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- Question 1 The following table gives the daily supply and demand for mochi-ice cream at a store: Table 1 Price Quantity demanded (units) Quantity supplied (units) RM/unit 6.10 7 35 5.20 10 30 4.20 15 25 3.20 20 20 2.20 25 15 1.20 30 8 a) Determine the equilibrium price and quantity. b) Mochi-ice cream has gone viral on TikTok and hence increases the quantity demanded of mochi-ice cream by FIVE (5) units at each price, illustrate the changes on the graph. (3Marks) c) Briefly explain any TWO (2) factors that can cause the supply curve to shift leftward. d) "Surpluses drive prices up; shortages drive them down." Do you agree?A rise in the price of a crate of Pepsi from USD 20 to USD 30 results in a fall in the quantity of crate of Pepsi demanded from 220 million to 180 million a day and at today’s price of a Coca-Cola, USD 15, the quantity of Coca-Cola demanded increases from 80 million to 100 million a day. Kindly Answer ONLY (d) a). Calculate the percentage change in the price of a crate of Pepsi and the percentage change in the quantity demanded of Pepsi. Use the average price and average quantity.b). Calculate the price elasticity of demand for Pepsi. c). Is the demand for Pepsi elastic or inelastic? Explain please d). Calculate and explain the cross elasticity of demand for Coca-cola with respect to the price of a Pepsi.using supply and demand analysis explain the effect on the price and quantity of red wine if consumer income increase significantly (b) price of white wine falls
- Plot the demand curve from the demand schedule information provided. Price Quantity demanded 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?Diagrams are required. Changes in equilibrium points must be shown and discussed. List the factors of supply and demand that are affected. a) The price of jeans when up and total revenue dropped, explain how with a diagram plus the relationship between total revenue and price with elasticity. b) The price of suit pants went up the demand for jeans increased, what is the relationship between these two goods called? What is the likely value that the cross-price elasticity be for jeans in relation to suit pants?Find the price for good Z and the quantity supply for good X (show all the calculations) if: (i) (ii) If the elasticity of demand is 0.5 and the quantity demanded decreases from 95.000 to 85.000. Draw the graph and indicate the equilibrium price and quantity (iii) The elasticity of supply is equal to 1 and the price increases from $40 to $50 Price per Tonne ($) 40 50 60 80 N 110 Quantity demanded 150 120 110 95 85 80 Quantity supplied 80 X 110 115 120 140
- The accompanying table shows the price and monthly demand for barrels of gosum berries in Gondwanaland. Price of gosum berries per barrel Native demand for gosum berries per month $100 0 $90 100 $80 200 $70 300 $60 400 $50 500 $40 600 $30 700 $20 800 $10 900 $0 1,000 A) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $10 to $20. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it mean for how demand will change based on a change in price within this price range? (Enter your response here.) B) Using the midpoint method (show your work), calculate the price elasticity of demand when the price of a barrel of gosum berries rises from $70 to $80. What kind of elasticity is this value that you computed for the price elasticity of demand, and what does it…The manager at Ruby Red Movie Theater decided to change the prices of concession stand items as well as tickets this month in an effort to increase revenues. Below, you are provided with prices for last month and this month as well as the quantities demanded for both months. Use this information when answering questions A–H below. Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Calculate the price elasticity of demand for large drinks. (Show your work.) Is the price elasticity of demand for large drinks price elastic, inelastic, or unit (unitary)? Briefly explain why in the box below.Answer asap pleasee Suppose that demand and supply of apples are described by the following equations: P = 100 - 3Q (demand) P = 20 + Q (supply) a) Calculate the equilibrium quantity.
- Problem #1: The accompanying table gives part of the supply schedule for personal computers in the United States. Price of Computer Quantity of Computers Supplied $१00 8 000 $1110 12 000 1. Calculate the price elasticity of supply when the price increases from $900 to $1,100 using the midpoint method.Price ($/cup) 4 3.5 3 2.5 2 1.5 1 0.5 0 0 10 20 Original Supply A decrease in the price of coffee beans. New Demand Original Demand 30 40 50 60 70 80 90 Quantity (cups/hour) New Supply The figure above refers to the market for coffee. What might cause a shift from the original demand curve to the new demand curve? Check all that apply. An increase in the price of tea (a substitute for coffee). A decrease in income if coffee is an inferior good. An expectation that coffee prices will fall in the future. A decrease in the price of cream (a complement to coffee)Graphs NOT required! The demand and supply curves for potato chips are: Price Quantity demanded Quantity supplied (millions of bags per (cents per bag) (millions of bags per week) week) 20 180 160 30 160 180 40 140 200 50 120 220 60 100 240 70 80 260 80 60 280 a What are the equilibrium price and quantity of chips? b. Calculate the price elasticity of demand from 40 to 80 cents per bag (Show your work). Is demand elastic or inelastic over this range?
