Macmillan Learning The table contains information on the price per month and the monthly demand and supply of online music streaming subscriptions. Price Quantity demanded (thousands) $11.30 380 $11.50 320 $11.70 280 $11.90 230 What are the equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: Quantity supplied (thousands) 230 250 280 350 thousand subscriptions

Macmillan Learning The table contains information on the price per month and the monthly demand and supply of online music streaming subscriptions. Price Quantity demanded (thousands) $11.30 380 $11.50 320 $11.70 280 $11.90 230 What are the equilibrium price and quantity? Equilibrium price: $ Equilibrium quantity: Quantity supplied (thousands) 230 250 280 350 thousand subscriptions

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 A GH¢25.00| C D1 D2 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, D1, from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)=pg where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GH¢30.00 per gallon and the price is cut to GH¢25.00 per gallon. calculate the | change in total expenditure if the demand curve of the individual is D1? What will be the change in total expenditure if demand is D2? 2. Discuss any four factors that would cause an increase in demand of petroleum engineering program in Ghanaian universities.
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PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 + 0 Supply In this market, the equilibrium price is s Brico Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) million boxes. 210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Quantity Domandod Quantity Supplied
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In this market there will be an excess supply of 1000 gardenburgers at a price of 2. If the price per garden burger is $6 there is a