The demand for commodity X is represented by the equation P = 22 -0.2Q and supply by the equation P = 8+ 0.2Q. The equilibrium quantity is Multiple Choice 58.35.29. 22.
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- An economist estimates that a market has a demand curve of the form P = 26 - (0.867) Q and a supply curve of the form P = 0.5 + (1.21) Q. (See the curves graphed in the figure below.) Accordingly, she estimates that the equilibrium price ( P e) in the market will be $15.36 (or $15.355561). This means that the amount of the product bought and sold in the market must be ____.An economist estimates that a market has a demand curve of the form P = 37- (1.23) Q and a supply curve of the form P = 1 + (0.984) Q. (See the curves graphed in the figure below.) Accordingly, she estimates that the quantity equilibrium (Qe) in this market will be 16.26 (or 16.260163) and that the equilibrium price (Pe) in the market will be. (Answer may be rounded to nearest hundredth.) Supply X Demand Q OA. $20.84 O B. $12.20 O C. $23.00 O D. $17Essay 3 - 20 points As the manager of a local hotel chain, you have hired an econometrician to estimate the demand for one of your hotels (H). The estimation has resulted in the following demand function: QH - 2.25PSE + 0.8POH + 0.01M, where PH is the price of a room at your hotel, Pc is the price of concerts in your area, Pse is the price of sporting events in your area, PoH is the average room price at other hotels in your area, and M is the average income in the United States. What would be the impact on your firm of: a. A $500 increase in income? b. A $10 reduction in the price charged by other hotels? c. A $7 increase in the price of tickets to local sporting events? d. A $5 increase in the price of concert tickets, accompanied by an $8 increase in income? 2,000 – PH- 1.5Pc %3D -
- The municipality of Muscat is planning to build a huge monument, buying marble from the domestic market, which is efficient. An independent study has previously estimated the local demand and supply of marble as ??=25−0.2? and ??=−5+?, respectively. If the demand due to this project is expected to change to ??=49−0.2? (the quantity is measured in square meters and the price in dollars): What is the amount of marble that the project is estimated to purchase, and how much of that amount is bid away from private consumption?Suppose the supply and demand curves for a particular product are given by: QS = -20 + 2P , QD =100 - 2P where QS and QD are quantities in units and P is the price per unit. Calculate both the demand and supply elasticity around the equilibrium point. [Hint: you can use either the point method or the average arc (midpoint) method.]Demand and supply in a market are described by the equations:Qd = 66 - 3PQd = -4 + 2PCalculate the equilibrium P.
- The demand for scarves depends on the weather during winter. If it is a heavy winter, then the demand for scarves is QH (P) = 84 — 3P and if it is a light winter the demand for scarves is Q₁(P) = 85 - 4P. The supply of scarves is Qs(P) = 4P - 7. - a) Find the equilibrium price and quantity in each case. b) Calculate the elasticity of demand and the elasticity of supply when P = 10. Comment on your results. c) In separate graphs, draw the two cases and depict the consumer and producer surplus. Calculate the surpluses in all cases. d) The government wants to limit the production of scarves and sets a quota of 42 scarves. What is the effect of the quota in each case? In separate graphs, draw the effect of the quota. Calculate the effect of the quota on welfare (consumer surplus etc).The demand and supply functions for a particular commodity are D(x) = 80e-0.001x and S(x)= 30e0.001r , where x is the number of units of the product, D(x) is the price that results in a consumer demand of x units and S(x) is the price that results in a producer supply of x units. a. Find the equilibrium point using your calculator and identify the equilibrium units and price. Give your answers to the nearest whole unit and nearest dollar. The value of x at equilibrium is units. The value of p at equilibrium is b. Determine the consumers' surplus.If the demand and supply curves for a commodity are defined as follows, Qd=200-0.6(p) Qs=80+1.4(p) What would be the best option to represent the equilibrium price and equilibrium quantity
- Estimate the equilibrium price and quantity of the market whose demand and supply functions are pd=-(q+4)2+100 and ps=(q+2)2 respectively If the region A (shaded grey) in the diagram above represents a solution set,derive the system of inequalities which define that region.According to Hanushek & Quigley (1980), the estimated price elasticity of demand for housing, Ed, ranges from -0.64 to -0.45. Please interpret these elasticity estimates. Is demand elastic or inelastic? How responsive is housing demand to changes in price? Assume that the housing market is in equilibrium at p° = 100 and Q° = 100. Please draw this market outcome under the separate assumptions of ɛa = -0.64 and Ea = -0.45 (i.e., draw two separate demand curves, one of which is more price elastic than the other). Be sure to label your graph accordingly.A good with no close substitutes is predicted to have relatively inelastic demand, since consumers cannot easily switch to a substitute good if the price of the good were to increase. The price elasticity of demand of a good depends in part on its relative necessity in comparison to other goods. Assume the following goods all have approximately the same price. Which of the goods has the most elastic demand? The price elasticity of demand for a good also depends on how the good is defined. Self-driving cars Access to medicine for individuals with chronic illnesses Using the following table, organize the goods by indicating which you predict to have the most elastic demand, the least elastic demand, and the elasticity of demand that falls somewhere in between. Categories Most Elastic In Between Least Elastic O O Food Produce Strawberries O The price elasticity of demand of a good is also impacted by the defined time horizon. All else equal, the demand for natural gas will tend to be less…