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) A recent study found that the demand-and-supply schedules for Frisbees are as follows: a. What are the equilibrium price and quantity of Frisbees? (2)b. Frisbee manufacturers persuade the government that Frisbee production improvesscientists’ understanding of aerodynamics and thus is important for nationalsecurity. A concerned Diet members votes to impose a price floor $2 above theequilibrium price. What is the new market price? How many Frisbees are sold? (4)c. University students march on Tokyo and demand a reduction in the price ofFrisbees. An even more concerned Diet members votes to repeal the price floorand impose a price ceiling $1 below the former price floor. What is the newmarket price? How many Frisbees are sold? Price per Frisbee Quantity Demanded Quantity Supplied  $11 1 million Frisbees 15 million Frisbees  10 2 12 9 4 9 8 6 6 7 8 3 6 10 1

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

A). Draw the supply and demand curves for the market of specific good. B). Suppose that the equilibrium price for this product is $4 and the equilibrium quantity is 100 units. If the government imposes a price ceiling of $3 what happens? Draw the new graph explaining how quantities are affected by that decision. C). Suppose that the equilibrium price for this product is $4 and the equilibrium quantity is 100 units. If the government imposes a price floor of $5 what happens? Draw the new graph explaining how quantities are affected by that decision.

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.

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.