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- A recent hot issue in Ghana is energy. Suppose the demand for energy is described by Q=50-0.5P and the supply of energy by Q=P-10.(a) Graph the supply and demand curves carefully. Determine the equilibrium price and quantity of energy.(b) Some lawmakers decide that the problem with Ghana is that the price of energy is too high. They propose a bill that would set a price limit of $30 per unit of energy. If enacted, what will be the effect of this law on the quantity of energy supplied and demanded? Is the market on equilibrium? Explain. If not, calculate the shortage/surplus that results.(c) Other lawmakers decide that energy prices are too low and are considering a tax on energy to encourage conservation. What will be the effect on equilibrium price and quantity of a $20 per unit tax on energy, if the tax is collected from suppliers? Show this on the original supply and demand diagram as well.(d) Using the results from part (c) calculate the economic price incidence for suppliers and…Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following event: The government announces increase in Wages of workers.How can these topics be applied to the real-world work environment of the corporate economist? The market and equilibrium The demand side of the market The supply side of the market
- Leftward or Rightward 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.- Suppose that we need to develop a model to help us to allocate a resource between two time periods: Period 1 and Period 2. Demand can be characterized in both periods as: P = 20-2Q. In both periods the marginal cost of extracting the resource is constant at $4 per unit. The total quantity of the resource that is available to allocate between the two periods is 18 units (in other words, Q1 + Q2 <= 18). Assume that the discount rate is 5%. What is the marginal user cost? a) 0; b) 0.76; c) -2; d) 1.9 SharkDiscuss TWO (2) similarities and differentiation between macroeconomic and microeconomic. Relate TWO (2) association between macroeconomic and microeconomic in Malaysia.
- The impact on demand, supply, prices and quantity. In the market for airline tickects, airline cariers have drastically cut fares forinternational air travel resulting in 3% increase in ticket sales. Meanwhile, recent health considerations due to COVID 19 has caused 11% in reduction in overseas travel.TRUE OR FALSE? An improvement in the technology will reduce the supply of goods while an increase in cost of production may increase. A decrease in the cost of production will shift the supply curve to the left. An increase in the cost of production will shift the supply curve to the right. The consumer’s income does not influence the demand for goods and services. The increase in demand due to an increase in income is not experienced in the economy.Classify the following as microeconomics or macroeconomics and provide a justification for the choice 1. Airlines projects a drastic reduction in international travel for this quarter. This might result in the layoffs of workers 2.The impact of an increase in the price of computer chips on the market for personal computers 3. The relationship between the inflation rate and changes in the quantity of money 4. The decision by Mc Donald's to hire fewer workers because of an increase in the minimum wage
- Discuss Fixed Price Model in a market economya) Derive the goods market demand curve in terms of the output (Y) and the exogenousvariables:c0,c1,b0,b1,g0,g1andT. Show your work for full credit. b)Draw the Goods Market Equilibrium. Be sure to label all curves, label the equilibrium point, and label the slope of each curve. c)Solve for the equilibrium output (Y) in terms of the exogenous variables:c0,c1,b0,b1,g0,g1andT. Show your work for full credit. d)Supposeg1increases, but stillc1+b1+g1<1. Using a graph of the goods market, show how we would represent an increase in the value ofg1on equilibrium output y. Be sure to label all axes, curves, and equilibrium points. e)Suppose instead,c1+b1+g1= 0. Is the equilibrium in the goods market still possible? If so, what is the equilibrium output? You must explain your answer to receive full credit.The demand and supply of pizza is defined by the following equations: Qd = D(P, Y ) = 1 + Y − 2P Qs = D(P, PM) = 2 P/PM where, Qd is quantity demand, P is the price of each pizza sold, Y is the average income of consumers, Qs is the quantity supplied, and Pm is the price of inputs used in the production of pizza. (a) List the endogenous and exogenous variables of this model (b) Find the equilibrium price Pe and quantity Qe of pizza as a function of the exogenous variables. (c) Use a simple demand and supply diagram to show what happens to the equilibrium price and quantity when there is an increase in one of the exogenous variables.
