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- Consider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur? (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.Explain what happen if a supplier charged more than the market priceplease plot a graph showing the effect of a government subsidy on the market for surgical masks.
- Using the table below answer the following question Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 In response, to lobbying by the skate board association, the government places aprice ceiling at the price of $700 on skate boards. What will this have on the marketfor skate boards? Explain your answerConsider the market for LCD TVs, illustrated in the figure to the right. Use the point drawing tool to identify the market equilibrium. Properly label this point. Carefully follow the instructions above, and only draw the required objects. Suppose instead that the price of LCD TVs is $2000.00. This will result in a , which will place pressure on the price. Price of LCD TVs 3000 2600- 2200- 1800- 1400- 1000- 600- 200- 2000 4000 6000 8000 Quantity of LCD TVs S 10000Use the following supply and demand schedules for skate boards in table 18.1, to answer the questions18(a). to 18(d) below. Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response, to lobbying by the skate board association, the government places a price ceiling st the price of $700 on skate boards. What will this have on the market for skate boards? Explain your answer.b. In response, to lobbying by the skate board association, the government places a price ceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot the supply and demand curve for skate boardsc. Use the information provided in Table 18.1, to plot the price ceiling of $400 on skateboards. d. What will be the result of a price ceiling of $400 on skate boards?
- The federal government requires that all foods display information about fat content and other ingredients on food packages. The displays have to be verified by independent labarotories. The price of an evaluation of a food product could run up as much as $20,000. What impact do you think this law will have on the market meat?The table shows the demand and supply schedules for on-campus housing. If the college puts a rent ceiling on rooms of $350 a month, rent is $7 and the number of rooms rented is 4. The on-campus housing market is inefficient Rent (dollars per month) 250 275 300 325 350 375 Quantity demanded 2,500 2,250 2,000 1,750 1,500 1,250 (rooms) Quantity supplied 2,000 2,000 2,000 2,000 2,000 2,000 NextUse the table below to answer the following questions: Quantity Supplied Price Quantity Demanded 5000 $2 12,000 6000 $4 9500 7000 $6 7000 8000 $8 4500 9000 $10 2000
- There is a price ceiling of $2000. Click on the market price and quantity (assuming the law is strictly followed). tental Price 6000 4000 2000 0 1000 OD E' 2000 QE S 3000 4000 0$ D 5000 6000 Numb Your answerpu102 - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu References Mailings Review View Help ntain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 1) The table below shows the demand schedule for museum admissions in a small city. Price Quantity Demanded (per visit per (thousands of person- visits per year) person) $10 2 $8 4 $6 6. $4 $2 10 TABLE 1 Using the mid-point formula answer the following: a) Refer to Table 1. Between the prices of $8 and $10, the elasticity of demand is = b) Refer to Table 1. Between the prices of $4 and $6 the price elasticity of demand is = c) Refer to Table 1. Between the prices of $2 and $4 the price elasticity of demand is = d) Refer to Table 1. Between the prices of $8 and $6 the price elasticity of demand is = Table 2 Price Quantity demanded (millions of rooms per night) (dollars per room per night) 200 100 80 250 400 50 500 800 40 25Rent control is common in some cities, particularly in the United States. You will have noticed some of the consequences in movies or TV shows, usually police stories, set in the high-rise areas of New York City, for example. Suppose you have been given the following information about the market for rental housing in Winona: Quantity Demanded Rent (dollars per month) $500 550 600 650 700 750 800 20,000 15,000 10,000 5,000 2,500 1,500 1,000 a) What is the equilibrium rent? b) What is the equilibrium quantity of rented housing? Quantity Supplied 10,000 10,000 10,000 10,000 10,000 10,000 10,000 Now suppose that a rent ceiling of $700 is imposed in the housing market for Winona. c) What is the quantity of housing demanded? d) What is the quantity of housing supplied? e) Is there excess demand for or excess supply of housing with the imposition of a rent ceiling? Explain what is happening in the market for rental housing market in Winona.