The demand for petroleum is given by QD=85 − 0.4? where Q Dis the quantity demanded in thousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is given by QS=55+0.6?. Calculate the equilibrium price and quantity in this market.   II) In the context of the problem in part (i), calculate the demand and supply for petroleum if the market price is $15 per barrel. What problem exists in the economy?

please answer part d

Can someone please clarify the solution below: Given information, Demand: P = 107.5-0.25Qd Supply: Qs = 3.45P + 295.55 First, let us change the demand curve in terms of P, such that: (especially at this part) Qd=(107.5-P)/0.25 Qd=430-4P Using the given and computed information, market equilibrium price would be:  Qd=Qs 430-4P=3.45P+295.55 430-295.55=3.45P+4P 134.45=7.45P 134.45/7.45=P 18.04=P 18=P At the market equilibrium price of 18, equilibrium market quantity would be:  Qd=430-4(P) Q=430-4(18) Q=430-72 Q=358 units

Suppose consumers will demand 40 units of a product when the price is RM12.75 per unit and 25 units when the price is RM18.75 each. Find: The demand function. i) ii) 1) iv) Price per unit when 37 units are demanded Quantity (units) demanded when the price is RM20.00. The equilibrium point if the supply equation is p = q - 0.75

Consider the competitive market for production of a chemical as shown in the diagram below. This setup will apply to this question and the next two questions. P ($/gallon) Demand: P=220-Q/100 0 Supply: P = Q/400 Q (gallons) Production of this chemical produces noxious odors that impact the health of the communities surrounding the production facilities. It is well known that every gallon produced increases health costs in society, but there is a lot of argument over how much health costs increase. In reality the number is that health costs increase by $3 per gallon produced, but that it hard to discover. If the government does not intervene in this market, what will be the total surplus for society in this market (including the $3 per gallon health costs)? Please do not round at any step of any calculation. Do not round your final answer.

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. $17

Suppose the Canadian demand for and the Japanese supply of cars to Canada is shown in the table below (quantities in thousands). Quantity Supplied (before tariff) Quantity supplied (after tariff) Price ($) 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000 Quantity Demanded 170 150 130 110 90 70 50 30 50 70 90 110 130 150 170 190 a) The present equilibrium price is $ and quantity is b) Suppose that the Canadian government imposes a $2,000 per car tariff on imported Japanese cars. Show the new supply in the last column above. thousand. thousand. c) The new equilibrium price is $ and quantity is d) The total revenue received by the government will be $ e) Assume, instead, that the government imposes an import quota of 90,000 cars. The new equilibrium price is $ quantity is thousand. f) Does the government now receive any revenue? No million. and

Assume that the supply and demand equations for 1-shirts at store A and 2 in a particular week are. = .7q+ 3 offer p= - 1.7q + 15 Demand Determine the equilibrium quantity and price that stabilizes the T-shirt market. (1) (4$5.5) (2) (7, $8) (3)($9.5) (4) (5, $6.5)

Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 1,800 people.   What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall?   If tickets were sold for $18, what would happen (be specific)?

Suppose it is known that the number of goods "X" demanded and offered at two different price levels is as shown in the following table: Price Amount Requested (Unit) Amount Offered (Unit) (IDR) 120 160 180 150 2400 2000 Based on the data in the table above, determine the demand function (Qd) and the supply function (Qs) of the goods "X", and determine the market equilibrium point and draw a graph of the market balance!