equilibrium price. Should the University accept the offer to install the seats? QUESTION 4 The supply and demand for concert tickets are given in the table below. Price (R) 0 Quantity 4.1 20 8 14 4 12 16 24 28 32 36 40 15 13 12 11 10 9 8 6. 5 Demanded Quantity 3 5 9 11 Supplied 4.1.1. Plot the supply and demand curves to scale and establish the equilibrium price and quantity. 4.1.2. What is the excess supply or demand (as applicable) when price is R24? And when price is R36? 4.1.3. Describe the market adjustments in price induced by these two prices. 4.1.4. The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and P= 60-4Q (demand). Solve the two equations for the equilibrium price and quantity values.
equilibrium price. Should the University accept the offer to install the seats? QUESTION 4 The supply and demand for concert tickets are given in the table below. Price (R) 0 Quantity 4.1 20 8 14 4 12 16 24 28 32 36 40 15 13 12 11 10 9 8 6. 5 Demanded Quantity 3 5 9 11 Supplied 4.1.1. Plot the supply and demand curves to scale and establish the equilibrium price and quantity. 4.1.2. What is the excess supply or demand (as applicable) when price is R24? And when price is R36? 4.1.3. Describe the market adjustments in price induced by these two prices. 4.1.4. The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and P= 60-4Q (demand). Solve the two equations for the equilibrium price and quantity values.
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter7: Production, Costs, And Industry Structure
Section: Chapter Questions
Problem 22RQ: What are diminishing marginal returns as they relate to costs?
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QUESTION 3
3.1. With the aid of appropriate graphs, explain the relationship between the Law of Diminishing Returns and the
shapes of the Total, Average and Marginal Product curves in the short-run.
LO Export PDF
3.2. The stadium of the MANCOSA University has 30 seats. The demand curve for tickets has a price intercept of $36
and a quantity intercept of 72.
Edit PDF
3.2.1. Draw the supply and demand curves to scale (in Excel and copy it to your word answer-This demand curve has
the form P = 36-0.5xQ.)
3.2.2.
Determine the equilibrium admission price, and the amount of revenue generated from ticket sales for eacn
Create PDF
game.
3.2.3.
local alumnus and benefactor offer to install 6 more seats at no cost to the University. Compute the price
that would be charged with this new supply and compute the revenue that would accrue at this new
equilibrium price. Should the University accept the offer to install the seats?
Comment
A Combine Files
QUESTION 4
The supply and demand for concert tickets are given in the table below.
Price (R)
4.1
4
8
|12
16
20
| 24
28
32
36
40
Quantity
7
E0 Organize Pages
15
14
13
12
11
10
9
8
6
5
Demanded
Quantity
3
5
7
11
Supplied
* Compress PDF
Plot the supply and demand curves to scale and establish the equilibrium price and quantity.
What is the excess supply or demand (as applicable) when price is R24? And when price is R36?
4.1.1.
2 Redact
4.1.2.
4.1.3. Describe the market adjustments in price induced by these two prices.
The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and
P= 60-4Q (demand). Solve the two equations for the equilibrium price and quantity values.
4.1.4.
4.2. Briefly explain how each of the following affects the demand for goods and services in a market place and
Convert, edit and e-sign PDF
forms & agreements
highlight the effects on price and the equilibrium position.
4.2.1. Price of the product or service
4.2.2. Price of related goods;
4.2.3. Income of consumers;
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ENG
2021/08/22
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Transcribed Image Text:A Case Study Managerial Economics.pdf - Adobe Acrobat Reader DC (32-bit)
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Question - FA1 - A..
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6 /7
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SECTION B
Search 'Highlight'
QUESTION 3
3.1. With the aid of appropriate graphs, explain the relationship between the Law of Diminishing Returns and the
shapes of the Total, Average and Marginal Product curves in the short-run.
LO Export PDF
3.2. The stadium of the MANCOSA University has 30 seats. The demand curve for tickets has a price intercept of $36
and a quantity intercept of 72.
Edit PDF
3.2.1. Draw the supply and demand curves to scale (in Excel and copy it to your word answer-This demand curve has
the form P = 36-0.5xQ.)
3.2.2.
Determine the equilibrium admission price, and the amount of revenue generated from ticket sales for eacn
Create PDF
game.
3.2.3.
local alumnus and benefactor offer to install 6 more seats at no cost to the University. Compute the price
that would be charged with this new supply and compute the revenue that would accrue at this new
equilibrium price. Should the University accept the offer to install the seats?
Comment
A Combine Files
QUESTION 4
The supply and demand for concert tickets are given in the table below.
Price (R)
4.1
4
8
|12
16
20
| 24
28
32
36
40
Quantity
7
E0 Organize Pages
15
14
13
12
11
10
9
8
6
5
Demanded
Quantity
3
5
7
11
Supplied
* Compress PDF
Plot the supply and demand curves to scale and establish the equilibrium price and quantity.
What is the excess supply or demand (as applicable) when price is R24? And when price is R36?
4.1.1.
2 Redact
4.1.2.
4.1.3. Describe the market adjustments in price induced by these two prices.
The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and
P= 60-4Q (demand). Solve the two equations for the equilibrium price and quantity values.
4.1.4.
4.2. Briefly explain how each of the following affects the demand for goods and services in a market place and
Convert, edit and e-sign PDF
forms & agreements
highlight the effects on price and the equilibrium position.
4.2.1. Price of the product or service
4.2.2. Price of related goods;
4.2.3. Income of consumers;
Free 7-Day Trial
19:12
O Type here to search
w
ENG
2021/08/22
|近
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