8. The local Chapel Hill government is very concerned with underage drinking and has decided to studythis market. The demand for six-packs of beer in Chapel Hill is given by QD = 100-10P and thesupply of six-packs of beer is given by Qs = 10P.a.. Sketch a supply and demand diagram of the market for six-packs of beer in Chapel Hill. Besure to label your curves, axes, intercepts, and calculate and label equilibrium P* and Q*.b. Assume UNC makes it mandatory for students to take the AlcoholEdu course offered byStudent Wellness during their first week on campus AND the price of hops, a main ingredientin beer increases simultaneously. If each event changes the quantity demanded/supplied by20 at every price, show these changes on your graph above and find the new equilibriumprice and quantity of six-packs of beer.I9. The market for peanut butter is given by the following demand and supply curves:P= 30-1/2 QD and P=5+20¹a. Calculate the equilibrium price and quantity of peanut butter and show these on a properlylabeled supply and demand diagram for peanut butter. 9. The market for peanut butter is given by the following demand and supply curves:P=30-1/2 QDandP=5+20sa. Calculate the equilibrium price and quantity of peanut butter and show these on a properlylabeled supply and demand diagram for peanut butter.b. What is the consumer and producer surplus in the market? Calculate and indicate these onyour graph from part (a).C.IIs the market economically efficient? In one sentence or less, how do you know?Now assume that the price of jelly (the second ingredient in the ever-popular peanut butter and jelly(PBJ) sandwich) decreases.d. How does this affect the market for peanut butter? Draw these changes on your supply anddemand diagram from part (a).e.If the price were to remain at the previous equilibrium price, indicate the quantity of peanutbutter bought and sold in the market as QB-f. Indicate consumer surplus and producer surplus on your graph. (You do not need tocalculate anything here).g. Is the market economically efficient? In one sentence or less, how do you know?h. Explain how the market will adjust to the new equilibrium.

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8. The local Chapel Hill government is very concerned with underage drinking and has decided to study this market. The demand for six-packs of beer in Chapel Hill is given by QD = 100-10P and the supply of six-packs of beer is given by Qs = 10P. . a. Sketch a supply and demand diagram of the market for six-packs of beer in Chapel Hill. Be sure to label your curves, axes, intercepts, and calculate and label equilibrium P* and Q*. b. Assume UNC makes it mandatory for students to take the AlcoholEdu course offered by Student Wellness during their first week on campus AND the price of hops, a main ingredient in beer increases simultaneously. If each event changes the quantity demanded/supplied by 20 at every price, show these changes on your graph above and find the new equilibrium price and quantity of six-packs of beer.

8. The local Chapel Hill government is very concerned with underage drinking and has decided to study this market. The demand for six-packs of beer in Chapel Hill is given by QD = 100-10P and the supply of six-packs of beer is given by Qs = 10P. . a. Sketch a supply and demand diagram of the market for six-packs of beer in Chapel Hill. Be sure to label your curves, axes, intercepts, and calculate and label equilibrium P* and Q*. b. Assume UNC makes it mandatory for students to take the AlcoholEdu course offered by Student Wellness during their first week on campus AND the price of hops, a main ingredient in beer increases simultaneously. If each event changes the quantity demanded/supplied by 20 at every price, show these changes on your graph above and find the new equilibrium price and quantity of six-packs of beer.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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