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What would the supply curve for houses (in a given city)
look like for a period of (a) the next 10 hours and (b) the
next three months?
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- What is the likely demand for the product?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.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.
- 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)What would the Supply Curve of houses in your city look like in the next 10 hours? In three months? Draw the diagrams.Farmer Brown plants both soybeans and corn. If the price of soybeans increases and the price of corn remains the W. same, what do you expect to happen to the amount of acreage that he devotes to planting each crop? How does your answer help to explain the law of supply? Does the supply curve of corn or soybeans shift? Use graphs to illustrate your answer. Your response should be at least 75-150 words (1-2 paragraphs) in length, including graphs with explanations. houo oin
- Explain why you think that the demand of one product may diminish as prices are increasedPlot the following hypothetical demand schedule of beef in the market. PARTICULARS PRICE OF BEEF (PER KILO) QUANTITY DEMANDED (IN KILOS) A P 150.00 90 B P 140.00 100 C P 100.00 130 D P 75.00 150 E P 60.00 170 F P 40.00 200In the given supply schedule, make a supply curve and reflect the following situations by making the curve. Draw also the demand curve to determine the equilibrium. Mark the equilibrium price Situation Price (P) Quantity (Q) A 650 6000 550 5000 450 4000 D 350 3000 E 250 2500 F 150 2000