On the following graph, use the black point (cross symbol) to indicate the equilibrium price and quantity of computer keyboards. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. Hint: Clicking a shaded area, after plotting it on the graph, will show you the total area of the shaded region. PRICE (Dollars per keyboard) 300 270 240 210 180 150 120 90 60 30 0 0 The Supply and Demand for Computer Keyboards Demand Supply 30 60 90 120 150 180 210 240 270 QUANTITY (Keyboards) Total net benefit (or total surplus) in this market is 300 Equilibrium A Consumer Surplus ◇ Producer Surplus
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- The following graph shows the annual market for Florida oranges, which are sold in units of 90-pound boxes. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 +1+4+ Demand Ď Lll | | || || Supply 0 90 180 270 360 450 540 630 720 810 900 QUANTITY (Millions of boxes) In this market, the equilibrium price is Graph Input Tool Market for Florida Oranges Price (Dollars per box) Quantity Demanded (Millions of boxes) 20 486 per box, and the equilibrium quantity of oranges is Quantity Supplied (Millions of boxes) million boxes. ? 360The following graph shows the monthly demand and supply curves in the market for notebooks. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per notebook) 88 2288 22 220 100 90 80 70 60 50 40 30 Supply Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Notebooks) The equilibrium price in this market is Graph Input Tool Market for Notebooks Price (Dollars per notebook) Quantity Demanded (Notebooks) per notebook, and the equilibrium quantity is 20 310 Quantity Supplied. (Notebooks) notebooks per month. 190The supply equation for a given product is y = 10x + 50, while the demand equation for the same product is given by y = 5x + 350, where x is the price per unit and y is the number of units sold. Find the break-even point, the price and quantity at which supply equals demand. First graph each line, then place a dot indicating the solution to the system. +500 + -450 400 350 300 250 200 150 100 10 50 -50 -100 -150 -200 -250 -300 10 20 30 40 50 60 70 80 90 1
- Suppose that technological innovation allows for the development of more toaster ovens. Bread, which is a complement to toaster ovens, has increased in price, due to a nationwide shortage of wheat grain. You MUST determine what happens to market (equilibrium) price and quantity in the toaster oven market. Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. Market (equilibrium) price increases; a market (equilibrium) price increases Market (equilibrium) price increases; b market (equilibrium) price decreases Market (equilibrium) price decreases; market (equilibrium) price decreases Market (equilibrium) price decreases; d market (equilibrium) price increases Market (equilibrium) price unknown; e market (equilibrium) price decreases Market (equilibrium) price decreases; f market (equilibrium) price unknownThe following graph shows the monthly demand and supply curves in the market for tote bags. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per tote bag) 80 72 64 58 48 40 32 24 16 8 0 X 0 50 100 150 200 250 QUANTITY (Tote bags) Supply 300 350 400 450 500 The equilibrium price in this market is $ Demand Graph Input Tool Market for Tote bags Price (Dollars per tote bag) Quantity Demanded (Tote bags) per tote bag, and the equilibrium quantity is Price (Dollars per tote bag) Shortage or Surplus 48 32 24 Shortage or Surplus Amount (Tote bags) 500 Quantity Supplied (Tote bags) Pressure tote bags per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether…The following graph shows the monthly demand and supply curves in the market for jackets. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per jacket) 100 90 80 70 60 50 40 30 20 10 0 0 ==++ Supply Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Jackets) The equilibrium price in this market is $ Graph Input Tool Market for Jackets Price (Dollars per jacket) Quantity Demanded (Jackets) per jacket, and the equilibrium quantity is 30 500 Quantity Supplied (Jackets) jackets per month. ? 210
- A survey by Namibian statistics agency indicated that kapana is Namibian favourite. For each of the following, graphically indicate the possible effects on demand, supply or both as well as equilibrium quantity of kapana. (a) a severe drought in Namibia causes farmers to reduce the number of cattle in their herds by a third-quarter of their stock . These farmers supply need that is used for kapana meat . (b) a new report by the veterinary council of Namibia reveals that kapana does in fact have significant health benefits (C) the discovery of cheaper animal feed by Neudamm Bush-to-feed that lower the price of cattle (d) New technology that lower cattles cost of producingTwo months ago, on July 1, 2019, the State of Illinois raised gasoline taxes by $.19 (19 cents) per gallon of gas. Graphically depict the market for Illinois gasoline prior to the July 2019 increase in gasoline tax. Clearly indicate equilibrium Q and P on the graph. (Only a graph is needed for this question)The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
- Homework (Ch 05) On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. TOTAL REVENUE (Dollars) 7830 7290 6750 8210 5670 5130 4590 4050 3510 2970 0 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) Total Revenue gage Learning According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of scooters is currently $25 per scooter, shown as point B on the initial graph. Because the demand between points A and B is a $25-per-scooter increase in price will lead to in total revenue per week. In general, in order for a price increase to cause a decrease in total revenue, demand must beNote: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Lakes's Hotel Rooms Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at Mountaineer (Dollars per night) 100 400 40 100 250 ? For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Lakes is charging $100 per room per night. If average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Lakes from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Lakes are If the price of a room at the…I am stuck on this problem, I don't know where to start. Could you give a step by step on how to figure this problem out. Thank you. There is an increase in demand of 100 units at each price and a decrease in supply of 100 units at each price. In the graph below, draw the new demand and supply lines. Instructions: Use the graphing tools, 'D2', 'S2', to plot the new demand and supply lines on the figure and then use the grid lines to determine the new equilibrium price and quantity.