Refer to the following table to answer the next question. Price Quantity Demanded Quantity Supplied $20 10 50 $17 20 40 $14 30 30 $11 40 20 $8 50 $5 60 10 0 If the price of this good is $11, there would be a O surplus; 30 O surplus; 20 O shortage; 30 O surplus; 10 O shortage; 20 of units.
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- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100Excess supply of a product will cause the price to As a consequence Market for pizza of the price change, the quantity demanded will quantity 14.00- 13.00- 12.00- 11.00- supplied will increase decrease At the current market price PMatet of $9.00, there i of thousand pizzas per month (Enter your response as a positive integer.) 10.00- 9.00- PMarket a 8.00- * 700- 8 6.00- E 500- 4.00- 3.00- 2.00- 1.00- 40 22 510 15 20 25 30 35 40 45 so 55 60 Thousands of pizzas per month 0.00-Along demand curve Do,what is the quantity demanded when the price is $8? 10 8 4 Do D2 10 30 40 50 Quantity (gaming apps) 04 O 10 Price ($) 20
- Assignment 2 1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 B. GHe25.00 D1 D2 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)-pq where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GHc25.00 per gallon. calculate thhe change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2?When the price of beef is $ 4 per kg, quantity demanded is 500 grams. but when the price changes to $3.92 then quantity demanded is 530 grams. calculate the price elassticity demand?PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some
- Question 2 The manager at Ruby Red Movie Theater decided to change the prices of concession stand items as well as tickets this month in an effort to increase revenues. Below, you are provided with prices for last month and this month as well as the quantities demanded for both months. Use this information when answering questions A–H below. Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 Calculate the price elasticity of demand for large popcorn. (Show your work.) Is the price elasticity of demand for large popcorn price elastic, inelastic, or unit (unitary)? Briefly…Question 2 The manager at Ruby Red Movie Theater decided to change the prices of concession stand items as well as tickets this month in an effort to increase revenues. Below, you are provided with prices for last month and this month as well as the quantities demanded for both months. Use this information when answering questions A–H below. Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 A. Calculate the total revenues earned by the theater last month and this month (Show your work.) Total revenues last month = Total revenues this month = B. Calculate the price elasticity of demand for…Saved Refer to the table below containing the market demand schedule for canoes. Price ($ per canoe) Quantity Demanded (canoes per month) $800 250 700 300 600 350 ok 500 400 nt a. Draw a graph showing the demand curve D. Plot only the endpoints of the curve, 2 points in total, in the graph below. ences Demand for Canoes 900 Tools 800 Demand 700 600 500 400 250 300 200 50 150 350 450 100 400 500 OuantituInaneee nor manth) Mc Graw Hill MacBook Air 888 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 @ 23 $ % & 2 3 4 6. 7 8. E Y w/ Price ($ per canoe)
- TABLE 3-1 Price of DVDS Мaya Seema Rest of the Market Market $24 $20 8 9. $16 11 9. 11 $12 14 11 14 $8 17 14 20 Refer to Table 3-1. It illustrates the demand schedules for DVDS of two individuals and the rest of the market. At a price of $16, what quantity of DVDS would be demanded in the market? 12 31 39 22In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoning53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8 a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000?
