) Discuss the functional equations of supply and create a chart and diagram with the help of the following. Q = 2 P + 6 The following are functional demand and supply Functional demand: Q – 20 + 2p = 0 (ii) Qd = 25 – 3p Functional supply: Q + 5 – 3P = 0 Qs = -10 + 4P Qd =20 -2p (iv) Qd = 20 - 2P Qs = 8 + p Qs = 15 + 3P Find balanced price and quantity through both algebra and graph

) Discuss the functional equations of supply and create a chart and diagram with the help of the following. Q = 2 P + 6 The following are functional demand and supply Functional demand: Q – 20 + 2p = 0 (ii) Qd = 25 – 3p Functional supply: Q + 5 – 3P = 0 Qs = -10 + 4P Qd =20 -2p (iv) Qd = 20 - 2P Qs = 8 + p Qs = 15 + 3P Find balanced price and quantity through both algebra and graph

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?
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.
supposed an airline announces that its earnings this year are lower than expected due to reduced ticket sales. the airline spokesperson gives no information on how the company plans to turn things around. use the graph illustration of demand and supply shown below and label the graph accordingly:
Please show detailed computation in excel.
Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Question 1 - Learning Activity 4.4 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated…
Quantity XX XX Quantily Refer to figure above. Assume that the graphs in this figure represent the demand and supply curves for new songs on iTunes. Which panel describes what happens in this market as a result of an increase in the price of new songs on iTunes, ceteris paribus? Panel (4) 10 Panel (c) Panel (c) Panel (a) None of these are correct Panel (b) Panel (d) Panel (b) Panel(d) Quantity
Typed answer.
Please don't give an handmade diagram. Make diagram with a digital tool.
8. Define Supply/ Demand. Then explain what happens to supply/ demand when price goes up/ down. Supply: Price 1= Supply: Demand: Demand: Price 1= Supply: Demand:
Assume gasoline is sold in a competitive market, the equilibrium price is $50 per barrel, and the equilibrium quantity is 1000 barrels. (a) Using the numerical values above, draw a correctly labeled graph of the gasoline market and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $40 per barrel, will there be a surplus or a shortage in the market? Explain. (c) Assume new oil wells are discovered. On your graph from part (a), show how this change will affect the equilibrium price and quantity in the market for gasoline. (d) Assume instead there is an increase in the price of gasoline-operated automobiles. How will this change affect the market for gasoline? Explain. (e) If both changes in part (c) and part (d) occurred simultaneously, what will happen to the equilibrium price and quantity of gasoline?
Depending on your choice of increasing, decreasing, or keeping the current supply, what would happen to your new equilibrium price? (where would your supply & demand curves intersect? rer: USE THESE FINDINGS TO PRESENT YOUR RECOMMENDATION! *** *** *** ***** Y axis (PRICE) S2 $4.50 s1 $3.50 $2.50 $1.50 D2 D1 X axis (QUANTITY) 10,000 20,000