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- The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…Note: this is an economics question. *Was the shortage of hand sanitizer, masks and disinfectant products during the covid-19 pandemic due to supply or demand? *Explain.Gasoline prices have been and will continue to be a major issue for the economy. From the start of the Covid-19 pandemic up to the present day, gasoline prices have been in the news. ---What has happened to the price of gasoline over the past 12 months? Be specific and include actual prices in your answer. ---Discuss the recent changes in price from a supply and demand standpoint. Have the price changes been due to a change in supply, a change in demand, or both? Explain your answer. ---How did Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the "main influences" you chose had an impact on the gasoline market.
- What are the consequences of this restriction on quantity? (surplus/shortage) Explain.a. For each of the following situations relating to the supply of pizza: Identify the factor affecting supply Demonstrate on the axes provided, and explain, the effects of the change. (i) an increase in the number of pizza sellers Factor: Explanation: (ii) an increase in the price of flour Factor: Explanation:(The last question is the most important one) What if there is no demand but a need. For example, can we have no demand for a vaccine because we are not dealing with a virus or pandemic yet do we need one? What happens to supply with no demand but a need? Does/should the government have a role? If so, what? Tell me about price. What if the government steps in? What if it doesn’t.
- 2. Read the following article: Sriracha Shortage Is Taking Some Spice Out of Life.¹ Use the Supply and Demand model to explain how the event(s) in the article affected the market of "Sriracha." Your explanation must include a graph. Note: If you state that demand, supply, or both curves shift, make sure to specify which shifter led to that change. See Sample (located in the Overview page) to use as a guide for this question. Also, your graph can be computer or hand drawn.Question: What happens to equilibrium price and quantity in a market when there is an increase in both supply and demand? A) Equilibrium price decreases, equilibrium quantity increases B) Equilibrium price increases, equilibrium quantity decreases C) Equilibrium price and quantity both increase D) Equilibrium price and quantity both decreaseEXAMPLE QUESTION What happens to the price and quantity if the demand and supply both decrease at the same rate? EXAMPLE ANSWER/ The price stays the same and quantities decrease 1. What happens to the price and quantity if the demand and supply both increase at the same rate? 2. What happens to the price and quantity if the demand increases and supply decreases at the same rate? 3. What happens to the price and quantity if the demand decreases and supply increases at the same rate?
- Qustion 15: Suppose that we are considering the market for a good that is a Giffen Good. We are thinking about a world of Supply and Demand. Very importantly, the demand curve is more inelastic than the supply curve. Suppose that the price of capital increases, and production of the good gets more expensive. What would we expect to happen to the market price and quantity (p* and Q*)? [Hint: this is a supply and demand question, not a question about the cost curves. I would suggest drawing it out.] A. Price will increase. Quantity will increase. B. Price will increase. Quantity will decrease. C. Price will decrease. Quantity will increase. D. Price will decrease. Quantity will decrease. Price QuantityLGlve Ust O Hint Question 15 of 24 Check Answer The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (Ib) 180 500 155 210 200 460 180 180 6. 250 410 200 160 5. 4 280 360 220 140 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? lb I quantity demanded, Cameroon: price, Cameroon: lb quantity demanded, Nigeria: price, Nigeria: %24 %24The market for pizza has the following demand and supply schedules: Price (Dollars) 4 5 6 7 8 9 Quantity Demanded Quantity Supplied (Pizzas) 135 104 81 68 53 39 (Pizzas) 26 53 81 98 110 121
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