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2. By the use of a graph/graphs, discuss the effect of a change in the price of vehicles on the demand of fuel.
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- (f ) Using a graph, show what will happen in the market for gasoline if the price of oil increases and there is a vast increase in the population (e.g., another baby boomer generation)?Question 6 [A new drug called 'LowG', taken together with any food, reduces the glycemic index (a measure of the impact of the food on blood sugar) by 50%. Annual demand for this new medication can be described by the following table:] Quantity (millions of milligrams) 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Price ($) 1000 900 800 700 600 500 400 300 200 100 0 a) [Rache, a pharmaceutical company, holds the patent on LowG and therefore is the only legal producer of the drug for the next 15 years. Calculate total revenue (TR) and marginal revenue (MR) for Rache at each price. Both Total Revenue (TR) and Marginal Revenue (MR) correctly calculated.The graph below shows the demand for electricity in England during typical days in winter and summer. The pie chart shows how electricity is used in an average English home. Summarise the information by selecting and reporting the main features and make comparisons where relevant. Figure 1 Typical Daily Demand of Electricity 50000 40000 30000 Winter Summer 20000 10000 o hrs 3 6. 12 15 18 21 24 Different hours of a day Figure 2 What the electricity is used for I Heating room, Heating 15% water 15% 1Ovens, Kett les, Washing 52% Machines 18% ILighting, TV, Radio Vacuum cle ane rs, Food m ixers, Electric too ls Units of Eectricity
- Jskxokd1) The cost of satellite internet drops. How will this impact the supply and demand for cable internet? Explain. 2) Consider Question 1. Graph any changes you describe. Be sure to include the change in equilibrium.6T Demand for Milk in Smalltown IISA Fill in the Blank Question Refer to the graph as shown. If the price of milk is $2 per gallon, then th consumers would be willing to purchase gall of milk per day. (Enter a number in the blank.) Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- (a)Diagrammatically show and explain how oil prices dropped as concerns over fuel demand in the near term in COVID-19 pandemic hit Europe and the United States. (b)Diagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand. (c)You sell two different goods: printers and toner cartridges. The price elasticity of demand for the printers is -3.4, and you earn a revenue of RM15,000 per month from the good. You earn a revenue of RM5,000 per month from the toner cartridges. The cross price elasticity of demand for both of the goods is -2.5. If you decide to decrease the price of the printers by 5%, calculate your new total revenues for…The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in Toronto. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a litre of regular unleaded gas is $4 per litre, and the price of a subway ride is $2.00. Use the graph input tool to help you answer the following questions. You will not be scored on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a Sedan (Thousands of dollars) 20 Quantity Demanded 450 30 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand Price of Gas (Dollars per litre) 4. Price of a Subway Ride (Dollars) 2 100 200 300 400 500 600 700 800 900…Price ($) a) Suppose that the demand for pizzas were to increase by 120 pizzas per day. Show the new demand, in the graph below: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. 64 56 48 40 32 24 16 8 0 40 80 120160200240 280 320 360 400 440 480 S D Tools Demand Help i Save & Exit Submit
- Read the article. How important are cellphones in our lives right now? Do you ever see them becoming a necessity? Explain.Demand and supply of umbrellasThe following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)