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Find the
a) Qd=410-5Ps-2Pj
Qs=-60+3Ps
b) Qd=295-Ps-3Pj
Qs=-120+2Pj
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- Derive graphically the substitution and income effects of a price increase in an EOG - X coordinate system if X is a normal; inferior but not Giffen; Giffen good. Do the same for a price decrease. Using an X - Y coordinate system, derive the substitution and income effects graphically when X and Y are perfect complements and the price of good X decreases. Do not forget to label the axes, the budget lines, the total, the substitution, and the income effects in your graph.Task of the day: If the demand and supply curves of two commodities A and B are given below find the equilibrium price and quantity: D, =10-P, -2p2; S, = -3+ P, + P2 D2 = 6-P,-P2; S2 = -2+ P2If X has many close substitutes, there will be large substitution effects (what will theindifference curves look like?). -The demand curve is likely to be flat, with a small increase in price leading to a large decrease in demand.For a normal good, the IE reinforces the SE, causing demand to be flatter. -For an inferiorgood, the IE dampens the SE, leading to a steeper demand curve. Can someone graph the Demand curve for a normal good and an inferior I'm having a hard time visualizing this. Thanks Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Only typed answer and don't use chat gptAbby drinks Mountain Dew. She can buy as many cans of Mountain Dew as she wishes at a market price of $0.55 per can. On a particular day, she is willing to pay $0.95 for the first can, $0.80 for the second can, $0.60 for the third can, and $0.40 for the fourth can. Answer the following questions. 3.1. Fill out Abby’s demand schedule below. Price Quantity demanded 3.2. How many cans does she buy at $0.55per can? What is her total consumer surplus? Show calculations. 3.3. How many cans does she buy if the price falls to $0.40 per can? What is her total consumer surplus? Show calculations.find the equilibrium price ratio and calculate the consumers’ demand for each of the two goods U1(x,y)=4x+2y, U2(x,y)=x+y Could you tell me why Px/Py<2, consumer will want x only? Px/Py<1 both consumers will only want x too ? Could you tell me how to find the price ratio to analysis want x only or want x,y?
- Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if the price of a gallon of gasoline is $1.20? A) 100K gallons b) 140K gallons C) 236K gallons D) 308K gallonsTask 2 - Below is a hypothetical demand and supply for apartments. Answer the following questions below using as basis the schedule given: Number of Apts. Number of Apts. Supplied/Month Rent/Month (Php) Demanded/Month 1 120,000 200 100,000 20,000 400 80,000 40,000 600 60,000 60,000 800 40,000 80,000 1000 20,000 100,000 1200 120,000 1. Draw the demand and supply curves for apartments using the schedule above. 2. What is the equilibrium rent per month? At this rent, what is the number of apartments demanded and supplied per month? 3. At P400 rent per month what will be the demand and supply of apartments? Will there be a surplus or shortage of supply? Explain your answer. 4. At 800 rent per month what will be the demand and supply of apartments? Will there be a surplus or shortage of supply? Explain your answer.Determine the equilibrium price and equilibrium quantity
- Answer correctly. I will rate accordingly.1.(a) Derive own-price elasticity of demand (eii), income elasticity of demand (hi) and cross-price elasticity of demand (eij) for the Cobb-Douglas Utility Function. (b) With respect to Cobb Douglas preferences, what happens to the demand for each of two products (x and y) when the price of product y increases, as a result of: (i) the substitution effect; (ii) the income effect; and, (iii) the overall price effect?Maddie and Brandon are discussing their demand for Sour Patch Kids candy. Maddie buys 11 packages every month at a price of $2 and reduces her quantity demanded by 1 for every $0.05 increase in price. Brandon buys 21 packages every month at a price of $2 and reduces his quantity demanded by 2 for every $0.50 increase in price. Do not round your answers. (a) What are the equations of Maddie and Brandon's demand curves? Maddie's demand curve: P = Brandon's demand curve: P = (b) If the price of Sour Patch Kids candy is $1.25, what quantities do Maddie and Brandon demand? Maddie demands Brandon demands Qd+ Qd+ Maddie's marginal benefit is $ Brandon's marginal benefit is $ Sour Patch Kids candies. (c) What are Maddie and Brandon's marginal benefits of consuming their 16th packages of candy? Sour Patch Kids candies.
