12. Consider the data in the table below when you answer this question. (As the table suggests, the demand curve for this continuous good is a straight line and so is the supply curve. Factor that into your calculation.) Qs $12 $10 $8 $6 12 4 10 8 8. 12 6 $4 $2 16 4 20 Suppose the price is $8 but that only 4 pizzas are bought and sold due to regulations imposed by the government. The most social surplus that can be generated is а. $20.
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- Suppose the following table shows your demand schedule for CDs. Price Quantity Demanded $15 1 12 9. 9:56 6. 4 (a) What is your total utility from four CDs? Total utility: $ (b) What is your marginal utility from the fourth CD? Marginal utility: $ (c) If the price is $6, how much will your consumer surplus be? Consumer surplus: $12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) in2. The following data represent the demand schedule and supply schedules of a certain commodity. Based on this information, answer questions 1, 2, 3 and 4 properly. Price $9 8 7 6 5 4 quantity demanded 50 47 44 41 38 35 32 29 quantity supplied 22 26 30 34 38 42 46 50 3 2 1 26 54 1. Sketch the demand schedule and supply schedule in the same Label the equilibrium price (Pe) and the equilibrium quantity (Qe) properly. 2. Determine (tabulate) the equilibrium and equilibrium quantity. Use the surplus and shortage columns to illustrate your analysis. 3. Is a price of $7.50 an equilibrium price? If yes why and if not why not? 4. Is a price of 3.75 an equilibrium price? If yes, why and if not why not?
- find the equilibrium price ratio and calculate the consumers’ demand for each of the two goods U1(x,y)=4x+2y, U2(x,y)=x+y Could you tell me why Px/Py<2, consumer will want x only? Px/Py<1 both consumers will only want x too ? Could you tell me how to find the price ratio to analysis want x only or want x,y?The buyers' side of the market for amusement park tickets consists of two consumers whose demand curves are shown in the diagram below. a. Graph the market demand curve for this market. Instructions: Use the tool provided to plot the market demand curve for prices: $36, $24 and $0 (three points total). Ⓡ Demand for amusement park tickets Price ($/ticket) 40 36 32 28 24 20 16 12 8 4 0 784 P2 108 120 Quantity (tickets/year) 132 (136, 8) 156 144 Tools / DMkt( The demand and supply schedules for sunscreen at a small beach are shown below. Market for Sunscreen Price (dollars per bottia) $40 30 20 15 Quantity of Quantity of Sunscreen Sunscreen Demanded Supplied (bottles) (bottles) 1,200 4.800 2,200 3,200 4,200 3.200 6,200 Instructions: Enter your answers as a whole number. a. If the price is $35 per bottle, how many bottles of sunscreen are demanded and supplied in equilibrium? Qd= bottles bottles 4,000 3,200 2.400 1,600 HOO In this case, there would be (Click to select) pressure on the price. b. What is the equilibrium price and quantity in the market for sunscreen? P$ bottles
- 2) Suppose that there are two types of consumers. "Type 1" consists of 10 identical consumers who each have the following individual demand curve: P=40-2Q. "Type 2" consists of 50 identical consumers who each have the following individual demand curve: P = 73 - 5Qd². a. Compute the market demand curve, where P is a function of Q, where Q- Qar+Qaz. b. Suppose the supply of this good is perfectly inelastic at a quantity of Q. = 30. Compute the market equilibrium price of this good.3)What is the relationship between a demand schedule and a demand curve? * a)A demand schedule shows the various quantities of the good demanded, while a demand curve shows the various prices. b)A demand schedule is a numerical tabulation of the quantity demanded of a good at different prices, while a demand curve is a graphical representation of the law of demand. c)A demand curve shows the various quantities of the good demanded, while a demand schedule shows the various prices. d)A demand curve is a numerical tabulation of the quantity demanded of a good at different prices, while a demand schedule is a graphical representation of the law of demand.6. Individual and market supply Suppose that Paolo and Sharon are the only suppliers of ice cream cones in a particular market. The following table shows their monthly supply schedules: Price (Dollars per cone) PRICE (Dollars per cone) 6 5 2 0 1 0 2 3 4 5 Paolo's Quantity Supplied (Cones) 0 On the following graph, plot Paolo's supply of ice cream cones using the green points (triangle symbol). Next, plot Sharon's supply of ice cream using the purple points (diamond symbol). Finally, plot the market supply of ice cream cones using the orange points (square symbol). (?) 4 8 4 12 6 7 8 18 QUANTITY (Cones) Sharon's Quantity Supplied (Cones) 5 9 20 12 24 14 15 Paolo's Supply Sharon's Supply E Market Supply es Now, suppose that Sharon's twin brother, who has an identical cost structure and ice cream cones supply curve as Sharon, moves to the area, adding another producer to this market. As a result, there will be a the market supply curve because there will be a change in quantity supplied
- I. For the normal good, make a (Hypothetical) linear demand schedule with 7 different price points and corresponding quantity demanded for your own household. For the same normal good, make another (Hypothetical) linear demand schedule with 7 different price points and corresponding quantity demanded for your neighbor. Assuming that you and your neighbor are the only two households in the market, make a market demand schedule for the same normal good. Draw and interpret a graph to show the market demand and impact of changes in quantity demanded, if price of the same normal good decreases.Assume that you are told that because of some changes, the equilibrium price increased but it is unknown if the equilibrium quantity increased, remained the same, or decreased. Which of the following would be consistent with this outcome?a. There was a decrease in input costs and consumers expected lower income.b. Consumers expected a lower price and firms expected a higher price.c. There was a decrease in income (the good is inferior) and a decrease in the number of firms.d. There was a positive change in consumer tastes and an increase in productivity. When demand is _______ consumers are _______ to price changes and the price elasticity of demand is _______.a. elastic, relatively sensitive, greater than one (in absolute value)b. inelastic, completely insensitive, equal to one (in absolute value)c. inelastic, relatively sensitive, less than one (in absolute value)d. unit elastic, hyper-sensitive, equal to zeroe. perfectly elastic, hyper-sensitive, equal to one (in absolute value)…The city of Cedar Rapids has a large number of video poker arcades. The demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? Draw a diagram depicting the equilibrium in this market.