Hello! Can someone help me with my homework? Can you please explain to me the solution step-by-step on how you computed for the answer? Thank you so much, I appreciate your help! 2. Suppose that from the data gathered, the individual demand and supply functions forproduct X are given by Eq. 1 and Eq. (2) respectively were derived,Qdx = 3.7 – 0.74PX + 0.00091 + 0.28P,Eq. 1Qsx = -119.33 + 69.38P, – 13.88CEq. 2%3Dwhere Px - price of product X; I – weekly income; Py - price of product Y; and C - costof production.Use the following additional information: the weekly income is P4,485; the price of arelated product, Y, is P37.45; the cost of production is P19.50; there are 500 buyersand 16 sellers in the market for product X.A. Derive the market demand function.B. From (A), what is Px that will make all the buyers stop purchasing this product?Round-up to two decimals.C. The consumers will want to consume a maximum ofbeyond this amount, they will experience lesser satisfaction.D. Derive the market supply function.E. From (D), sellers will not sell anything if Px is equal toF. What is the equilibrium price in this market? Round-up to six decimals.G. What is the equilibrium quantity? Use the value of P in (F).units of this product;H. Assume the price of product X is P22.72, is there an excess demand or supply? Howmuch?I. Assume the price of product X is P26.13, is there an excess demand or supply? Howmuch?J. If the price of X increases from P15 to P17, what is the coefficient of sensitivity ofall the buyers given this price increase? Round-up to two decimals. Identify thedegree and interpret this coefficient.K. Suppose the average income of the buyers decreases to P4,200 and the price of Xis P20. Between these two income values, if income will change by 1%, how muchwill the demand for product X of the buyers change? Round-up to two decimals.What will be the classification of product X?L. Between the prices P8.50 and P9.50, are the sellers relatively sensitive orinsensitive? 1. Refer to the production possibilities schedule below assuming full employment.CombinationG FEDCBAPotato (in thousands MT)1059990755430Rice (in thousands MT)457599117126135A. Plot the production possibilities frontier, placing the amount potato production onthe y-axis and the amount of rice production on the x-axis. Label properly all thepoints and label the graph as PPF1.B. Solve for the marginal rate of transformation for combinations G → F; F → E; E →D; D → C; C → B; and B→ A. Round-up to two decimals and show completesolutions.C. Interpret the marginal rate of transformation for D C and B → A.D. Assume this economy experienced recession due to a pandemic that caused massiveunemployment. Illustrate this effect on the graph of PPF on (A) and label this asPPF2.E. Assume that a new production technology was invented in the production of rice.Illustrate this effect on the graph of PPF on (A) and label this as PPF3.

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1. Refer to the production possibilities schedule below assuming full employment. Combination GF E D с в A Potato (in thousands MT) 105 99 90 75 54 30 Rice (in thousands MT) 45 75 99 117 126 135 A. Plot the production possibilities frontier, placing the amount potato production on the y-axis and the amount of rice production on the x-axis. Label properly all the points and label the graph as PPF . B. Solve for the marginal rate of transformation for combinations G F; F E; E → D; D → C; C → B; and B → A. Round-up to two decimals and show complete solutions. C. Interpret the marginal rate of transformation for D C and B A. D. Assume this economy experienced recession due to a pandemic that caused massive unemployment. Illustrate this effect on the graph of PPF on (A) and label this as PPF2. E. Assume that a new production technology was invented in the production of rice. Illustrate this effect on the graph of PPF on (A) and label this as PPF3.

1. Refer to the production possibilities schedule below assuming full employment. Combination GF E D с в A Potato (in thousands MT) 105 99 90 75 54 30 Rice (in thousands MT) 45 75 99 117 126 135 A. Plot the production possibilities frontier, placing the amount potato production on the y-axis and the amount of rice production on the x-axis. Label properly all the points and label the graph as PPF . B. Solve for the marginal rate of transformation for combinations G F; F E; E → D; D → C; C → B; and B → A. Round-up to two decimals and show complete solutions. C. Interpret the marginal rate of transformation for D C and B A. D. Assume this economy experienced recession due to a pandemic that caused massive unemployment. Illustrate this effect on the graph of PPF on (A) and label this as PPF2. E. Assume that a new production technology was invented in the production of rice. Illustrate this effect on the graph of PPF on (A) and label this as PPF3.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 42P: A small company that shovels sidewalks and driveways has 100 homes signed up for its services this...

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