Figure: The Demand and Supply of Wheat Price (per bushel) $10 9 8 7 6 4 32 2 1 0 2 8 10 12 Quantity of wheat (thousands of bushels per period) 4 6 Reference Ref 3-6 (Figure: The Demand and Supply of Wheat) Look at the figure The Demand and Supply of Wheat. If there is an increase in demand of 2,000 bushels at each price, the equilibrium price and quantity will be and bushels, respectively. A. $7:7,000 B. $5: 5,000 C. 56; 7,000 D. $8:8,000
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- Question 6 [A new drug called 'LowG', taken together with any food, reduces the glycemic index (a measure of the impact of the food on blood sugar) by 50%. Annual demand for this new medication can be described by the following table:] Quantity (millions of milligrams) 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Price ($) 1000 900 800 700 600 500 400 300 200 100 0 a) [Rache, a pharmaceutical company, holds the patent on LowG and therefore is the only legal producer of the drug for the next 15 years. Calculate total revenue (TR) and marginal revenue (MR) for Rache at each price. Both Total Revenue (TR) and Marginal Revenue (MR) correctly calculated.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)2. Draw a supply and demand curve for the iPhone 11. Apple announces that the P iPhone 12 is coming out in 1 year, what happens to the supply or demand for iPhone 11s? Why?
- The figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next MaternitPrice (per bushel) $10 9. 8 7. 6. 4 3. 21 2. 4 6 8 10 12 Quantity of wheat (thousands of bushels per period) Reference: Ref 3-6 Figure The Demand and Supply of Wheat (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat. A price of will result in aan Layout References Mailings Review View Help CA ..A following questions. Quantity Demanded (bushels) 40,000 Price per bushel (in $) Quantity Supplied (bushels) 2 4 36,000 4,000 6. 30,000 24,000 8,000 16,000 10 20,000 20,000 28,000 36,000 40,000 12 18,000 14 12,000 16 6,000 a) What are the equilibrium price and quantity of wheat? Answer: the equilibrium price is $10, and quantity of wheat is $2000 bushels. b) Suppose the prevailing price is US$12 per bushel. Is there a shortage or a surplus in the market? Answer: c) What is the quantity of the shortage or surplus? Answer: d) How many bushels will be sold if the market price is US$4 per bushel? Answer: ited States) B Focus REDMI NOTE 9 AI QUAD CAMERA 144
- 2. Freihofer's bread is a normal good produced by the Freihofer Bakery. Using clearly labeled Demand and Supply curves, show what will happen to the equilibrium price and quantity of Freihofer's bread in each of the following situations? (a) Due to an expansion, households that buy Freihofer's bread experience an increase in income. (b) (c) (d) (e) (f) The cost of wheat used in Freihofer's bread increases significantly. Freihofer Bakery buys improved ovens that reduce the costs of Freihofer's bread. Lovely Loaf, a rival, increases the price of its bread. Consumers become health conscious and switch to low-calorie breads. Situations (a) and (b) occur at the same time.iii) discuss one factor EACH,that you think influence demand and supply for milk. Provide examples18. _____________________refers to various quantities of a commodity or service that a consumer would purchase at a given time at various prices in a market.
- The demand and supply schedule for gas is in a competitive market is shown in the Assume that you know the different prices and the different levels of quantity demanded and quantity supplied of gasoline in The Bahamas per month, other things remaining the same. a table below. NEW Quantity Supplied ('000 Gallons) Price Quantity DEMAND Demanded ($ per gallon) ($ per gallon) ('000 Gallons) 4.00 52,000 48,000 4.50 50,000 50,000 5.00 48,000 52,000 5.50 46,000 54,000 6.00 44,000 56,000. Construct the information given in the table in the space provided.3. Draw a supply and demand curve for your P favorite product. You get a massive raise at work, what happens to the supply or demand for that product? Why?(a)Diagrammatically show and explain how oil prices dropped as concerns over fuel demand in the near term in COVID-19 pandemic hit Europe and the United States. (b)Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand. (c)You sell two different goods: printers and toner cartridges. The price elasticity of demand for the printers is -3.4, and you earn a revenue of RM15,000 per month from the good. You earn a revenue of RM5,000 per month from the toner cartridges. The cross price elasticity of demand for both of the goods is -2.5. If you decide to decrease the price of the printers by 5%, calculate your new total revenues for…