**Question 12: Market Analysis Based on Supply and Demand Data**Consider the data in the table below when answering the question. Note that the demand curve for this continuous good is a straight line, as is the supply curve. Factor this information into your calculation.| Price (P) | Quantity Demanded (QD) | Quantity Supplied (QS) ||-----------|----------------------------------|----------------------------------|| $12 | 0 | 12 || $10 | 4 | 10 || $8 | 8 | 8 || $6 | 12 | 6 || $4 | 16 | 4 || $2 | 20 | 2 |**Problem Context:**Suppose the price is $8, but only 4 pizzas are bought and sold due to regulations imposed by the government. Determine the most social surplus that can be generated given this scenario. **Options:**a. $20 b. $30 c. $36 d. $40

Given information As per government regulation only 4 units can be sold and bought at price $8

Answered: 12. Consider the data in the table…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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2. Individual and market demand Suppose that Antonio and Caroline are the only consumers of shoes in a particular market. The following table shows their annual demand schedules: Price (Dollars per pair) 10 20 30 40 50 PRICE (Dollars per pair) 8 On the following graph, plot Antonio's demand for shoes using the green points (triangle symbol). Next, plot Caroline's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). (?) 60 50 40 30 20 10 0 0 Antonio's Quantity Demanded (Pairs) 32 16 20 12 4 0 32 48 QUANTITY (Pairs) 64 80 Caroline's Quantity Demanded (Pairs) 64 48 32 24 16 98 Antonio's Demand Caroline's Demand Market Demand
9
Explain differences between a “change in demand” and a “change in quantity demanded.” (2)Find an example where there has been a change in demand of a good/service andexplain using a graph.
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3. Kim is in the market for a new automobile, and since she was just promoted at work, her tastes in higher-end automobiles has increased, but to her surprise taxes have decreased, which make a new automobile more attractive; therefore, please illustrate by constructing a supply and demand graph, the direction in which the curves will shift and state the new equilibrium price and quantity; for example, state whether price and quantity increased, decreased, or are indeterminate. Please explain your rationale based on the determinants of demand and supply.
3. Individual and market demand Suppose that Dmitri and Frances represent the only two consumers of jeans in some hypothetical market. The following table presents their annual demand schedules for jeans: Price (Dollars per pair) 22222 10 20 30 40 50 Dmitri's Quantity Demanded Frances's Quantity Demanded (Pairs) (Pairs) 32 64 48 32 24 16 20 12 On the following graph, plot Dmitri's demand for jeans using the green points (triangle symbol). Next, plot Frances's demand for jeans using the purple points (diamond symbol), Finally, plot the market demand for jeans using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right
3) Suppose that the demand is described by the following function: P=397-2Q. Supply is described by P=100+0.7Q. The graphs of demand and supply are represented below 450 400 350 300 250 200 150 100 50 0 0 50 100 150 b. The equilibrium price equals space below. 200 a. On the graph above, label the axes and the lines that represent demand and supply. Show your calculations in the empty C. Calculate the consumer surplus and show your calculations below (2) Suppose that the government imposes per-unit tax of $30 per each unit sold. As a result, the consumer retail price for the product increases to $200. d. What is the quantity of product sold after the tax is imposed? Q = e. The price received by the suppliers after the tax is imposed is f. Has the consumer surplus changed after the tax is imposed? If yes, then how did it change (increased or decreased)? Shade the area that represents the consumer surplus after the tax is imposed, on the graph (1) g. The deadweight loss to the economy…
2. Individual and market demand Suppose that Sean and Yvette are the only consumers of shoes in a particular market. The following table shows their annual demand schedules: Price (Dollars per pair) 10 20 30 40 50 PRICE (Dollars per pair) On the following graph, plot Sean's demand for shoes using the green points (triangle symbol). Next, plot Yvette's demand for shoes using the purple points (diamond symbol). Finally, plot the market demand for shoes using the blue points (circle symbol). (?) 60 50 30 20 10 0 0 16 Sean's Quantity Demanded Yvette's Quantity Demanded (Pairs) (Pairs) 32 64 20 48 12 32 4 24 0 16 32 48 64 QUANTITY (Pairs) 80 96 Sean's Demand Yvette's Demand O Market Demand Now, suppose that Yvette's twin brother, who likes shoes just as much a Yvette, moves to the area, adding another consumer in the market. As a result, there will be a ▼ the market demand curve because there will be a change in quantity demanded
i really need help i don't understand this question. 14
8. Given the following set of demand and supply functions, find the equilibrium price and quantities. (i) Qd = 450 - 3P; Qs = 50+ 5P, (ii) Qd = 500 - 3P; Qs = 100; (iii) Qs = 30 + 1/2p, find Qs, when P =2. P = 4, P = 6, p = 10 9. A) Briefly discuss the microeconomics goals b) With the help appropriate diagram briefly discuss a change in QTY demanded & change in demand.
2. In most cases, a demand curve has a shape that we call "downward sloping". This means that it looks like a diagonal line going from the top left to the bottom right of a market graph. Why does demand usually have this shape? Explain in your own words. Make sure to include the concept of marginal benefit (a.k.a. marginal utility) in your explanation.
3. Individual and market demand Suppose that Hubert and Kate are the only consumers of pizza slices in a particular market. The following table shows their weekly demand schedules: Price (Dollars per slice) 1 2 3 4 5 Hubert's Quantity Demanded (Slices) 8 5 3 1 0 Kate's Quantity Demanded (Slices) 16 12 8 4 2 On the following graph, plot Hubert's demand for pizza slices using the green points (triangle symbol). Next, plot Kate's demand for pizza slices using the purple points (diamond symbol). Finally, plot the market demand for pizza slices using the blue points (circle symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right.

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