Refer to the attached image to determine the price and quantity for the following questions below. allocative efficiency dynamic efficiency Pareto efficiency

The demand for Good X in New Bedford, MA is given by the following equation: Qd=60-40P+2I-30Py where: Qd is the quantity demanded of Good X P is the price of Good X I is income Pb is the price of Good Y Without performing any calculations, determine if Good X and Good Y are substitutes, complements, or unrelated goods.  Explain how you used the function to make this determination. Without performing any calculations, determine if Good X is a normal or inferior good.  Explain how you used the function to make this determination. On a clearly labeled graph, plot the demand curve assuming the price of Good Y is $6 and income is $700

Suppose that the demand curve for corn has the equation p = -0.29q+6.265 and the supply curve for corn has the equation p = 0.2q +2.1, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of corn is $3.40 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $3.40 is (Round to the nearest whole number as needed.) billion bushels.

The following graph shows the market for croissants in Philadelphia, where there are over 1,000 bakeries at any given moment. Suppose croissant sellers expect that tomorrow the price of croissant will be significantly higher than today's price. Show the effect of this change on the market for croissants by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per croissant) QUANTITY (Croissants) Supply Demand Demand Supply (?)

In order to raise tax revenue and reduce cigarette sales, the government decided to impose a new alcohol tax on all beer sales. One year after introducing the tax, the government found that the tax was most effective in reducing beer sales among young people but did not have a significant effect on others. What can this information tell you about the demand curves?

There is a debate about whether sterile hypodermic needles should be passed out free of charge in cities with high illegal drug use. Proponents argue that doing so will reduce the incidence of diseases, such as HIV/AIDS, that are often spread by needle sharing among drug users. Opponents believe that doing so will encourage more drug use by reducing the risks of this behavior. As an economist asked to assess the policy, you must know the following: (i) how responsive the spread of diseases like HIV/AIDS is to the price of sterile needles and (ii) how responsive drug use is to the price of sterile needles. Assuming that you know these two things, use the concepts of price elasticity of demand for sterile needles and the cross-price elasticity between drugs and sterile needles to answer the following questions. Which of the following would have to be true for this policy to be beneficial to cities? 0 The price elasticity of demand for sterile needles is relatively elastic. The…

The following graph input tool shows the daily demand for hotel rooms at the Lakes Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Average American household income Roundtrip airfare from Pittsburgh (PIT) to Atlantic City (ACY) Room rate at the Mountaineer Hotel and Casino, which is near the Lakes PRICE (Dollars per room) Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 500 450 400 350 300 250 200 150 100 + 50 0 Demand + 0 50 100 150 200 250 300 350 400 450 500…

(Figure: Graph) Refer to the graph to answer the question. Price S M P Quantity The movement from point S to point T is caused by an increase in the demand for the item. a decrease in the price of the item. an increase in the price of the item. a decrease in the demand for the item.

The following table shows the weekly demand and supply in the market for ice cream in New York City. Price Quantity Demanded Quantity Supplied (Dollars per gallon of ice cream) (Gallons of ice cream) (Gallons of ice cream) 4 2,000 200 8 1,600 600 12 1,200 800 16 800 1,200 20 400 1,800   Based on the preceding table, plot the demand for ice cream on the following graph using the blue points (circle symbol). Next, plot the supply of ice cream using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.   DemandSupplyEquilibrium0400800120016002000240024201612840PRICE (Dollars per gallon of ice cream)QUANTITY (Gallons of ice cream