Twenty-five years ago, tofu was available only from small businesses operating in predominantly Asian sections of large cities. Today tofu has become popular as a high-protein health food and is widely available in supermarkets throughout the United States. At the same time, tofu production has evolved to become factory-based using modern food-processing technologies. Using the graph below, show how the tofu market has changed over the last 25 years. Instructions: Click on and drag one or both of the lines below to depict the changes in supply and/or demand in the tofu market. Price ($/pound) Market for tofu Q* Quantity (pounds/year) S D O

Twenty-five years ago, tofu was available only from small businesses operating in predominantly Asian sections of large cities. Today tofu has become popular as a high-protein health food and is widely available in supermarkets throughout the United States. At the same time, tofu production has evolved to become factory-based using modern food-processing technologies. Using the graph below, show how the tofu market has changed over the last 25 years. Instructions: Click on and drag one or both of the lines below to depict the changes in supply and/or demand in the tofu market. Price ($/pound) Market for tofu Q* Quantity (pounds/year) S D O

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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: Let the Market Demand curve for soybeans be given by the following equation: Q=100000 -10000P where Q = the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q= -5000+5000P Graph the Demand Curve on a sheet of paper. Be sure to label the axes. What is the slope of the Demand Curve? Is it positive or negative? Why? What is the intercept? Note that in order to calculate the geometrically correct intercept and slope you probably want to rewrite the equation so that P is expressed in terms of Q, and then interpret the coefficients. Equilibrium: Graph the Demand and Supply curves together. Label all parts of the graph. Using algebra, solve for the equilibrium price and quantity of the soybeans. Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium…
After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger and starvation. As a result, Philippines experienced a rice bumper harvest which led to the equilibrium price to decrease to AUD 1.50 per kilogram. To reduce poverty, the government decided to increase the price of rice to AUD 2.00 per kg. Suppose the figure below represents rice production by Jane a farmer in rural Philippines, answer the questions below. 1)Examine the effect of government price legislation on Jane a farmer in rural Philippines and further, What is the price elasticity of demand for rice? Based on your answer, is rice a necessity? Explain your answer.
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. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 09 18 27 A + 36 45 54 63 72 81 QUANTITY (Scooters) B Demand 90 90 99 108 117 Total Revenue ?
Discuss how the demand and supply for a particular product/s have changed in the last 2-3 years. Discuss the product, and how one or a few of its determinants of demand and supply has changed in the last few years. You can use a diagram to illustrate your response. Also, discuss how the price of that product and the equilibrium quantity has changed due to changes in the demand and supply for that product.
The following graph plots the market for electric guitars in Houston, where there are always over 1,000 music stores. Suppose a new article is published claiming that Houston has abnormally high levels of pollution compared to the rest of the region. Due to air quality concerns, a significant number of families move out of the city. Show the effect of this change on the market for electric guitars by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. DemandSupplyPRICE (Dollars per guitar)QUANTITY (Guitars)Demand Supply Now suppose Congress passes a new tax that decreases the income of Houston residents. If electric guitars are a normal good, this will cause the demand for electric guitars to .
After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger and starvation. As a result, Philippines experienced a rice bumper harvest which led to the equilibrium price to decrease to AUD 1.50 per kilogram. To reduce poverty, the government decided to increase the price of rice to AUD 2.00 per kg. Suppose the figure below represents rice production by Jane a farmer in rural Philippines, answer the questions below. Examine the effect of government price legislation on Jane a farmer in rural Philippines Calculate the price elasticity of demand using the midpoint formula for rice What is the price elasticity of demand for rice? Based on your answer, is rice a necessity? Explain your answer.
Read each article linked below and summarize the implications of the events being discussed using the tools of supply and demand. Identify the following: • What has changed or is expected to change? • Explain how the supply curve and/or the demand curve are affected by the change(s)? • What would you expect to be the impact on the price and quantity? You should illustrate your answer with a diagram. Be sure to give each diagram a title, and to label the axis and curves in your diagram. Include any shifts in the supply or demand curve and show both the original and the new price and quantity. Make sure that you explain why curves shift and why the price and quantity change. Answers must be typed. However, you can hand-draw, scan and insert figures. There is a page limit of one page single spaced (12 point font and at least 1 inch margin all around) for each question, including your diagram(s). Article link…
K A retail chain will buy 700 cordless phones if the price is $40 each and 500 if the price is $50. A wholesaler will supply 550 phones at $20 each and 1950 at $60 each. Assuming that the supply and demand functions are linear, find the market equilibrium point and explain what it means. Market equilibrium occurs when the number of units is and the price is $ per unit.
The table below shows the weekly demand for machine screws at the local hardware store. Demand for Machine Screws Price (dollars per pack) $5.00 Quantity (packs of 100 screws) 4.50 25 4.00 85 3.50 145 3.00 205 2.50 2.00 265 325 385 445 1.50 1.00 0.50 505 0.00 565 Instructions: Round your answers to 2 decimal places. If you are entering a negative number include a minus sign. a. Using the starting point method, what is the price elasticity of demand from a price of $4.50 to a price of $4.00 per pack of 100 screws? b. Using the starting point method, what is the price elasticity of demand from a price of $2.50 to a price of $2.00 per pack of 100 screws? c. Using the starting point method, what is the price elasticity of demand from a price of $1.00 to a price of $0.50 per pack of 100 screws?
(Figure: Supply Curves) Yantai Pacific produces and sells home textile products, such as sheet sets and comforters, to several major retailers. Yantai can procure cotton and thread from numerous suppliers. Yantai also has a large pool of applicants to add workers as needed. Which graph BEST represents Yantai's supply? Product A Product C Price A B Product B Supply IVE Quantity Supply 4 Quantity Price Price Supply Quantity Price Product D Supply Quantity
Draw a supply and demand diagram with this information: Please include the The price axis with a label and a scale showing various number The quantity axis with a label and a scale showing various numbers The Supply curve with a label The Demand curve with a label The equilibrium price, also labeled The equilibrium quantity, also labeled information- Product: Sweatshirt Time period: Sweatshirts sold per week. Geographic area: Buckley Range of prices: $0-$25 Quantity Range: 1,000 sweatshirts
The citizens of Splashville enjoy swimming all summer long. Assume that the quantity of swimsuits demanded in a given year depends only on the average temperature that summer and the price of swimsuits. Additionally, assume that the cost of Lycra (a synthetic elastic fabric used to produce close-fitting clothing such as swimsuits) represents the great majority of swimsuit manufacturers' costs and that every other determinant of supply remains constant over this time period. The following table shows the average summer temperature and the price of Lycra in Splashville for each year from 1995 to 2007. Avg Temp Price of Lycra Year (F°) (Dollars per yard) 1995 75 9. 1996 80 10 1997 85 10 1998 75 10 1999 80 2000 90 8. 2001 85 7. 2002 85 8. 2003 80 8. 2004 80 13 2005 85 13 2006 85 12 2007 75 12 The following diagram shows the price of swimsuits and the quantity of swimsuits sold in Splashville for each year from 1995 through 2007. On the following diagram, use the blue line (circle symbol)…