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- If the price is above line equilibrium level, would you predict a surplus or a shortage? If line price is below the equilibrium level, would you predict a surplus or a shortage? Why?What is consumer surplus? How is it illustrated on a demand and supply diagram?Can you propose a policy that meld induce the market to supply more rental housing units?
- 20:16 .ll 4G APmicro-FRQ-3.2.png 2. The market for apartments in the town of Westville is currently in equilibrium, and consumers are renting 700 apartments at a price of $1,000 per apartment. (a) Assuming that the supply of apartments is perfectly inelastic, draw a correctly labeled graph for the apartment market and label the equilibrium price and quantity using the values above. (b) Now assume the government imposes a price (rent) ceiling of $800 for an apartment. On your graph in part (a), show the following. (i) The price ceiling at $800 (ii) The quantity demanded, labeled as Qd (iii) The quantity supplied, labeled as Q, (c) On your graph, shade completely the area representing the consumer surplus after the imposition of the price ceiling. (d) Calculate the dollar value of the producer surplus after the imposition of the price ceiling. Show your work. (e) Explain why the imposition of the price ceiling does not result in a deadweight loss.• You are given a task for analysis the market for Sport Bike. You found that when the market price of bike is $500 the market demand is 9,200 bikes, whereas the market supply is 6,000 bikes. Yet, when the price rises to $650 the market demand is 6,800 bikes but the market supply is 8,000 bikes. Your tasks are: a) Define the equations of market demand and market supply for bike. b) Find the equilibrium-price and equilibrium– quantity and draw a graph to show this market. c) Estimate the consumers' surplus, producers' surplus and bike market's surplus.Consider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is 15 million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $2.50 per gallon. If instead the market price were $3.25, then there would be a of million gallons. Price of Gasoline (per gallon) 5.00 4.50- 4.00 3.50- 3.00 2.50- 2.00 1.50- 1.00 0.50- 0.00- S D 3 6 9 12 15 18 21 24 27 Quantity of Gasoline (gallons in millions) 30 + O
- During 2020, due to COVID 19, the demand for hygiene kits has increased by 60% at the same times the cost of raw material for producing hygiene kits has decreased by 25%. Explain the effects on the market equilibrium of hygiene kits? using graphMC Qu. 03-320 Refer to the above graph, which shows the market... Supply E2 eBook D2 References Q₂ 0 Quantity Refer to the above graph, which shows the market for beef where demand shifted from D₁ to D₂. The change in equilibrium from E₁ to E2 is most likely to result from 11 2 points 01:19:02 Price Per Pound Q₁A drought decreases the quantity of milk supplied by 60 cartons a day at each price. What is the new market equilibrium? The new equilibrium price is $ enter your response here a carton and the new equilibrium quantity is enter your response here cartons of milk a day.
- Refer to Table 4-1. What is the equilibrium price? $12 $14 O s16 $18Market equlibrium price for strawberries is 5 dollar per kg if demand increase why would not 5 dollar per kg be the equilibrium price anymore draw a diagramanswer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…
