Given p=square root x-2 and p= square root 8-x and the price is given in thousands. Identify which of these could represent a demand function and which is a supply function
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- The weekly demand for wine in the United States is described by the following equation: Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation: Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars. a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.The data in the table shows the price and quantity supplied for exercise balls. Using the Midpoint Method, what is the price elasticity of supply from point C to point D? Note: Remember to take the absolute value of the result and round to the nearest hundredth. If using a calculator, rounding should be done at the end of your calculation. Provide your answer below: Point Price $30 A B C D E $32 834 $3 $38 Quantity 10,000 10, 100 10,200 10,300 10,040Given the quadratic supply and demand functions P=Q^2D+2QS+12 and P=Q^2S+4QD+68. Determine the equilibrium price and quantity
- Show that any linear inverse supply that passes through the origin (i.e., an inverse supply with the functional form p = c Q with c > 0) has a price elasticity of supply equal to one. Show that any linear inverse supply curve with a positive intercept (i.e., having the functional form p = k + c Q with c, k > 0) must be elastic.The textbook discusses several things that determine how price elastic the supply of a good or service is. These are known as the determinants of the price elasticity of supply. Changes in these determinants can cause the elasticity of supply to change. The figure below shows a supply curve that starts out perfectly inelastic at S, and then becomes more elastic as it moves to S,, and then to S3. Which of the determinants of the elasticity of supply could this graph be representing? S. Price Quantity Determinant Represented by the Graph Drag appropriate answer(s) here time and the adjustment process %23 the flexibility of buyers change in income the flexibility of producers Drag appropriate answer(s) here Not a Determinant Represented by the GraphThe Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Supply 133 183 Demand 168 148 Use this information to find the following. (a) points on the demand linear equation (x, p) = ( 148,44 (x, p) = 168,32 (x, p) = points on the supply linear equation (x, p) = (183,44 (133,32 Price $32 $44 (b) the demand equation p P = (smaller x-value) ) (larger x-value) (c) the supply equation p p= (smaller x-value) (larger x-value) (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity is
- one demand function is linear and the other is called a constant elasticity demand function. Using data tables, show that the price elasticity in the linear demand function is not constant in price, and show that the price elasticity is constant in the constant elasticity demand function.Assume that the monthly demand for Gala apple in the US is given by q=1200-300p and quantity is in million pounds. The monthly supply of Gala is q= -200+400p for p>$0.5. CS and PS are equal toIn the graph, a decrease in the price of the item will cause the movement from (select all that apply): Price Old supply New supply H K Quantity point M to point G point G to point L point M to point K point J to point M point L to point K point H to point G
- Consider the following demand function. Quantity demanded, Q, is a function of Price, P, such that Q=1/P. The change in the quantity demanded for a change in the What is the price elasticity of demand? price (the slope) is known to be 0 1 8 P 0-1/1/212 P² - 1 P2The demand for hamburgers is given by Qd=10-p and the supply is Qs=4p-10, where pd and ps are, respectively the price paid by demanders and the price received by suppliers. A: Draw the demand and supply functions. What is the price-elasticity of demand? What is the price-elasticity of supply? B: Find the equilibrium quantity and price, and show them on the graph. C: Suppose due to the rising health awareness the demand decreases to Q d=5-p. Find the new equilibrium prices and quantity, and show them on the graph. D: Suppose that the demand and supply are as before, i.e. Qd=10-p and Qs=4p-10, but now the government imposes a quantity tax on the suppler at the rate of 1 per unit of the quantity. What quantity will be sold and what price? E: In part d), what is the total amount of tax collected by the government? How this tax amount is divided between the demanders and supplier? Who pays more and why? ExplainEconomists in Champaign have been studying the local market for Truly. They've found that the demand for Truly can be described by the following equation: P= 40 - 0.15Q. What is the price elasticity of demand(using the Midpoint method) when moving from a quantity of 100 to 130? ( input your answer in absolute value, and round it to include 2 decimal places.)