26-when a price floor is the above equilibrium price: A- Quantity supplied will exceed quantity demanded B- The market will be in equilibrium C- This is a trick question because price floor generally exist below the equilibrium price D- Quantity demanded will exceed quantity supplied 27-shut down point situation when:
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- Suppose the supply of apples in a competitive market decreases due to unfavorable weather conditions. As a result, there will be A. a surplus of apples at the existing actual price as the supply curve shifts to the rightB. a shortage of apples at the existing actual price as the supply curve shifts to the leftC. upward pressure on price that will move it to a new equilibrium that is above the initial equilibrium price and elimination of a shortage as the quantity moves to equilibriumD. downward pressure on price as a shortage is eliminated.E. B and C, only. Demand, Supply, consumer surplus, Market Equilibrium Price floor. The following relations describe monthly demand and supply conditions in the metropolitan area for recyclable aluminum. QD = 80,000 – 20,000Px (Demand) QS = - 20,000 + 20,000Px (Supply) where Q is quantity measured in pounds of scrap aluminum and P is price in dollars. Answer the following questions: A. What is the condition for market equilibrium? B Calculate the market equilibrium price and equilibrium output? C. What is the inverse demand curve P = f (QD)? D. Compute the consumer surplus at the equilibrium price. E. What is the inverse supply curve P = f (Qs)? F. Compute the producer surplus at the equilibrium price.ssume a demand equation: Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y and a supply equation: Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good P. = price of a complement = $3 Q = quantity in thousands of units P = price of an input = $450 P= price of a substitute = $200 N= number of firms = 700 Y = consumer income = $20,000 T = index of technology = 300 w = wage rate = $10 If the price is $55, there will be an V of thousand units. O tv 30 MacBook Air DII 80 F10 F11 FB F9 esc FS F6 F7 F2 F3 F4 F1 $ % & 4 6. 8 9 1 P Q W R Y ンビ つ く O
- 3. The demand and supply curves of pens in the city of Nairobi are represented by the following function:- Required: Quantity demanded Qd=20-4p Quantity supplied Qs = -10 + 6p Where p is the price per pen. Calculate the equilibrium price and quantity. Examine the effect of a price ceiling set by the authorities at ii. Shs.2.00/= per pen.AutoSave O Off Activity-2-Market-Equilibrium-Worksheet (1) - Protected View - Saved Search camille ignacio CI File Home Insert Design Layout References Mailings Review View Help Grammarly A Share O Comments DIRECTIONS: (Use a Separate sheet of Graphing paper for the graph, and poperly labelled all details) In the diagram to the right, plot the following hypothetical supply and demand information for 1. Price 3000 2500 Quantity Supplied (Qs - millions) Quantity Price Demanded 2000 (Php) (Qd - millions) 1500 2 3,000 17 4 2,500 16 1000 7 2,000 14 500 11 1,500 11 16 1,000 7 16 20 24 Personal computers (millions) 4 8 12 22 500 2 personal computers (PCs): Text Predictions: On O Focus Page 1 of 2 194 words + 145% 11:03 am Ps L ) ENG 25/05/2021Question 3 Suppose the demand for a product is given by Q-100-5P, where Qp is quantity per year measured in kilogram and P is the price in AUD per kilogram. The supply curve for this product is given by Qs=4P-8. Answer the following questions and provide a graph illustration. a) Determine the equilibrium price? b) Calculate the elasticity of demand and supply at the equilibrium price. c) Determine the consumer surplus and producer surplus at the equilibrium price? d) Suppose that the government imposes a floor price of A$15 and promises to buy any surplus (e.g., Q³- QD) on the market. Determine the new consumer surplus, the new producer surplus, and the government expenditure of this policy e) Instead of using the floor price, now the government imposes a A$3 tax on each kg sold, determine the market price after having this tax policy. f) Calculate the consumer surplus, producer surplus and tax revenue. g) Using the concepts of demand and supply elasticity, predict which party, the…
- The demand equation is :- 33Q - 460 = P In the market, the equilibrium quantity is 20 Calculate the equilibrium price1 and 2 examine the market for Rmags. The demand for Rmags is given by Q = 12,500-5OOP and the supply by Q =-2500 + 250P. %3D 1) Find the equilibrium price and quantity in this market.Consider the following demand and supply relationships in the market forgolf balls: Qd = 90 - 2P - 2T and Qs = -9 + 5P - 2.5R, where T is the price oftitanium, a metal used to make golf clubs, and R is the price of rubber.a. If R = 2 and T = 10, calculate the equilibrium price and quantity of golfballs.b. At the equilibrium values, calculate the price elasticity of demand and theprice elasticity of supply.
- Consider the following demand and supply relationships in the market forgolf balls: Qd = 90 - 2P - 2T and Qs = -9 + 5P - 2.5R, where T is the price oftitanium, a metal used to make golf clubs, and R is the price of rubber.a. If R = 2 and T = 10, calculate the equilibrium price and quantity of golfballs.b. At the equilibrium values, calculate the price elasticity of demand and theprice elasticity of supply.c. At the equilibrium values, calculate the cross-price elasticity of demand forgolf balls with respect to the price of titanium. What does the sign of this elasticity tell you about whether golf balls and titanium are substitutes orcomplements?The figure belov wS supph i demand curves for bread. 45 4.0 Supply (marginal co 35 30 25 20 00 0 1 00 2.000 3,000 4000 5000 6.000 7.000 8000 9.000 10000 Quantity of loaves, Q You will not be given credit unless you provide a detailed explanation for the following questions! a) What are the equilibrium price and the equilibrium quantity in the bread market? How can you tell? Is there excess supply or excess demand in the bread market when the price of bread is 2.5 euros? Why? Explain how price, quantity demanded and quantity supplied will adjust to reach equilibrium when the price is b) 2.5 euros. Initially, the bread market is in equilibrium. Suppose that there is technological improvement in the production process of bread. Explain how supply and demand curves, equilibrium price and equilibrium quantity c) change as result.4. Given the following demand and supply curves, obtain the market-clearing price and graph the equilibrium quantity. Qs = 50P, +100 la = 1300 - 10PX