Determine the market equilibrium price and quantity for the following markets: a) Qs= -20 + 3P, Qd= 220 - 5P b) Qs + 32- 7P = 0, Qd – 128 + 9P= 0
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Question: Determine the
a) Qs= -20 + 3P,
Qd= 220 - 5P
b) Qs + 32- 7P = 0,
Qd – 128 + 9P= 0
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- 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)When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…(a) Determine the equilibrium price and quantity.(b) Sketch the demand and supply functions on the same graph. Label theaxes and the intercepts clearly.
- (c) The demand for watches is given by p = 7000 -2q dollars, and the supply of watches is given by p where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches. 0.01q? + 2q + 1000 dollars,1. (a ) The price of a crate of drinks is $9 when the demand is 320 crates and the price per crate drops to $8.50 when the demand is 270 crates. determine the linear price-demand function (b ) calculate the price per crate at a demand of 180 crates (c ) if the equation for supply is given: p(x)= -0.005+10 find the equilibrium price and quantity per crate.qs=-5+3p qd=9-2p2 Draw the market diagram for this product with price shown on the vertical axis. Find the economically meaningful solution for the equilibrium price and quantity.
- Question 05 The figure below shows the supply and demand of two related markets: eggs and omelets. Price Market for Omelets Market for Eggs Price 9₁ D₁ Market for Peanut Butter 9,4 Quantity Which story is consistent with the shifts and changes depicted in the figure? (a) A new, widely read medical study suggested eggs are healthier than previously thought. (b) A new, widely watched cooking show, aired a special episode dedicated to omelet recipes. (c) Changes in agricultural policy increased the price of egg-laying hens for farmers. (d) Changes in consumer income increased the prices of both eggs and omelets. Quantity Question 06 The figure below shows the supply and demand in the market for peanut butter, which is related to the market for jelly in the US. Price Quantity Which story is consistent with the shift and changes depicted in the figure? (a) Changes in production costs decreased the prices of both peanut butter and jelly. (b) There was a negative shock (left shift) in the…Price (per pound) S1 Multiple Choice S₂ 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The figure above shows three supply curves for wheat. Which of the following would cause the supply of wheat to shift from S₁ to S₂? an increase in the price of fertilizer a change in consumer tastes away from wheat bread a decrease in consumer incomes, assuming wheat is a normal good Saved the development of a more effective insecticide against cutwormsDetermine the market equilibrium price and quantity for the following markets: a) Qs= -20 + 3P, Qd= 220 - 5P b) Qs + 32- 7P = 0, Qd – 128 + 9P= 0
- The following is a demand schedule for good Z. Price per unit (£) 10 15 20 25 30 Q demanded per week 30 25 15 10 (a) Plot the demand curve for good Z to show it is linear. (b) (i) Calculate price elasticity of demand (PED) for an increase in price from £5 to £10. Is demand elastic or inelastic? (ii) Calculate price elasticity of demand (PED) for an increase in price from £20 to £25. Is demand elastic or inelastic? (iii) Using your results of parts (i) and (ii), explain what happens to PED along a straight-line demand curve. (c) Explain, using diagrams, the relationship between price elasticity of demand and profits. E Please select file(s) Select file(s) 20Suppose 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 unknownQuestion 1 Item 1 Include correctly labeled diagrams, if useful or required, in explaining your answers. A correctly labeled diagram must have all axes and curves clearly labeled and must show directional changes. If the question prompts you to “Calculate,” you must show how you arrived at your final answer. Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. (a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain. (c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets. (d) Assume instead there is an increase in the price of tin, a major input in producing…