Problem 2 The following table shows the behavior of buyers and sellers in a Pizzeria. price per pizza in $ 0.5 1 1.5 2 2.5 3 3.5 quantity requested 280 260 225 170 105 60 35 quantity available 40 135 225 265 290 310 320 a- Draw the demand and supply curves, name the axes. Interpret the shape of the two curves. b- What is the equilibrium price and quantity. c- If the price was initially set at $2, explain how can we return to equilibrium? d- If the price was initially set at $0.5, explain how can we return to equilibrium?
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- PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate someThe 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)K A retail chain will buy 700 cordless phones if the price is $40 each and 500 if the price is $50. A wholesaler will supply 550 phones at $20 each and 1950 at $60 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means. Market equilibrium occurs when the number of units is and the price is $ per unit.
- omework 4 - Compatibility Mode O Seah Joseph References Mailings Review View Help Table Design Layout A A Aa A 三 T AaBbCcI AaBbCcI AaBbC AaB AaBbCcC A D- A 三三三三|三。 田 1 Normal 1 No Spac. Heading 1 Title Subtitle Paragraph Styles 3. The supply and demand schedules below describe the market for compact fluorescent lightbulbs (CFLS). Demand Same Supply Q now at higher price with tax (millions) 200 Price + Supply (millions) Price (millions) tax $2.00 400 200 $2.50 350 250 250 $3.00 300 300 300 $3.50 250 350 350 $4.00 200 400 400 $4.50 150 450 450 $5.00 100 500 500 a. Graph the supply and demand curves, drawing them to scale. i. What is the equilibrium price? ii. What is the equilibrium quantity? Focus hp ho fg 144Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100Insert Draw Design Layout References Mailings Review View Table Design Layout O Tell me e Share Calibri 10.5 Aa v AaßbCcDdEe AaBbCcDdEe AaBbCcDc B I U. v A - ev A Heading 1 ce Normal No Spacing Styles Pane ab x, x Dictate Sensitiviti the Law of Demand. Also note that some values are already filled in. Do not adjust the numbers already given. s) Supply Schedule Take whatever value of Quantity Demanded you have at Price = $40 and use that same value for Quantity Supplied at Price = $40. Fill in values for Quantity Supplied at $50, $30, and $20 that make sense from what you understand about the Law of Supply. 中 Price Quantity Demanded (Qd) Quantity Supplied (Qs) 55 $60 $50 $40 $30 $20 35 $10 Qe = ) What is the equilibrium price and quantity in your market? Pe = aly2 How much? If the price was free to move, wha ou anticipate - s there excess demo
- vSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.The quantity demanded each month of russo Espresso Makers is 250 when the unit price is $140; the quantity demanded each month is 1000 when th e unit price is $110. the suppliers will market 750 expresso makers if the unit price is $60 or higher. At a unit price of $80 they are willing to market 2250 units Both the demand and supply equations are known to be liniear. A: Find the demand equation. B: Find the supply equation. C: Find the equilibrium quantity and the equilibrium price.QUESTION 14 Explain the concept of supplier-induced demand (SID). What is it? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial 14px
- Macmillan Learning John and Michael are the only consumers in a town that is planning on putting on a fireworks display. The graph illustrates John's and Michael's demand curves for a fireworks display. Based on the information given in the graph, manipulate the movable demand curve to reflect the overall demand for the fireworks display. Cost ($) 4 3 2 5 12 11 10 9 287 John's demand 6 Michael's demand 1 0 0.0 1.0 2.0 Quantity Demand 3.0 What kind of good is a fireworks display? O quasi-public good public good private good common resourceHow does the equilibrium price and quantity change when here are bad rumors about a product? Are there any changes or none? Provide a graph of your answerSupply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.