.Consider a market where market demand is given by QD(P) = 80 – 8P and market supply is given by Qs(P) = 30 + 3P. If the current price for the product is $5.00 is the market in equilibrium? Show your work and explain your answer. %3!
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- Suppose the demand for a certain item is given by D(p) = - 2p? - 4p + 500, where p represents the price of the item in dollars. a. Find the rate of change of demand with respect to price b. Find and interpret the rate of change of demand when the price is $8. a. The rate of change of demand with respect to price is- (Simplify your answer.) b. Choose the correct answer below and fill in any answer boxes in your choice. O A. When the price is $8, demand is increasing at a rate of about items for each increase in price of $8. O B. When the price is $8, demand is decreasing at a rate of about items for each increase in price of $8. OC. When the price is $8, demand is decreasing at a rate of about items for each increase in price of $1. O D. When the price is $8, demand is increasing at a rate of about items for each increase in price of $1.in the Fall of 2020, international demand for U.S. grains grew, pushing up the prices for grains. Indeed grain prices grew nearly 50% in the last 6 months. Your task as an analyst is to analyze the changes in the market for corn. Using a graph, depict the changes that took place in the corn market. Clearly show and explain any shifts in demand and/or supply curves. Label any shifted curves as D1 and/or S1. If the curves have not shifted, please explain why. Clearly show the new market equilibrium. Label the new equilibrium price as P1 and equilibrium quantity as Q1How does the equilibrium price of a normal commodity change when income of its buyers falls? Explain the chain effects.
- A company that makes sweatshirts is willing to supply 156 sweatshirts each month if the price is $24 each and will supply 204 sweatshirts each month if the price is $36 each. Find the linear supply function, qS where qS is the number of sweatshirts the company is willing to make available per month at a price of p dollars per sweatshirt. A.qS = 12p + 48 B.qS = p/12 – 48 C.qS = 0.25p – 15 D.qS = 4p + 60The demand for bacon is given by Q d=70-3p and the supply is Q s=2p-30. (a). Draw the demand and supply functions. Find the equilibrium quantity and price, and show them on the graph. (b). Suppose due to increased health awareness the demand changes to 50-3p. The supply remains the same. Draw the new demand function on the same graph, and find the new equilibrium price and quantity. Has the demand increased or decreased? How did the equilibrium price and quantity change compared to part a.?Fall of 2020, international demand for U.S. grains grew, pushing up the prices for grains. Indeed grain prices grew nearly 50% in the last 6 months. Your task as an analyst is to analyze the changes in the market for corn. Using a grapg, depict the changes that took place in the corn market. Clearly show and explain any shifts in demand and/or supply curves. Label any shifted curves as D1 and/or S1. If the curves have not shifted, please explain why. Clearly show the new market equilibrium if changed from your answer to Question 1. Label the new equilibrium price as P1 and equilibrium quantity as Q1.
- In the regional market for housing, demand for single detached homes depends on the price of the house, PH, consumer income, N, and the price of a related good, townhouses, PT. The demand equation is Qd = 0.1N+0.05PT-0.02PH. Initially, average consumer income is N = $40,000 and the average price of townhouses is $300,000. Making these substitutions, we get Qd = 19,000 -0.02PH. This is our current demand equation. Suppose income changes from $40,000 to $50,000. What is the income elasticity of demand for housing when the price is $230,000? iClick the icon to view the derivation of the current demand equation. The income elasticity of demand for housing when the price is $230,000 and income changes from $40,000 to $50,000 is EN=. This is Housing is good. (Round to two decimal places as needed.) perfectly inelastic. elastic. unit elastic. inelastic. perfectly elastic.In the supply equation; [Qdx=Px+1600], if Qdx=5688, then the price of the product is. Select one: a. 9100800.00 b. 4088.00 c. -4088.00 d. 7288.00QUESTION 2 Eve notices that ordering through HotCups (a specialty coffee delivery service where price fluctuates with supply and demand) to her bank's office in the city normally costs $6 Monday to Friday (x1 rate). But on Saturday mornings, as there are many tired people who want to make the most of their weekend, the HotCups delivery costs up to $18 (x3 rate). Which of the following statements are true: A Ceteris paribus, there should be less HotCups delivery drivers around on a Saturday morning due to the increased prices according to the law of supply. Ceteris paribus, Eve is more likely to walk to a local cafe for coffee on a Saturday morning. H Ceteris paribus, a HotCups delivery driver's working hours (individual quantity supplied) should increase on a Saturday morning according to the law of supply. Ceteris paribus, a HotCups delivery driver will work more on a Tuesday morning rather than a Saturday morning because of the higher rates, according to the law of supply.
- • Sketch a correctly labeled graph of the supply of gasoline today and show the effect if producers today start expecting that the price of gasoline tomorrow will increase. Be sure to label your axes and curves. There is a similar graph in your textbook to look to for a model.It is expected that the price of a bushel of wheat will increase in one month. This belief will result in A) an increase in the current supply of wheat. B) a decrease in the current supply of wheat. C) a decrease in the future supply of wheat. D) no change in the current or future supply of wheat. E) an increase in the current quantity supplied of wheat.In the regional market for housing, demand for single detached homes depends on the price of the house, PH, consumer income, N, and the price of a related good, townhouses, P-. The demand equation is Qd = 0.3N + 0.08PT - 0.02PH. Initially, average consumer income is N= $50,000 and the average price of townhouses is $315,000. Making these substitutions, we get Qd = 40,200 – 0.02PH: This is our current demand equation. Suppose income changes from $50,000 to $60,000. What is the income elasticity of demand for housing when the price is $220,000? Click the icon to view the derivation of the current demand equation. The income elasticity of demand for housing when the price is $220,000 and income changes from $50,000 to $60,000 is EN = |. This is Housing is good. (Round to two decimal places as needed.) perfectly inelastic. perfectly elastic. inelastic. elastic. unit elastic.