#10: The quantity demanded x (in units of a hundred) of the Mikado miniature cameras per week is related to the unit price p (in dollars) by p= -0.2x² + 80 and the quantity x (in units of a hundred) that the supplier is willing to make available in the market is related to the unit price p (in dollars) by p = 0.1x² + x + 40. If the market is set at the equilibrium price, find the consumers' surplus and the producers' surplus.
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- (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?The 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)Below are the supply and demand schedules for a video game. Price $200 $180 $160 $140 $120 $110 $100 $90 $80 $60 Quantity Demanded 10 15 20 25 30 35 40 45 50 55 Quantity Supplied 100 90 80 70 60 50 40 30 20 10 a) What is the equilibrium price? $ b) What is the equilibrium quantity? Assume that this video game receives a poor rating and consumers decide to purchase 45 less at each price. c) What is the new equilibrium price? $ d) What is the new equilibrium quantity? 100 40 units units
- Explain the impact of the following conditions on the market demand and price of given products and sub-parts aswell: The impact of decrease in income of a household on the market demand and market equilibrium price of an inferior product. The impact of an increase in the price of Yamaha motorcycles on the demand and market price of Honda motorcycles. The impact of Covid-19 on the market demand for hand sanitizer. Note: Just explain justify your answers theoretically. There is no need to provide graphical analysis.1) What is the equilibrium price and quantity? 2) What price level will create a shortage of 40 units? 3) What price level will create a surplus of 40 units? 4) Using the midpoint formula, what is the price elasticity of demand if the price changes $1.00 to $1.10? 5) Using the midpoint formula, what is the price elasticity of demand if the price changes $1.10 to $1.50? 6) If a price floor is established at $1.30, a (shortage, surplus, neither, SELECT ONE will develop). If you selected a shortage ot surplus, what will be the quantitative imbalance (number)? 7) If a price floor is established at $1.00, a (shortage, surplus, neither, SELECT ONE will develop). If you selected a shortage ot surplus, what will be the quantitative imbalance (number)? 8) If a price ceiling is established at $0.90, a (shortage, surplus, neither, SELECT ONE will develop). If you selected a shortage ot surplus, what will be the quantitative imbalance (number)? 9) If a price ceiling is established at $1.30, a…The price-demand equation for a particular flashlight is given by p = 118 - 0.002x, where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $79 or less, and they will market 5,500 flashlights when the price is $101 per flashlight. (Assume the price-supply equation is linear.) (a) Find the consumers' surplus for this commodity. $ (b) Find the producers' surplus for this commodity. $
- 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 $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and priceThe table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Price ($ per kg) Sugar-free Gummy Bears Demanded (thousands of kg) Regular Gummy Bears Demanded (thousands of kg) $2.20$2.20 181.00181.00 485.00485.00 $2.60$2.60 175.00175.00 379.00379.00 $3$3 157157 273.00273.00 $3.40$3.40 137.00137.00 155.00155.00 As the price of gummy bears rises from $2.60$2.60 to $3$3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears:Question 18 Table #1: The demand schedule below pertains to sandwiches demanded per week Quantity Demanded Price 53.00 Alfred $5.00 Belinda $3.00 14 $5.00 $3.00 Charissa $5.00 Refer to Table #1. Suppose Alfred, Belinda, and Charissa are the only demanders of sandwiches. Also suppose O () x = 2; (ii) the current price of a sandwich is $5.00; (iii) the market quantity supplied of sandwiches is 10, and (iv) the law of supply applies to the supply of sandwiches. Then O there is a shortage of 3 sandwiches and the price would be expected to rise from its current level of $5.00 O there is a shortage of 3 sandwiches and the price would be expected to fall from its current level of $5.00 O there is a surplus of 5 sandwiches and the price would be expected to rise from its current level of $5.00 O there is a surplus of 5 sandwiches and the price would be expected to fall from its current level of $5.00
- The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Regular Gummy Bears Demanded (thousands of kg) 487.00 381.00 275.00 157.00 Price ($ per kg) $2.20 $2.60 $3 $3.40 Sugar-free Gummy Bears Demanded (thousands of kg) 183.00 177.00 159 139.00 As the price of gummy bears rises from $2.60 to $3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears:The estimated demand and supply curve for apples is displayed below. If the current price is $60/ton, is there currently a surplus or shortage in the market for apples? By how much?The table shows information on the conditions of demand for ordinary gummy bears and their sugar-free version. Regular Gummy Bears Demanded (thousands Price ($ per kg) $2.20 $2.60 $3 $3.40 Sugar-free Gummy Bears Demanded (thousands of kg) 181.00 175.00 157 137.00 of kg) 485.00 379.00 273.00 155.00 As the price of gummy bears rises from $2.60 to $3, what are the price elasticities of demand of sugar-free gummy bears and of ordinary gummy bears? Use the midpoint method and specify answers to one decimal place. Elasticity of demand of sugar-free gummy bears: Elasticity of demand of regular gummy bears: