helps commercial banks and the financial system at the ...

Q: Answer these questions on a separate sheet of paper. -3 Consider the game defined by the matrix: P =...

A: Payoff of the game is :       Player 2     -3,3  1, -1  (0.4)    & then (0.7) Player  1 4...

Q: > Consider this total product function with a single variable input, labor (L) per day: TPL = Q(L) =...

A: Total Product refers to the sum of all the products whether goods or services that are produced by a...

Q: What's the primary role of politics and governance as a driver of Globalization?

A: Globalisation:- The term "globalisation" alludes towards how business and innovation has created the...

Q: What do you think about the US Economic Growth Rate? What strategies can we use to increase the US E...

A: The United States' economic freedom score is 72.1, making it the 25th freest economy in the Index fo...

Q: You have $50 in your wallet today. From the following statements, if your time of reference is today...

A: Given 50$ in your wallet today, and the reference is today, then it means that 50$ are in actual val...

Q: 1. Why might revenues generated from the tax fall short of expectations?

A: 1. We all have desires and needs. However, current incomes may not be sufficient to meet all of the ...

Q: L'a i a b. Write the tangency condition for a minimum of long run total cost, LTCmin- C= 'WL+ rk ( W...

A: Given production function Q=L1/2K1/2         .... (1) Isocost line equation: C=wL+rK      

Q: The supply and demand curves for a product are given by the following equations: P = aQs + b and P= ...

A: Given information Demand function P=cQd+d Supply function P=aQs+b new demand function Q=1520-5P P=18...

Q: The world price is still $2 and there is still free international trade with no government intervent...

A: With equilibrium price of $5 price, the domestic sellers will fulfil the demand in the country. At w...

Q: Why do we need microeconomic models? Using appropriate diagram(s), explain how changes in a factor t...

A: A microeconomic model describes the prices for a good in a particular market as a function of supply...

Q: Assume that initial GDP is $1,000 and we want to expand it to $1,600. Average MPC for the country is...

A: Economists use the marginal propensity to save (MPS) to measure the link between income and savings....

Q: The main criticism of a market economy is a. Concentration of wealth in a small percentage of the po...

A: The market economy is an economic system where resources are own and controlled by the private enter...

Q: Each consumer has the following demand for annual visits to Planet Fitness: Q = 200 - P (or P = 200 ...

A: *Answer:  Step 1 Given:Q=200−P  MC=$10   In optimal two−part tariff, P=MC P=$200 Now, Q = 200−P Q...

Q: d. Suppose that the prices of beer and wine double, so that px = 4 and is py = 4. If Charles still w...

A: As given Utility function is U = 2xy And price level of wine and beer is 4.

Q: verything else held constant, if a factor decreases the demand for ________ goods relative to ______...

A: When demand for domestic goods falls relative to the foreign goods then export of  domestic goods fa...

Q: The data below are from the economies of Ishgandar and Nonburmia. Ishgandar         Nonburmia       ...

A: GDP is the value of goods and services produced in the economy within a given period of time.

Q: A first year student estimated a linear consumption   function   and   found   out   that Ct = 200 +...

A: Income refers to the source of livelihood which gives the incentive to workers. It means the people ...

Q: How did the following contributed with the industrial revolution Science Technology Industrial Re...

A: The Industrial Revolution changed economies that had been founded on agribusiness and painstaking wo...

Q: Which of the following could lead to increases in health care expenditures? (Please choose all that ...

A: In the healthcare market, the expenditure on healthcare services depends upon various demand factors...

Q: An investor has decided to commit no more than $80,000 to the purchase of the common stocks of two c...

A: The optimal price is the one that maximises the seller's overall profit. When a price is set too low...

Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.