help me plz with those 4 questions and thanks 5. The following table gives the information on daily supply and demand for Apple Juice at asporting event:Price, $2.101.801.601.401.20Quantitydemanded8001,6002,4003,2004,100Quantitysupplied7,2004,8002,4001,600950a. What is the equilibrium price of juice? Explainb. If the organizers of the sporting event decide to set the price at 1.60, how many bottles ofjuice will be demanded, supplied? How many bottles of juice will be soldTrue or False? Explain.In economics, "inferior good" is the name for a good which is high quality and only rich peoplecan afford buying.7. State the Law of Demand. Discuss the relationship between Price of the good and its Quantitydemanded.b) Over the last 10 years, price of new models of smart Phones increased by 25%. At the sametime, the number of sold phones has increased from 250KD to 400KD.Does this example demonstrate that the Law of Demand is false? Explain why or why not. Usegraphs.

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5. The following table gives the information on daily supply and demand for Apple Juice at a sporting event: Price, $ 2.10 1.80 1.60 1.40 1.20 Quantity demanded 800 1,600 2,400 3,200 4,100 Quantity supplied 7,200 4,800 2,400 1,600 950 a. What is the equilibrium price of juice? Explain Bf the organizers of the sporting event decide to set the price at 1.60, how many bottles of juice will be demanded, supplied? How many bottles of juice will be sold?

5. The following table gives the information on daily supply and demand for Apple Juice at a sporting event: Price, $ 2.10 1.80 1.60 1.40 1.20 Quantity demanded 800 1,600 2,400 3,200 4,100 Quantity supplied 7,200 4,800 2,400 1,600 950 a. What is the equilibrium price of juice? Explain Bf the organizers of the sporting event decide to set the price at 1.60, how many bottles of juice will be demanded, supplied? How many bottles of juice will be sold?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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