You must: -Name your curves Give a title to your Graph Name and plot the equilibrium point (E1) Name and plot the equilibrium Price (EP1) Name and plot equilibrium quantity (EQ1)
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- Part 1: Spatial Equilibrium The demand in market 1 is D1 = 24 - P1 The supply in market 1 is S1 = -2 + P1 The demand in market 2 is D2 = 16 - P2 The supply in market 2 is S2 = 2 + P2 If no trade occurs between the markets, what are the equilibrium values of D1, S1, P1, D2, S2, and P2? Solve algebraically. If the cost of transportation between the two markets is PT = 2, what would be the equilibrium values of D1, S1, P1, D2, S2, P2, QT, and PT? Solve algebraically. Show the above situation graphically, both with and without trade.Please label everything. [Insert an image of your graph here]Similar to previous health pandemics, at the outset of the COVID-19 pandemic the demand for protective goods such as masks, gloves and sanitisers increased markedly around the globe resulting in retailers making super profits. In addition, the sales of personal protective equipment (PPE), cleaning and fumigation contractors surged up as their demand increased. According to data released by Monfils LLC, an international research firm based in the Italy, face mask sales grew by a year-on-year increase of 400% in April 2020. However, in December of 2020, the price of face masks fully retraced back to its pre-COVID-19 level.1.1 With the aid of diagrams, evaluate the change in the market structure between March 2020 and December 2020 as well as other factors that could have influenced the price increase of face masks in March 2020.1.2 Critically discuss how price elasticity of demand of face masks was affected, including its impact on revenue at the outset of the pandemic relative to later…The price of a good increased from AED 5000 to AED 7000 and accordingly the quantity sales of that good decreased from 22,000 units to 20,000 units. Calculate the PED, using the mid-point formula.
- Forecast the demand for the rice for a country for the year 2019 on the basis of 7-year data given in table: Year 2012 2013 2014 2015 2016 2017 2018 Population (millions) 10 12 15 20 25 30 40 Rice consumed (million tonnes) 40 50 60 70 80 90 100What is the price-demand equation for the data in the attached image?Many people including retailers, hawkers and consumers buy their fresh produce at one of the National Fresh Produce Markets (NFPMs) in South Africa. Most of the fresh fruit and vegetable producers supply their products to these Fresh Produce Markets. Ms Hanna regularly buys her potatoes on the Johannesburg Fresh Produce market. Every time she buys her potatoes, the price of a 10 kg bag of potatoes is different. The price of potatoes varies daily because…. a) there is intervention from the government
- Mr Adam was purchasing 1 kg daal and 6 kg rice. This week Mr Adam is purchasing 2 kg daal and 5 kg rice. What can you conclude from the given information? Discuss all conclusions in detail.As an Economics student you have been analysing the price movements of differentproducts. You note the following two price relationships:a. When there is a drought the price of maize rises.b. When the price of potatoes increases, the price of bread also increases (bread is asubstitute for potatoes).Use demand and supply diagrams to explain these two relationships. Please note: Twodiagrams are required, one for maize and one for bread.Can you re-do a table with four columbs namely: Sectors Quantity Supply Usage
- The table below is extracted from Happy land Republic, Bureau of Statistics recordsfor 2018-2019. Use the information in this table to answer the questions that follow. item base year 2015 2016 production price production price used car sales 5,000 2000.00 6,000 2,500 factories components sales 8,000 500.00 10,000 1200.00 cloth sales 8,000 20.00 14,000 35.00 beef sales 1,500 10.00 1,800 12.00 milk litres sales 5,000 1.30 6,000 2.50 computers sales 2000 500.00 2500 800.00 printers sales 500 300.00 400 355.00 raw materials for tractor assembling plant sales 4500 250.00 4450 300.00 i. Calculate Happy Land Republic’s nominal GDP and real GDP in 2016ii. Why does real GDP always defer from nominal GDP?There is a functional relationship between Price of an IPod Touch, � and Weekly Demand,The following graph input tool shows the daily demand for hotel rooms at the Oceans Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand FactorInitial ValueAverage American household income$50,000 per yearRoundtrip airfare from Pittsburgh (PIT) to Atlantic City (ACY)$250 per roundtripRoom rate at the Meadows Hotel and Casino, which is near the Oceans$250 per night For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $100 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans____ from rooms per night to______rooms…