Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) Round your answer to 3 decimal places Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to 2 decimal places From the price above what is the equilibrum quantity between supply and demand: million of gallons Round your answer to closest whole number

Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) Round your answer to 3 decimal places Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to 2 decimal places From the price above what is the equilibrum quantity between supply and demand: million of gallons Round your answer to closest whole number

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Draw a supply and demand diagram with this information: Please include the The price axis with a label and a scale showing various number The quantity axis with a label and a scale showing various numbers The Supply curve with a label The Demand curve with a label The equilibrium price, also labeled The equilibrium quantity, also labeled information- Product: Sweatshirt Time period: Sweatshirts sold per week. Geographic area: Buckley Range of prices: $0-$25 Quantity Range: 1,000 sweatshirts
On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120, $140, and $160 per bike. 6250 5820 Total Revenue 5390 4960 4530 4100 3670 3240 2810 2380 20 40 60 80 100 120 140 160 180 200 220 240 PRICE (Dollars per bike) According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of bikes is currently $80 per bike, shown as point A on the initial graph. Because the demand between points A and B is , a $20-per-bike decrease in price will lead to in total revenue per day. In general, in order for a price increase to cause an increase in total revenue, demand must be TOTAL REVENUE (Dollars)
The chart below shows how annual electricity for an average Ontario household would vary with the price paid for electricity. Calculate the arc elasticity of demand for electricity for this average houschold. Also, in the final column, calculate the total revenue from sales of clectricity to this household. Price Quantity Demanded Kwh/year Total Revenue $/kwh Elasticity of Demand $0.25 1200 -0.36 $0.20 1300 $0.15 1400 $0.10 1500 $0.05 1600 Hint: The own price elasticity of demand is the percentage change in the quantity demanded divided by the percentage change in the price. What factors do you think influence the elasticity of demand for this household?
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)
6T Demand for Milk in Smalltown IISA Fill in the Blank Question Refer to the graph as shown. If the price of milk is $2 per gallon, then th consumers would be willing to purchase gall of milk per day. (Enter a number in the blank.) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…
60 PRICE (Dollars per keyboard) 54 48 42 36 30 24 18 12 6 0 0 Supply Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Keyboards) The equilibrium price in this market is Market for Keyboards Price (Dollars per keyboard) Quantity Demanded (Keyboards) per keyboard, and the equilibrium quantity is 18 580 Quantity Supplied (Keyboards) 420 keyboards bought and sold per month.
A D1 Quantity (per day) Suppose the demand curve shifts to the right and the supply curve shifts to the Right by more than the demand curve. The new demand curve will be upward sloping v and the new supply curve will be downward sloping v
-x 230. If the demand Curve is the form of P= 10e ? where P is the price and x is the demand, what is the Price elasticity of Demand? (a) Kx (b) 는 (c) 5x (d) None
The following is a demand schedule for good Z. Price per unit (£) 10 15 20 25 30 Q demanded per week 30 25 15 10 (a) Plot the demand curve for good Z to show it is linear. (b) (i) Calculate price elasticity of demand (PED) for an increase in price from £5 to £10. Is demand elastic or inelastic? (ii) Calculate price elasticity of demand (PED) for an increase in price from £20 to £25. Is demand elastic or inelastic? (iii) Using your results of parts (i) and (ii), explain what happens to PED along a straight-line demand curve. (c) Explain, using diagrams, the relationship between price elasticity of demand and profits. E Please select file(s) Select file(s) 20
(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…