3. The demand for a product is given by the equation Qd = 500 - 2P, and the supply is given by Q = 100+ 3P. (a) Determine the equilibrium price and quantity. (b) The government imposes a price ceiling of $50. What will be the quantity demanded and quantity supplied at this price? (c) Calculate the shortage or surplus resulting from the price ceiling. (d) Discuss the potential consequences of the price ceiling on the market.

3. To summary the market survey for local trip tour during school vacation, the right-hand table is shown. Quantity Quantity Demanded Supplied Price ($) Base on this table: 20 500 50 420 a) Define the equations of demand and supply for local trip tour. (20 marks) b) Find the equilibrium-price and equilibrium-quantity for local trip tour and draw a graph to show this market equilibrium. (15 marks) 40 150 60 340 250 80 260 350 100 180 450

. Which statement best explains how a price ceiling affects the market for gasoline? It can cause more gasoline producers to enter the market. It can lead to producers increasing their production costs for gasoline. It can cause shortages in the supply of gasoline. It can lead to a decrease in the demand from consumers for gasoline.

4. The market for plastic has been estimated to have these supply and demand relationships: Supply Q = 100P - 1000 Demand Q = 10000 - 100P where P represents price per unit in dollars, and Q represents sales per week in tons. a. Determine the equilibrium price and quantities. b. Determine the amount of shortage or surplus that would develop at P=$40.

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The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand     Supply     Price 167     132     $32 137     172     $56 Use this information to find the following. (b) the demand equation p     (c) the supply equation p     (d) the equilibrium quantity and price

1.  Explain the law of demand and the law of supply, and through a diagram or a detailed description, describe how equilibrium price and quantity are determined in a market.

Question 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 government in your country is considering three programs that affect the market for cigarettes. Program 1: Media campaign and labeling requirements aimed at making the public aware of the dangers of cigarette smoking. Program 2: A price support program for tobacco farmers. Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000  cases. I. Determine the impact of an the market for cigarettes if program 1 is implemented by stating what will happen to supply, price, quantity and demanded. ii. Determine the impact of on the market for cigarettes if program 2 is implemented by stating what Will happen to demand,supply, price and quantity. iii. Determine the impact of an the market for cigarettes if program 3 is Implemented by stating what will happen to demand,supply,price and quantity.

1. What is the definition of quantity demanded? What is the definition of quantity supplied? (a) At what point in a market determines the equilibrium price and quantity. Provide a graph of a market in equilibrium. Explain why the equilibrium outcome will occur in a competitive market with no outside intervention (From the government or another source).