Price a D11pm Obam Refer to Exhibit 2, which shows supply and demand for freeway space at both 8 a.m. and 11 p.m P- $0, there is a of freeway space at 8 a.m. and at 11 p.m. a) shortage; a surplus Freeway Space b) surplus; a shortage c) shortage, market equilibrium d) surplus; market equilibrium
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- In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoningPrice of Gasoline P3 P₂ P₁ 0 9₂ 9₂ 52 D S₁ Price Ceiling Quantity of Gasoline Refer to the figure above. With a price ceiling present in this market, what will happen when the supply curve for gasoline shifts from S₁ to S₂? The market price will stay at P₁ due to the price ceiling. A shortage will occur at the price ceiling of P2. The price will increase to P3. A surplus will occur at the new market price of P₂.When a shortage of a good is present due to a price ceiling, the amount supplied will be greater than the amount demanded. the quality of the good will generally improve. O non-price factors, such as discrimination or waiting in line, will play a greater role in the allocation of the good. O the demand for the product will increase and, thereby, eliminate the shortage.
- (3) A recent study found that the demand-and-supply schedules for Frisbees are as follows: a. What are the equilibrium price and quantity of Frisbees? (2)b. Frisbee manufacturers persuade the government that Frisbee production improvesscientists’ understanding of aerodynamics and thus is important for nationalsecurity. A concerned Diet members votes to impose a price floor $2 above theequilibrium price. What is the new market price? How many Frisbees are sold? (4)c. University students march on Tokyo and demand a reduction in the price ofFrisbees. An even more concerned Diet members votes to repeal the price floorand impose a price ceiling $1 below the former price floor. What is the newmarket price? How many Frisbees are sold? Price per Frisbee Quantity Demanded Quantity Supplied $11 1 million Frisbees 15 million Frisbees 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1Price of Gasoline P. Exhibit 4-9 Maximum allowed price Quantity of Gasoline has been imposed, and, as a result, aof gasoline occurs. Refer to Exhibit 4-9. The graph portrays the market for gasoline for which a O price floor surplus O price ceiling: shortage O price ceiling surplus price floor, shortageRefer to the figure below. If the government sets a price ceiling at $20, there would be a(n): 90 80 70 60 50 40 30 20 10 X D₁ 4 tos 8 12 16 20 24 28 32 36 O excess supply of 22 units. O Shortage of 10 units. O excess shortage of 26 units. Oshortage of 20 units.
- The equilibrium price is the * O price at which the market clears average price consumers are willing to pay. O price at which all consumers are satisfied. O price at which quantity supplied is maximized. O price at which all potential suppliers will sell. Consider the market for arugula, a normal good. Which of the following changes would result in an increase in both the equilibrium price and the equilibrium quantity of arugula? * O A decrease in consumer income An increase in the price of salad dressing, a complement A decrease in the price of radicchio, a substitute An increase in the price of water irrigation for arugula farms An increase in populationA price floor of P1 causes: Question 11 Homework Unanswered Due Apr 14th, 11:59 PM b с Price a Excess demand equal to the distance AB. d P₁ P₂ P3 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. Excess supply equal to the distance AB. Excess supply equal to the distance DE. X: Excess demand equal to the distance DE. Q₁ Q₂ Q3 O S QuantityA. Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3Qp Ps = 5+ 20s Assume that there is an advancement in technology that causes the input cost of the good to decrease. Thi cause the supply curve to shift rightwards by 2 units. 1. Find the new demand price elasticities at the equilibrium 2. Find the new supply price elasticities at the equilibrium 3. Find the new Consumer Surplus 4. Find the new Producer Surplus
- The weekly supply and demand for cupcakes in a small town are given as OS = 30P- 20 and Q = 124 - 18P, where P is the price of a cupcake and Q is measured in thousands per %3D week. a. Find the equilibrjum price and quantity. b. Calculate the corsumer and producer surplus at the equilibrium price.20 Demand Supply 18 16 14 さ12 10 8. 12 14. 16 20 QUANTITY Which of the following statements is not correct? When the price is 510.quantity supplied equala quantity demanded. DWhen the price is 512.shere is a surplus of 4 units. 0When the price is S16.quantity supplled exceecs ouantity demanded by 1 units. When.the price ls S6 there is a surplus of8units. PRICEges Table Illustrations Add-ins Media Links Comment Header & Text Symbols Footer 7 b_Kad 2.xlsx Price 10t Supply 6 3+.... Demand Shots 60 120 160 210 300 Quantity 27. Refer to the graph above. With an effective price ceiling at $3, the quantity supplied: A) falls from 210 to 120. B) falls from 120 to 60. C) increases from 120 to 210. D) increases from 60 to 120. la_Kac II_2 28. Refer to the graph above. With the effective price ceiling the quantity bought is: A) 60 B) 210 c) 160 d) 120 29. Refer to the graph above. With the effective price ceiling at $3, total consumer surplus will be: A) $240 B) $360 d) S300 d) $150 ductio Shot 7.01 PM
