Suppose demand for a good is QD = 100 - 2P and supply is QS = -20 + P. What is the equilibrium price? A. 20 B. 40 C. 60 D. 80 2. Suppose demand for a good is QD = 100 - 2P and supply is QS = -20 + P. What is the equilibrium quantity? A. 20 B. 40 C. 60 D. 80
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- The demand for rice is given by Q d=20-p and the supply is Q s=3p-20. a. Draw the demand and supply functions. Find the equilibrium quantity and price, and show them on the graph. b. Suppose due to drought the supply changes to 3p-30. The supply remains the same. Draw the new supply function on the same graph, and find the new equilibrium price and quantity. Has the demand increased or decreased? How did the equilibrium price and quantity change compared to part a.?Suppose the supply and demand equation are given as follow: Demand: Qd=112-3*p Supply: Qs=22+1*p What's the equilibrium quantity?The figure above shows a market that is originally at equilibrium at Point A, the intersection between been supply curve S1 and demand curve D1. Which of the following events would result in the market reaching a new equilibrium at Point C? Question 10Answer a. An increase in supply and a decrease in the quantity demanded. b. A decrease in supply and an increase in the quantity demanded. c. A decrease in the quantity supplied and a decrease in demand. d. A decrease in supply and a decrease in the quantity demanded.
- Consider the apple-juice market. Demand for apple-juice is given by: P = 66 - 4QD and supply of apple-juice is given by: P = 40 + 5Qs- i. What is the equilibrum price of a liter of apple-juice? Give your answer in two decimal places. ii. What is the equilibrum quantity of a liter of apple-juice? Give your answer in two decimal places. Suppose, the current market price for a liter of apple-juice is 62.0 in the market. iii. At this price level, which of the following options best characterize the market of apple-juice? 1 The market clears 2 Shortage in the market 3 Surplus in the market 4 The governmant has imposed tax worth around 8 per unit iv. Calculate the size of market surplus/shortage in the market at this price level. Give your answer in two decimal places. Suppose the new demand for apple-juice is: P = 56 - 4QD. vii. Calculate the new equilibrium price of apple-juice. Give your answer in two decimal places. viii. Calculate the new equilibrium quantity of apple-juice. Give your…The figure above shows a market that is originally at equilibrium at Point A, the intersection between been supply curve S1 and demand curve D1. Which of the following events would result in the market reaching a new equilibrium at Point E? Question 11Answer a. An increase in demand and a decrease in supply. b. An increase in demand and an increase in supply. c. A decrease in demand and a decrease in supply. d. An increase in the quantity demanded and an increase in the quantity supplied.Suppose that there is an increase in the equilibrium price (=rent) and quantity (=units rented) of condos in Santa Barbara. Which of the following could be the cause of this change? The demand for condos increased and the supply did not change. The supply of condos increased and the demand for condos did not change. Both the demand and supply of condos decreased. Both the demand and the supply for condos increased and supply increased by more than the demand.
- Assume that supply for cars increases for any given price and, at the same time, the demand for cars reduces for any given price. You can predict: a. That the price of cars will unambiguously increase, while the car sales may increase or decrease. b. That car sales will unambiguously decrease, while the car price may increase or decrease. c. That the price of cars will unambiguously decrease, while the car sales may increase or decrease. d. That car sales will unambiguously increase, while the car price may increase or decrease.Suppose the demand for apple juice is QD = 30 – 2P, and the supply of apple juice is QS = 20 + 4P,where P is the price of the juice, QD and QS are the quantities demanded and supplied respectively.a. Find the equilibrium price and the equilibrium quantity for apple juice.b. Suppose a freeze in Florida damages the orange harvest and, as a result, the price of orangesrises. What will happen to the equilibrium price and equilibrium quantity of apple juice? Why?The demand for butter is given by 120-4pd and the supply is 2ps-30, where pd and ps are, respectively the price paid by demanders and the price received by suppliers. a: Draw the demand and supply functions. b: Find the equilibrium quantity and price, and show them on the graph. c: Suppose a drought strikes that shifts the supply functions to 2ps-60. The demand remains the same. Draw the new supply function, and find the new equilibrium price and quantity.
- How would the equilibrium price (P) and equilibrium quantity (Q) for a good be affected if there was a simultaneous increase in demand along with a decrease in supply? P would increase while Q would decrease OP would increase but the impact on Q would be ambiguous Q would increase but the impact on P would be ambiguous Both P and Q would increaseSuppose demand is given by PD = 20 – .03QD - and supply is given by PS = 6 + .04QS. What is the equilibrium quantity and what is the equilibrium price?The demand and supply schedules for chewing gum are as follows: Supply: Q= 3P-30 Demand: Q=-2P+ 220 Where Pis the price of gum, and Qis the quantity, in millions of packs. 5. What is the equilibrium price of gum? (Please enter a whole number, with no decimal point). 6. How many packs of gum will be bought and sold in equilibrium? (Answer in millions, so if the answer is 9,000,000 packs, write "9".) (Please enter a whole number, with no decimal point). 7. Suppose that a huge fire destroys one-third of the gum factories. The supply of gum decreases to two-thirds of the amount shown in the above supply curve (1.e. at every price, 2/3 as much is supplied as was before the fire). What is the new equilibrium quantity of gum? (In millions). (Please enter a whole number, with no decimal point).
