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based the attached equations find:
(a)
(b)
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- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?fo' = 100 - 5P and Q' = 10 + P. what are the equilibrium values of price and quantity? If demand increases by 12 and price remains the same as in (a) will there be a surplus or shortage? How much? %3D ill ho the new eauilihrium price and quantity?When the price of beef is $ 4 per kg, quantity demanded is 500 grams. but when the price changes to $3.92 then quantity demanded is 530 grams. calculate the price elassticity demand?
- Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?The equations describing demand and supply curves for pizzasare given as follows:Q= 500 –P and Q= 2P + 200. a.What is the equilibriumpriceand quantity? b.Suppose that the price levelis set by the government at $150. Will there be a shortage or surplus? Explain why . What is the size of the surplus or shortage ?Review Figure 3.4 again. Suppose the price ofgasoline is $1.00. Will the quantity demanded be loweror higher than at the equilibrium price of $1.40 pergallon? Will the quantity supplied be lower or higher? Isthere a shortage or a surplus in the market? If so, of howmuch?
- The weekly supply and demand for cupcakes in a small town are given as OS = 30P- 20 and Q = 124 - 18P, where P is the price of a cupcake and Q is measured in thousands per %3D week. a. Find the equilibrjum price and quantity. b. Calculate the corsumer and producer surplus at the equilibrium price.20 Demand Supply 18 16 14 さ12 10 8. 12 14. 16 20 QUANTITY Which of the following statements is not correct? When the price is 510.quantity supplied equala quantity demanded. DWhen the price is 512.shere is a surplus of 4 units. 0When the price is S16.quantity supplled exceecs ouantity demanded by 1 units. When.the price ls S6 there is a surplus of8units. PRICEThe following graph shows the supply of a good. PRICE (Dollars per unit) 360 180-- Pety O 00 W 20 X QUANTITY (Units) 2-1 64 72 Z Supply ?
- The following table shows the demand for, and supply of, soya milk in a partioular market (the quantities e in thends of lia pe dayy S Price per litre Demand 1.80 160 1.90 156 2,00 152 Supply 142 144 2.10 148 2.20 144 2.30 140 146 148 150 152 2.40 136 154 a- Suppose the current price is $2.3. What is the quantity of soya milk sold? b- At the price $1.90, there a shortage or a surplus? How big is it? Explain. Explain how the market adjusts - Suppose that the quantity supplied increase by 6 units at all prices. What's the new equilibrium price and the new cquilibrium quant d- Compared to the first equilibrium point do we have a shortage or a surplus? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). * 3 (12pt) T T T ArialShows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands.a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000? c. Graphthedemandandsupplycurveforbicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What are the equilibrium price and equilibrium quantity? d. If the price was $120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?Market researches have studied the market for milk,and their estimates for the supply of and the demand for milk per month are as follows:a.Using the data,graph the demand for and the supply for milk.Identify the equilibrium point as E,and use dotted lines to connect E to the equilibrium price onthe price axis and the equilibrium quantity on the quantity axis.b.Suppose the government enacts amilk price support of $8per gallon.Indicate this action on your graph,and explain the effect on the milk market?Why would the government establish such a price support?c.Now assume the government decides to set a price ceiling of $4 dollar per gallon.Show and explain how this legal price effects your graph of the milk market.What objective could the government be trying to achieve by establishing such a price ceiling?