28) Assume the demand and supply functions for good X can be written as QD=500-20P = -100 + 10P QS - In this market, equilibrium price is $20 and equilibrium quantity is 200 units. A) True B) False
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- ) If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve. a) 0.2 b) 5 c) -1 d) -2 Other: 8) Based on Question 7, calculate the quantity when the price is equal to 0 a) 13 b) 2 c) 10 d) 5 9) Based on Question 7, if the market price is equal to 1, determine how many units of good X will be sold in the market. a) cannot be determined b) 12 c) 10 d) 14 Oh no! Our expert couldn't answer your question. Don't worry! We won't leave you hanging. Plus, we're giving you back one question for the inconvenience. Here's what the expert had to say: (7) - wrong data. "quantity demanded drops from 10 to 12" is wrong since value from 10 to 12 is an increase, not a drop. Ask Your Question Again 6 of 10 questions left until 1/15/21 Question I. If the price of good X increases from RM3 to RM5, the quantity demanded drops from 10 to 12. Find the slope of the demand curve.…Suppose the demand and supply curves for a product is given by ? = 500 − 2? ? = −100 + 3? a) Which is the supply curve and why? c) Compute the equilibrium price and quantityes The graph below shows the market for oats. Price per bushel 12 11 10 9 8 10 432 S 4 0 10 50 70 100¹10120 30 90 80 60 40 20 Quantity per period (in millions of bushels) S Tools Sz Prev 4 of 8 # Next >
- Consider the market for the normal good Corn Flakes. Assume the supply and demand curves have normal (i.e. consistent with the laws of supply and demand) slopes. The market is currently in equilibrium. In each of the following situations indicate what will happen to the price of Corn Flakes and the quantity sold in the market. Each situation described below is a separate situation and should be treated independently. (I.e., Will the price of Corn Flakes increase, decrease, or not change? Will the quantity of Corn Flakes sold in the market increase, decrease, or not change? Diagrams are not necessary in your answer. I am only asking for the final results. That is what happens to price and quantity sold after each of the following events as described occurs.) a. The price of Rice Krispies and Fruit Loops both decrease. Corn Flakes price will ________ and quantity sold will _____________ b. Consumer disposable income increases significantly as a result of an income tax…Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if the price of a gallon of gasoline is $1.70? A) 100K gallons B) 140K gallons C) 236K gallons D) 308K gallons17)Which of the following is (are) consistent with the law of demand? * a)Both (b) and (c) above. b)As the price of a good falls, the quantity demanded of the good falls. c)As the price of a good rises, the quantity demanded of the good rises. d)As the price of a good rises, the quantity demanded of the good falls.
- Suppose there is a decrease in supply in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following would not occur? a) An excess supply. b) A fall in price. e) A fall in supply. )A fall in the equilibrium level of expenditure.2) A decrease in production costs of good X led to higher equilibrium quantity and higher price of good X. Which of the following describes good X? If you believe there are several correct answers, chose the one that provides the most precise (narrowest) description of X. A) X is an Abrasive good B) X is a Barber good C) X is a Curtius good D) X is a Dremen good E) X is an Elapsed good F) X is a Friedman good G) X is a Giffen good H) X is Hash good I) X is a normal good J) X is a sub-normal good K) X is an inferior good L) X is a superior good M) The scenario described in this question is impossible if all agents make rational decisions N) None of the aboveConsider the market for newspapers shown below. As this is an election year the demand for newspapers has increased by a 100 newspapers at each price. What is the new equilibrium quantity in the market? A) 250 B) 150 C) 100 D) 200
- 8. Assume that the demand for films is given by Q = 45 − 2P and the supply is given byQ = 15 + P. What are the equilibrium price and quantity of films?(a) P = 10 and Q = 25(b) P = 12 and Q = 21(c) P = 12 and Q = 15(d) P = 25 and Q = 10(e) None of the above1. The weekly demand (Qd) and supply (Qs) functions for a good X are given by:-Qd = 1000 – 5pQs = -400 + 15p, where P = Price per unit (R)(i) Draw the demand and supply curves on a graph and find the equilibrium priceand quantity (ii) If the demand function changes to 1200 – 5P, show the changes to part (i)above. (iii) Suppose a subsidy of R40 per unit is subsequently granted to producers ofgood X. Determine the new equilibrium price and quantity. (b) Use suitable examples to explain the likely effects of a price ceiling. (c) What do you understand by the ‘Substitution and Income effects’ of a change inprice of a good. (d) Elaborate on the factors influencing Price Elasticity of Demand (PED) and PriceElasticity of Supply (PES) of a good. 2. (a) Explain the concepts of Price Elasticity of Demand (PED), IncomeElasticity of Demand (YED) and Cross Elasticity of Demand (CED)(b) To what extent can PED be important to:-(i) a government, (ii) managers of hypermarkets ‘3. (a) Compare the…1) Plastic and steel are substitutes in the production of body panels for certain automobiles. If the price of plastic increases, with other things remaining the same, we would expect: A) the price of steel to fall. B) the demand curve for steel to shift to the right. C) the demand curve for plastic to shift to the left. D) nothing to happen to steel because it is only a substitute for plastic. E) the demand curve for steel to shift to the left. Don't use chatgpt