Q.1. Suppose the demand and Supply function for tomatoes is given by 1.5p = 2.1 q - 0.4 = S(q) and 1.5 p = - 39 + 4.6 = D(q) Where p is the price in Omani Rial and q is the quantity in Kilogram. Find a) Equilibrium Quantity b) Equilibrium Price c) Find the price from demand function if quantity is 1.5 kilogram d) Find the quantity from supply function if price is 1.5 Omani Rial

Let the supply and demand functions for raspberry-flavored licorice be given by p = S(q) =  q  and  p = D(q) = 90 -  q ,where p is the price in dollars and q is the number of batches. Graph these functions on the same axes (graph the supply function as a dashed line and the demand function as a solid line). Also, find the equilibrium quantity and the equilibrium price.

Consider the demand for soap shown in Figure 1 above. What is quantity demand for soap if the price of a pound of soap is $10?      A) 210 pounds       B) 248 pounds       C) 286 pounds       D) 305 pounds

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.

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1. What is the equilibrium price? What is the equilibrium quantity? Suppose P_c goes up to 14. New equilibrium price?  New equilibrium quantity?

Which of the following would NOT cause an increase in demand for Canadian canola? The price of Canadian canola falls. People are worried about the availability of canola in the future, and so they are hoarding (stockpiling) it now. Other countries need canola to feed their livestock (such as pigs), but they are not able to grow enough themselves. The price of other similar plants increases.

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 supply curve increases, based on the model of supply and demand explain what happens to equilibrium price and equilibrium quantity.  Suppose the demand curve decreases, based on the model of supply and demand explain what happens to equilibrium price and equilibrium quantity.

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.)