Let (inverse) demand be Pb = 81 - 6 Qb and (inverse) supply be Pv = 17 + 3 Qv. Consider the shift in supply illustrated (the intercept of Pv moves by 6), what is the ORIGINAL quantity traded ? Answer: your answer Submit
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Please do not answer question in picture. Please demonstrate the graph as a supply and demand graph with all axes labels that include price, quantity, reason for shift depicted, original prices, and original quality.
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- graph the line of demand and the of line of supply showing point of equilibrium of these two equations: Qsupply = 2.5P + 30Qdemand= -20P + 370Complete the problem by using the accompanying figure, which shows a supply function and a demand function. (Assume price is measured in dollars.) Р 40 30 20 10 10 20 30 40 50 60 (a) If the price is $12, what quantity is supplied? Units (b) If the price is $12, what quantity is demanded? units (c) Is there a surplus or a shortage when the price is $127 O surplus O shortage How many units is this surplus or shortage? unitsConsider the following demand function for wheat: Qd = 120 - 5P - 3Pst.0.251 where Qd is the quantity demanded of wheat, P is the price of wheat, Ps is the price of soybeans, and I is incom Based on the function, which of the following statements is correct? %3D O Wheat is a normal good. O The demand for wheat violates the law of demand. O Wheat and soybeans are subsitute goods. O Wheat is an inferior good.
- answer 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…4) Neville's passion is fine wine. When the prices of all other goods are fixed at current levels, Neville's demand function for high-quality claret is q = .02m-2p, where m is his income, p is the price of claret (in British pounds), and q is the number of bottles of claret that he demands. Neville's income is 7,500 pounds, and the price of a bottle of suitable claret is 30 pounds. a) How many bottles of claret will Neville buy? b) If the price of claret rose to 40 pounds, how much income would Neville have to have in order to be exactly able to afford the amount of claret and the amount of other goods that he bought before the price change? At this income, and a price of 40 pounds, how many bottles would Neville buy? c) At his original income of 7,500 and a price of 40, how much claret would Neville demand? d) When the price of claret rose from 30 to 40, the number of bottles that Neville demanded decreased by: The substitution effect (increased, reduced) his demand by:bottles and the…1. Let (inverse) demand be Pb = 110-7 Qb and (inverse) supply be Pv = 32 + 3 Qv. Consider the shift in demand illustrated (the intercept of Pb moves by 10), what is the ORIGINAL quantity traded ? Answer: your answer Price ($) $ 120 $100 $80 $ 60 $40 $ 20 $0 $-20 0 2 Demand 4 S Submit Supply 6 8 Quantity Eqm 10 D + shift 12 14 16
- 1. Find the equilibrium price and quantity with QD = 90 -15P and QS =-10 + 10P 2. Increase the demand function in problem 1 by 50 and calculate the new equilibrium price and quantity.6) The quantity demanded of a certain brand of smart phone is 2000 per week when the unit price is $84. For each decrease in the unit price $5 below $84, the quantity demanded increases by 50 units. The supplier will not market any of the smartphones if the unit price is $60 or less, but the supplier will market 1800 per week if the unit price is $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and priceThe diagram illustrates the demand for MQ2020, a luxury car manufactured by MQ Motors Which statement correctly describes the demand for MQ2020? 8,000 Price, P: WTP (5) 6,000 4,800 4,000 3,200 2,000 0 0 40 60 80 100 Quantity, Q: number of consumers per day 120 Select one O a. There are 99 consumers per day who are willing to pay money for MQ2020. O b. If MQ Motors sets the price at $4,800, there will be 60 consumers who are willing to buy MC22020 Oc MQ Motors will need to raise the price up to $8,000 in order to maximise its profit Od. There are 59 consumers who are willing to pay more than $4,800 for MQ2020. Oe. The demand curve shows that points A and C are feasible options for MQ Motors.
- Assume your demand for “Ipek su” water increases from 1 bottle to 3 when “Sirab su”increases the price per bottle from 18 azn to 25 azn.a) Calculate cross price elasticity of “Ipek su” water and comment on it.b) Based on your answer in a) comment whether the two goods are substitutes or complements.Assume when Sirab increases the price for a bottle of water from 18 to 25 anz, thedemand for Sirab decreases from 2 bottles to 1 bottle.c) Is the demand for Sirab price elastic?d) How will the revenue of a company producing Sirab change?Assumed that the demand (D) for potato given by demand: Q = 1500 − 15P, where Q isquantity per month measured in kilos and P is price per kilo. 1. Supply is equals to 900 kilos one day, what will the price be?2. Supply were to fall to 300 kilos, what would the price be?3. The D for Potato shifts outward to Q = 2100 − 15P, what will be answer in part 1 and 2 change?4. Graph the resultsThe diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (D) Price (dollars per unit) 100- 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0- 39 :25 51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)