Is the horizontal section of Country H's excess demand curve necessarily symmetric around zero? That is, are OH and HO of equal length in Fig. 7.3? Under what special circumstance are they of equal length? ( Hint: the answer has somethingto do with preferences.) I can't seem to upload two images, but figure 7.3 is simply an excess demand curve and it shows that the distance between 0 and H, which represents imports of X, is smaller than the distance between H' and 0 which represents exports. 6. Is the horizontal section of Country H's excess demand curve necessarily symmet ric around zero? That is, are OH and H'O of equal length in Fig. 7.3? Under what special circumstance are they of equal length? (Hint: the answer has something to do with preferences.)
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- please solve C by midpoint method Suppose that the demand schedule for rice for a Saudi family is as follows:PriceQuantity DemandedOf Rice Per Month(income = SR 10,000)Quantity DemandedOf Rice Per Month(income = SR 15,000)SR 5 60 70SR 4 80 95SR 3 100 120SR 2 120 145SR 1 140 170a. Given the table above, draw the demand curve of rice using Excel.b. Show what will happen to your graph if this family like now less rice as they are eatingmore outside.c. Use the midpoint method to calculate the price elasticity of demand as the price of riceincreases from SR 4 to SR 5 if (i) family’s income is SR 10,000 and (ii) family’s income is SR15,000.Suppose that the demand curve for movies for college students is 60- Q, = 40 – 1.00p and for other town residents is 50- Q2 = 10 - 0.25p. 40- The town's total demand curve is Q=. 30- Draw the following on the graph to the right. a 20- 1.) Use the line drawing tool to draw the demand curve for movies for college students. Label this line 'D,. 10- 2.) Use the line drawing tool to draw the demand curve for other town residents. Label this line 'D2'. 0- 40 Q, Movies 3.) Use the line drawing tool to draw the total demand curve. Label this line 'D'. 20 60 Carefully follow the instructions above, and only draw the required objects. P. Price per movieanswer 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…
- 3. Individual and market demand Suppose that Darnell and Eleanor are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price Darnell's Quantity Demanded Eleanor's Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 8 14 2 6 10 3 4 6 4 2 3 1 On the following graph, plot Darnell's demand for pizza slices using the green points (triangle symbol). Next, plot Eleanor's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.3. Individual and market demand Suppose that Jacques and Kyoko are the only consumers of pizza slices in a particular market. The following table shows their annual demand schedules: Price Jacques’s Quantity Demanded Kyoko’s Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 40 80 2 25 60 3 15 40 4 5 30 5 0 20 On the following graph, plot Jacques’s demand for pizza slices using the green points (triangle symbol). Next, plot Kyoko’s demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.No written by hand solution Suppose that Sam and Teresa are the only consumers of dance classes in a particular market. The following table shows their annual demand schedules: Price Sam's Quantity Demanded Teresa's Quantity Demanded (Dollars per class) (Classes) (Classes) 10 32 56 20 20 40 30 12 24 40 4 12 50 0 4 On the following graph, plot Sam's demand for dance classes using the green points (triangle symbol). Next, plot Teresa's demand for dance classes using the purple points (diamond symbol). Finally, plot the market demand for
- Suppose that the demand curve for movies for college students is Q, = 80 – 1.00p 100- 90- and for other town residents is 80- Q2 = 20 - 0.25p. 70 The town's total demand curve is 2 60- Q= 100 - 1.25p. 50- Draw the following on the graph to the right. 40- 1.) Use the line drawing tool to draw the demand curve for movies for college students. Label this line 'D,. 30- 20- 2.) Use the line drawing tool to draw the demand curve for other town residents. Label this line 'D,". 10- 3.) Use the line drawing tool to draw the total demand curve. Label this line 'D'. 0- Carefully follow the instructions above, and only draw the required objects. 80 Q, Movies 20 60 100 120 tv MacBook Air DII DD 80 F10 F11 esc F6 F8 F9 F3 F4 F5 F7 F1 F2 ! @ # $ % & 3 4 7 8 { Q W E R T Y p. Price per movieHow do I graph this please? In the graph below, use the line tool to draw the market demand curve that results from the combination of Q=4-(P and Q = 6 - P. Be sure to extend the demand curve all the way to each axis. Market Demand In the graph below, use the line tool to draw the market demand curve that results from the combination of Q = 4 - (-)P and Q = 6 - P. Be sure to extend the demand curve all the way to each axis. S Price 16 16 14 13 12 11 10 9 8 7 6 5 4 3 2 1 Market Demand T QuantityYour friend Ginny really struggles with understanding graphs. She shows you the following illustration and asks for your help interpreting it: PRICE (Dollars per toothbrush) 10 9 8 7 6 2 1 0 O 0 Demand 1 D Slope: -1 Y-Intercept: 10 3 6 4 QUANTITY (Toothbrushes) 5 7 8 9 10 ? Fortunately, you recognize that the line on this graph is When your friend asks y represents the quantity of toothbrushes demanded at a price of $8 per toothbrush, you tell her the value represented by the letter X Y h value
- Suppose that Felix and Janet represent the only two consumers of laundry detergent in some hypothetical market. The following table presents their annual demand schedules for laundry detergent: Price (Dollars per bottle) 2 4 PRICE (Dollars per bottle) 12 10 On the following graph, plot Felix's demand for laundry detergent using the green points (triangle symbol). Next, plot Janet's demand for laundry detergent using the purple points (diamond symbol). Finally, plot the market demand for laundry detergent using the blue points (circle symbol). 2 6 Note: Line segments will automatically connect the points. Remember to plot from left to right. 0 8 10 0 Felix's Quantity Demanded Janet's Quantity Demanded (Bottles) 16 (Bottles) 24 10 16 12 8 4 8 16 6 2 0 24 32 QUANTITY (Bottles) 40 48 A Felix's Demand Janet's Demand Market Demand (?)2. Individual and market demand Suppose that Brian and Crystal are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price (Dollars per slice) PRICE (Dollars per slice) 6 5 Y 0 1 0 2 3 4 5 Brian's Quantity Demanded (Slices) 8 5 3 4 On the following graph, plot Brian's demand for pizza slices using the green points (triangle symbol). Next, plot Crystal's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). 8 1 12 0 16 QUANTITY (Slices) Crystal's Quantity Demanded (Slices) 16 20 12 24 8 6 4 Brian's Demand Crystal's Demand Market Demand ? Now, suppose that Crystal moves away, leaving Brian as the only consumer in the market. As a result, there will be a market demand curve because there will be a change in quantity demanded theSuppose the income elasticity of demand for food is 0.45 and the price elasticity of demand is 1.00. Suppose also that Felicia spends $10,000 a year on food, the price of food is $2, and that her income is $ 25,000. If a sales tax on food caused the price of food to increase to $2.50, what would happen to her consumption of food? Because a large price change is involved, use the arc elasticity to measure the price elasticity of demand rather than a point elasticity. Felicia's consumption of food would decrease by units. ( Enter your response rounded to two decimal places.) Suppose that Felicia gets a tax rebate of $2,500 to ease the effect of the sales tax. What would her consumption of food be now? (Again, use an arc income elasticity to answer this question instead of a point income elasticity.) Felicia's consumption of food would now be 4,175.18 units. (Enter your response rounded to two decimal places.) Is she better or worse off when given a rebate equal to the sales tax payments?…