Suppose the demand curve for a product is given by:Q=200-2P+ 41,where I is average income measured in thousands of dollars. The supply curve is:Q=3P - 150.If I = 25, find the market-clearing price and quantity for the product.The market-clearing price is $90 and the market-clearing quantity is 220. (Enter your responseas an integer.)If I = 50, find the market-clearing price and quantity for the product.The market-clearing price is $ and the market-clearing quantity isan integer.)Draw a graph to illustrate your answers.1.) Using the line drawing tool, accurately graph the new demand curve, using the demandequation. Label this line D'.(Enter your response as2.) Using the point drawing tool, indicate the new market-clearing price and quantity. Label thispoint 'New Equillibrium'.Carefully follow the instructions above, and only draw the required objects.—Price220-200-180-160-140-120-100-80-60-40-20-0-0100200QuantityD300S400O

Suppose the demand curve for a product is given by: Q=200-2P+ 41, where I is average income measured in thousands of dollars. The supply curve is: Q=3P - 150. If I = 25, find the market-clearing price and quantity for the product. The market-clearing price is $90 and the market-clearing quantity is 220. (Enter your response as an integer.) If I = 50, find the market-clearing price and quantity for the product. and the market-clearing quantity is The market-clearing price is $ an integer.) Draw a graph to illustrate your answers. 1.) Using the line drawing tool, accurately graph the new demand curve, using the demand equation. Label this line D'. (Enter your response as 2.) Using the point drawing tool, indicate the new market-clearing price and quantity. Label this point 'New Equillibrium'. Carefully follow the instructions above, and only draw the required objects. 220 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0- 0 100 200 Quantity D 300 S 400

Suppose the demand curve for a product is given by: Q=200-2P+ 41, where I is average income measured in thousands of dollars. The supply curve is: Q=3P - 150. If I = 25, find the market-clearing price and quantity for the product. The market-clearing price is $90 and the market-clearing quantity is 220. (Enter your response as an integer.) If I = 50, find the market-clearing price and quantity for the product. and the market-clearing quantity is The market-clearing price is $ an integer.) Draw a graph to illustrate your answers. 1.) Using the line drawing tool, accurately graph the new demand curve, using the demand equation. Label this line D'. (Enter your response as 2.) Using the point drawing tool, indicate the new market-clearing price and quantity. Label this point 'New Equillibrium'. Carefully follow the instructions above, and only draw the required objects. 220 200- 180- 160- 140- 120- 100- 80- 60- 40- 20- 0- 0 100 200 Quantity D 300 S 400

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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. In a function particular county in California, the demand function for each person i for a particular kind of good is Q = 150+.15 * I; – 5P where Q denotes the quantity demanded for person i, I; is the income for person i, and P is the price of the good (which remains constant). The supply function for this particular good is Q5: = -30 + 10P where Q is the quantity supplied of the good by firm j. There are 5 firms total, and 100 consumers total. Further assume that the total income for the area is $50,000. (a) Find Q. Note, your answer will be in terms of unknown price P. i=1 (b) Find 1 Q. Note your answer will be in terms of unknown price P. (c) Find the price P where the total quantity supplied is equal to the total quantity demanded. (d) Find the price P where the total quantity supplied is one half that of the total quantity demanded.
Suppose the demand curve for a product is given by: where I is average income measured in thousands dollars. The supply curve is: Q 3P 150. Q=200-2P+41 If1 =25, find the market-clearing price and quantity for the product. The market-clearing price is $ and the market-clearing quantity is (Enter your response as an integer.) 220 200 180 160- 140- 120- 100- 80- 60- 40- 20 100 200 Quantity
The government of a State has been experiencing an increase in number of obesity cases. Research suggests an increase in consumption of a particular fast food item is responsible for high number of obesity cases. As a result, the government of that State is considering an imposition of $1 tax. Monthly demand and supply for this good are QD=21-1P and QS= -1+1P respectively. Draw the demand and Supply curve for fast food before the tax is imposed. Calculate the equilibrium price and quantity, consumer and producer surplus, and label them on the graph. Calculate the price elasticity of demand and supply for fast food. If the State government imposes a tax, who will bear the most of the burden of the tax? Suppose that the State government finally imposes a $1 tax on fast food. What will the new equilibrium price and quantity? Include the tax on your graph. Calculate the consumer and producer surplus and label them on the graph. Is there any deadweight loss resulting from the tax on that…
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The government of a State has been experiencing an increase in number of obesity cases. Research suggests an increase in consumption of a particular fast food item is responsible for high number of obesity cases. As a result, the government of that State is considering an imposition of $1 tax. Monthly demand and supply for this good are QD=21-1P and QS= -1+1P respectively. Draw the demand and Supply curve for fast food before the tax is imposed. Calculate the equilibrium price and quantity, consumer and producer surplus, and label them on the graph. Calculate the price elasticity of demand and supply for fast food. If the State government imposes a tax, who will bear the most of the burden of the tax? Suppose that the State government finally imposes a $1 tax on fast food. What will the new equilibrium price and quantity? Include the tax on your graph. Calculate the consumer and producer surplus and label them on the graph. Is there any deadweight loss resulting from the tax on that…
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