demand

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Using the supply and demand functions​ below, derive the demand and supply curves if Y=​$55,000 and pc=​$9. What is the equilibrium price and quantity of​ coffee? Part 2 The demand function for coffee is   Q=8.5−p+​0.01Y,   where Q is the quantity of coffee in millions of pounds per​ year, p is the price of coffee in dollars per​ pound, and Y is the average annual household income in​ high-income countries in thousands of dollars.   The coffee supply function is   Q=9.6+0.5p−0.2pc​,   where pc is the price of cocoa in dollars per pound.

The weekly demand for wine in the United States is described by the following equation:  Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation:  Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars.  a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.

By providing an example, explain three factors that might shift the demand curve for a product inward (to left).

6. Individual and market demand Suppose that Dmitri and Frances are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price Dmitri's Quantity Demanded Frances's Quantity Demanded (Dollars per slice) (Slices) (Slices) 1 8. 12 5 8 3 3 6. 4 1 4 5

Market in equilibrium: consider a market for smartphones where the equilibrium price (P*) is $600 per phone, and the equilibrium quantity (Q*) is 100,000 phones per month draw the initial supply and demand graph. qor Q Events: Due to a global shortage of microchips, the cost of producing smartphones increases significantly. Additionally, a new study reveals that smartphone usage can lead to improved cognitive abilities, leading to an increased demand for smartphones. Explain how both the supply and demand curves would be affected. Draw the new supply and demand curves on your graph (in red) and predict the changes in equilibrium price and quantity. I Demand: Supply:

The island nation of Coconutistan recently suffered an unfortunate accident which took its water treatment plant offline, leaving residents without clean water in their homes. The plant for bottling water was unaffected by the accident. The graph shows the supply and demand for bottled water before the accident. Assume that $6 is the maximum price for a case of bottled water according to the price gouging laws on the island. Shift one or more curves to show the effect of the accident on the market for bottled  water. Price ($)Quantity of bottled water by the case01002003004005006007008009001,000012345678910SupplyDemandPrice ceiling What is the amount of the shortage after the accident? shortage:

Consider the demand for soap shown in Figure 1 above. What is the quantity demand for soap if the price of a pound of soap is $5?      A) 210 pounds       B) 248 pounds       C) 286 pounds       D) 305 pounds

Suppose the demand for fish tacos is given by the following equation: Qd 8-1P where Qd is the quantity demanded per week of fish tacos, and P is the price of fish tacos. Suppose further that the supply of fish tacos is: Qs = 2 + 1P where Qs is the quantity supplied per week of fish tacos. What is the equilibrium market price of fish tacos? (Round your answer to 2 decimal places.)