Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 .In response, to lobbying by the skate board association, the government places a price floor at the price of $700 on skate boards. What will this have on the market for skate boards? Explain your answer.
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Table 18.1
|
Quantity |
Quantity Supplied |
300 |
60 |
30 |
400 |
55 |
40 |
500 |
50 |
50 |
600 |
45 |
60 |
700 |
40 |
70 |
800 |
35 |
80 |
.In response, to lobbying by the skate board association, the government places a
for skate boards? Explain your answer.
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- Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 Use the information provided in Table to plot the price ceiling of $400 onskateboards.1. In 2020 due to state deregulations ride sharing company X managed to lower its price which led to higher quantity demanded of their rides (a movement along the demand curve). The accompanying table describes what happened to prices and the quantity demanded of their service. Using the midpoint method, calculate the price elasticity of demand for the rides. 2008 2012 Quantity demanded (rides) 130 million 420 million Average price (per ride) $25 $15e. Perform the follow tasks and calculations as they pertain to the graph. a. Show points A and B on curve D1 in the form of ordered pairs. b. Calculate the Slope for flights moving from point A to point B on the curve. c. Explain in “economic terms" your results. Please show all work as you will receive partial points.
- 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 someUsing the table below answer the following question Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 In response, to lobbying by the skate board association, the government places aprice ceiling of $400 on skate boards. Use the information provided in Table toplot the supply and demand curve for skate boards.Explain what happen if a supplier charged more than the market price
- 1. Using the following Supply and Demand schedules for bicycles to answer the questions below. Quantity Demanded (Qd) Price Quantity Supplied (Qs) $300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response to lobbying by the Bicycle Ridders Association, Congress places a price ceiling of $700 on bicycles. What effect will this have on the market for bicycles? Why? b. In response to lobbying by the same Bicycle Ridder Association, Congress places a price ceiling of $400 on bicycles, Using the information above, impose the price ceiling. What is the result of the price ceiling of $400 on bicycles?6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50pu102 - Protected View • Saved to this PC - O Search (Alt+Q) Faridatu References Mailings Review View Help ntain viruses. Unless you need to edit, it's safer to stay in Protected View. Enable Editing 1) The table below shows the demand schedule for museum admissions in a small city. Price Quantity Demanded (per visit per (thousands of person- visits per year) person) $10 2 $8 4 $6 6. $4 $2 10 TABLE 1 Using the mid-point formula answer the following: a) Refer to Table 1. Between the prices of $8 and $10, the elasticity of demand is = b) Refer to Table 1. Between the prices of $4 and $6 the price elasticity of demand is = c) Refer to Table 1. Between the prices of $2 and $4 the price elasticity of demand is = d) Refer to Table 1. Between the prices of $8 and $6 the price elasticity of demand is = Table 2 Price Quantity demanded (millions of rooms per night) (dollars per room per night) 200 100 80 250 400 50 500 800 40 25
- The market supply and demand for a product are shown in the diagram below. PRICE $6 Supply Demand 80 200 QUANTITY (a) Is the price elasticity of supply less than one, equal to one, or greater than one? Explain. (b) Calculate consumer surplus at the equilibrium price. Show your work. (C) Now suppose the government imposes a per-unit tax of $1 on producers. (i) What happens to total revenue received by producers after they pay the tax to the government? Explain. (ii) Will producer surplus increase, decrease, or stay the same? (iii) Will total surplus increase, decrease, or stay the same? Explain.age Price $45 $35 $25 Quantity Quantity Demanded Supplied 600 900 700 700 800 500 Use the table of information. For this market, which of the following statements is (are) correct? (x) If the government imposes a price ceiling of $45 in this market, the result is a chronic shortage of 300 units. (y) A binding price ceiling would exist at any price below $35. (z) If the government imposes a price ceiling of $25 in this market, the market will sell 200 fewer units than it would in the absence of a price ceiling. O O O Select one: O A. (x), (y) and (2) OB. (x) and (y) only C. (x) and (z) only D. (y) and (z) only E. (z) only Next page - BerUsing the table below calculate the cross-price elasticity of flour with respect torice P1 P2 Q1 Q2Flour $9 $12 40 25Rice $4.45 $6.75 150 125