Answered: Price D 1 D 2 S 1 S 2 $12 5 9…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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A1-1. Imagine that a market for a good is characterized by the following supply and demand equations: QS = –35 + 35P QD =100 – 10P where QS and QD are quantities in units and P is the price per unit. (a) Graph the supply and demand curves with quantity on the horizontal and price on the vertical axis. Be sure to calculate the P and Q intercepts for demand and the P intercept for supply. Calculate and illustrate the equilibrium price and quantity. [Hint: Show your work.] (b) Calculate both the demand and supply elasticity around the equilibrium point. [Hint: you can use either the point method or the average arc (midpoint) method.] (c) If a regulator imposes a quantity restriction by granting quotas for 60 units of output to existing producers, what is the new price and quantity traded? Does this policy create deadweight loss (DWL) in the market? Briefly explain and identify any DWL in your diagram. (d) What is the value of a unit of quota? Illustrate in your diagram.…
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The demand functions for two products are given below. P1, P2, 91, and q2 are the prices (in dollars) and quantities for products 1 and 2. (91 12 = 1200-3p1 - 2p2 ༨༽q 900 4p1-2p2 What is the marginal demand of quantity 1 with respect to price 1? What is the marginal demand of quantity 1 with respect to price 2? What is the marginal demand of quantity 2 with respect to price 17 What is the marginal demand of quantity 2 with respect to price 2? Are these two products complementary goods or substitute goods? Select an answer
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Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 1,800 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall? If tickets were sold for $18, what would happen (be specific)?
Price D1 $12 5 $10 8 $8 11 $6 13 18 $4 16 21 $2 18 24 D₂ 9 12 15 S1 19 17 15 13 11 9° S₂ 14 12 10 8 6 4 Suppose that D₁ and S₁ are the prevailing demand and supply curves for a product. If the demand schedule changes from D₁ to D 2, then equilibrium price increases from $6 to $8 O equilibrium quantity decreases from 15 to 13 O equilibrium price decreases from $6 to $4 equilibrium quantity increases from 13 to 18
Price 0 52 * S" Quantity Refer to Figure 3-8. The graph in this figure illustrates an initial competitive equilibrium in the market for motorcycles at the intersection of D2 and 52 (point E). If the technology to produce motorcycles improves and the number of buyers increases, how will the equilibrium point change? O The equilibrium point will move from E to B. O The equilibrium point will move from E to C. The equilibrium point will move from E to A. The equilibrium point will remain at E.
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9. Let (inverse) demand be Pb = 84 - 1 Qb and (inverse) supply be Pv = 20 + 2 Qv. What quantity will buyers purchase if the market is competitive? Answer: your answer Submit Price ($) $200 $ 180 $ 160 $140 $120 $100 $80 $ 60 $40 $20 $0 0 10 20 Demand 30 40 Supply 50 Eqm 60 70 80 90
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The following graph displays four demand curves (PP, QQ, RR, and SS) that intersect at point V. PRICE (Dollars per unit) 20 18 16 14 12 10 4 2 0 44 a 4 +XX+ W 6 8 10 12 QUANTITY (Units) 14 16
4. Let (inverse) demand be Pb = 99 and (inverse) supply be Pv = 6 + 35 Qv. What price will prevail in the market if it is competitive? Answer: your answer Price ($) $ 3500 $ 3000 $ 2500 $ 2000 $ 1500 $ 1000 $ 500 $0 10 20 Demand 30 Submit 40 Supply 50 60 Eqm 70 80 90 100

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Price	D 1	D 2	S 1	S 2
$12	5	9	19	14
$10	8	12	17	12
$8	11	15	15	10
$6	13	18	13	8
$4	16	21	11	6
$2	18	24	9	4

Price D 1 D 2 S 1 S 2 $12 5 9 19 14 $10 8 12 17 12 $8 11 15 15 10 $6 13 18 13 8 $4 16 21 11 6 $2 18 24 9 4 Refer to Table 5-1. Suppose that D2 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from D2 to D1, then: