5. The price of most prescription drugs is significantly lower in Canada than in the United States. For parts a.)-d.), draw a supply-demand graph to show whether the stated claim COULD explain the price difference ( consider each part independently; for each part, assume any other factor (except the given claim) is the same between Canada and the U.S.; on most of the graphs, you'll have one curve for Canada, one curve for the U.S., and one representing both: e.g., you might have separate D Curves for the two countries, but only one S Curve, representing the same supply conditions in both ). (1 point each) a.) Tougher regulation in the U.S. makes it more difficult (i.e., more expensive) to get a new drug approved. b.) Tougher regulation in Canada makes it more difficult ( i.e., more expensive) to get a new drug approved. c.) Average consumer income in Canada is lower than average consumer income in the U.S. d.) Canada has implemented a system of price ceilings on drugs.

Please explain how to calculate total revenue

3. Consider the following supply and demand model of the World tea supply (in billions of Kwacha) Price per Kg KO.38 КО.37 КО.36 КО.35 КО.34 | Quantity Supplied 1500 | Quantity Demanded 525 1000 600 700 700 600 900 550 1200 a) Using graphs determine the equilibrium price b) If there is a shortage or surplus when the price is KO.38 and KO.34, Calculate its size in billions of Kwacha and show that on the graph.

2. Consider the Table below representing the number of 21-inch colour TV's individuals are willing to purchase in Ndola and Kitwe: Price Quantity Demanded-Kitwe Quantity Demanded- Ndola К350 100 75 К325 150 100 К300 200 125 K275 250 150 K250 300 175 a) Plot these data, with price (P) on the vertical axis and quantity (Q) on the horizontal axis. Connect the points for quantity demanded in Ndola and Kitwe. Lebel the Ndola line D1 and the Kitwe line D2). b) Find the increase in the quantity of TV units purchased in Ndola and Kitwe when the price of TV's is lowered from K300 to K275. c) Find the slope of the Demand lines D1 and D2 when the price is lowered from кз00 to K275. d) What does the difference in the slope of demand lines D1 and D2 indicate? e) Obtain the National demand schedule if Kitwe and Ndola were the only cities in the country. f) Explain what will happen to demand for TVs if one of the following happen i) ii) iii) Price of DSTV increases There is a wage freeze in the…