3. Over the past few years in the market for solar panels, we have seen lower prices and more panels being sold. a) Draw a supply-demand diagram for the market, showing the initial equilibrium price and quantity (indicated with P,*, Q* on the P and Q axes respectively.) b) What one curve (supply or demand) must have shifted, and in what direction, to cause both a decrease in price and an increase in quantity sold in the solar panel market? Illustrate this on your graph in part (a) (Show the new curve and the resulting new equilibrium price and quantity (indicated with P,*, Q,*.) c) Briefly describe two different events that might cause the shift you described above in the market for solar panels.

3. Over the past few years in the market for solar panels, we have seen lower prices and more panels being sold. a) Draw a supply-demand diagram for the market, showing the initial equilibrium price and quantity (indicated with P,, Q on the P and Q axes respectively.) b) What one curve (supply or demand) must have shifted, and in what direction, to cause both a decrease in price and an increase in quantity sold in the solar panel market? Illustrate this on your graph in part (a) (Show the new curve and the resulting new equilibrium price and quantity (indicated with P,, Q,.) c) Briefly describe two different events that might cause the shift you described above in the market for solar panels.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The owner of a skating rink rents the rink for parties at $1200 if 60 or fewer skaters attend, so that the cost per person is $20 if 60 attend. For each 5 skaters above 60, she reduces the price per skater by $0.50. (a) Construct a table that gives the revenue generated if 60, 70, and 80 skaters attend. No. of skaters Total Revenue 60 70 80 Price per Skater $ $ $ (b) Does the owner's revenue from the rental of the rink increase or decrease as the number of skaters increases from 60 to 80? O The revenue increases. O The revenue decreases. (c) Write the equation that describes the revenue for parties with x groups of five skaters more than 60 skaters. R(x) = (d) Find the number of skaters that will maximize the revenue. skaters (e) Find the maximum revenue. $ (f) When the revenue is at the maximum possible, what price is paid per skater? $
Plz solve all parts Asap, i vll give positive feedback and upvote as well.
Only parts d and e please
Pls help with this homework
FC VC TC MC AFC AVC ATC 1. 160 65 3 10 20 55 4 28
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