Draw a hypothetical demand-and-supply diagram and show equilibrium price, equilibrium quantity, and the total revenue received by the suppliers.

Quantity Demanded Price $3.00 $6.00 $9.00 $12.00 $15.00 $18.00 $21.00 $24.00 $27.00 Quantity Supplied 225 200 175 150 125 100 75 50 25 20 40 60 80 100 120 140 160 The demand and supply schedules for hats are above. Plot both in the area below. Find the equilibrium price and quantity.

1. Calculate the price elasticity for each of the following. State whether price elasticity of demand is elastic, unit elastic, or inelastic. Will revenue rise, decline, or stay the same with the given change in price?

Dairies make low-fat milk from full-cream milk. In the process of making low-fat milk, the dairies produce cream, which is made into ice cream. The graph shows the supply curve of low-fat milk. Suppose the price of cream rises. Draw a new supply curve that shows the effect of this event. Label the curve. 5.00- 4.00- 3.00- 2.00- 1.00- Price (dollars per quart) So Q Q 500 600 0.00- 200 300 400 Quantity (millions of quarts of low-fat milk per year) >>> Draw only the objects specified in the question.

Write down the factors affecting demand. Which of the following factors will cause the following products to increase or decrease? Convenience food (sold in food shops and supermarkets) Products purchased in the internet Mobile phones Pay-per - view- television programming Books Airline travel within Us; air travel with UK

Demand for the desired quantity of a good that is backed by the ability to buy that good is known as:   A. Effective Demand B. Derived Demand

The restaurant industry is highly competitive. The pandemic has likely reduced the demand for restaurant meals. It has also likely raised the fixed costs of a typical restaurant (because owners have needed to reconfigure seating and install new ventilation systems). a)What will these two developments do to the equilibrium price and quantity in the market for restaurant meals? b)What will these two developments do to the number of meals produced and the profits of a typical restaurant in the short run?

The following table gives the demand and supply schedules for widgets. Price {:[" Quantity "],[" Demanded "]:} Quantity Supplied $25 88 130 $20 92 120 $15 96 110 $10 100 100 $5 104 90 The equilibrium price in this market is $ The equilibrium quantity in this market is units. If the price in this market was $20, there would be a of units.

I need help with this one.

Suppose that improved technology lowers the cost of manufacturing skis. What effect would this have in the market for skis?