The demand for hamburgers is given by Qd=10-p and the supply is Qs=4p-10, where pd and ps are, respectively the price paid by demanders and the price received by suppliers. A: Draw the demand and supply functions. What is the price-elasticity of demand? What is the price-elasticity of supply? B: Find the equilibrium quantity and price, and show them on the graph. C: Suppose due to the rising health awareness the demand decreases to Q d=5-p. Find the new equilibrium prices and quantity, and show them on the graph.

Below are the supply and demand schedules for a video game. Price $200 $180 $160 $140 $120 $110 $100 $90 $80 $60 Quantity Demanded 10 15 20 25 30 35 40 45 50 55 Quantity Supplied 100 90 80 70 60 50 40 30 20 10 a) What is the equilibrium price? $ b) What is the equilibrium quantity? Assume that this video game receives a poor rating and consumers decide to purchase 45 less at each price. c) What is the new equilibrium price? $ d) What is the new equilibrium quantity? 100 40 units units

Let the supply and demand functions for raspberry-flavored licorice be given by p = S(q) =  q  and  p = D(q) = 90 -  q ,where p is the price in dollars and q is the number of batches. Graph these functions on the same axes (graph the supply function as a dashed line and the demand function as a solid line). Also, find the equilibrium quantity and the equilibrium price.

Consider the demand for soap shown in Figure 1 above. How much soap will consumers purchase if the price of a pound of soap is $8?      A) 210 pounds       B) 248 pounds       C) 286 pounds       D) 305 pounds

Suppose you are given the following supply and demand equations for your company's product, executive fountain pens: Qd = 12,000 - 2P + 3Py - 5Pn - 2Pk + 4M + 3A Qs = 8,000 + 4,000P - 7Pm - 3Pw where:   Qd = quantity demanded of fountain pens Qs = quantity supplied of fountain pens P = price per unit of fountain pens Py = price per unit of pencils Pn = price per unit of notebooks Pk = price per bottle of ink M = consumer income A = number of units of advertising purchased by the company Pm = cost of purchasing materials (inputs) for fountain pens Pw = cost of hiring a worker (wage rate) a) given the signs of the coefficients in the demand equation, how does the demand for fountain pens react to each variable (i.e., substitutes, complements, normal good, inferior good)?   b) given the signs of the coefficients in the supply equation, how does the supply for fountain pens react to each variable?   c) suppose you are given the following data:   Py = $10 Pn = $15 Pk = $8 M = $20,000 A =…

Suppose the market demand curve for a product is given by Qd = 500 −50P and the market supply curve is given by Qs = −50 + 25P.   1. Find the equilibrium price and quantity.  2. What are the forms of the inverse demand curve and supply curve? 3. Sketch the demand and supply curves and show the equilibrium price and quantity. 4. At the market equilibrium, what is the price elasticity of demand? Hint: Find ∂Q/∂P and use in place of (∆Q/∆P) and use equilibrium values of P and Q. Comment on the value of the price elasticity of demand. 5. Suppose the price in this market is $5. What is the amount of excess demand? Please answer all.

Looking for help on how you would go about solving the following problem: The following functions represent the demand and supply for hair cuts. QD=300-6P QS=2P-20 what demand function would accurately represent an increase in demand for hair cuts?  QS=450-6P QD =150-6P QD =450-5P QD =450-6P

The weekly demand for wine in the United States is described by the following equation:  Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation:  Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars.  a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.

By providing an example, explain three factors that might shift the demand curve for a product inward (to left).

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