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The demand function is Q=10-0.67P. The supply function is Q=0.33P.
a) Graph these functions (remember you need to find inverse demand and inverse supply to graph ).
b)What is
c)If you impose a
d)If you impose a
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- Suppose that demand for a good increases and, at the same time, supply of the good decreases. What would happen in the market for the good? Answer A)Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. B)Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous. C)Equilibrium quantity would decrease, but the impact on equilibrium price would be ambiguous. D)Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous.For each of the following sets of demand and supply equations, find equilibrium P and Q. Qs = 5P Q₂ = 10 + P Q = 1500 +4.5P a) Q = 84-P b) Q = 67-2P c) Q = 5000-0.5P a) The equilibrium price is P = $1 and the equilibrium quantity is Q = (Simplify your answers. Type integers or decimals.) b) The equilibrium price is P = $1 and the equilibrium quantity is Q = 1 (Simplify your answers. Type integers or decimals.) c) The equilibrium price is P = $1 and the equilibrium quantity is Q = 1. (Simplify your answers. Type integers or decimals.)The linear demand curve is: Q = 100 - 4P The linear supply curve is: QS = -20 + 2P For each of the following questions, you need to show the basic calculation steps. 1) Given the above market demand and supply curves for the bottled wine in a hypothetical economy, please calculate the market equilibrium price and market equilibrium quantity for a bottle of wine. 2) If the government decides to charge an excise tax at the rate of 3 for each bottle of wine, what is the tax burden on consumers? And what is the tax burden on the firms? Show your calculation steps. B) Who shares more of the tax burden, the consumer or the firms? Please explain the reasons behind it.
- If the demand for widgets is Qd = 90 - Pd and the supply of widgets is Q, = Ps - 30, what is the total surplus created at the equilibrium price? Also, draw the diagram and shade the appropriate area of the diagram.Find the consumers' surplus and the producers' surplus at the equilibrium price level for the given price-demand and price-supply equations. Include a graph that identifies the consumers' surplus and the producers' surplus. Round all values to the nearest integer. -0.005x; p = D(x) = 110 e p = S(x) = 25 e 0.005x The value of x at equilibrium is (Round to the nearest whole number as needed.)Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $3.50, and the equilibrium quantity is 31.0. When the price is $10.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
- At a price of $2.28 per bushel, the supply of a certain grain is 7100 million bushels and the demand is 7700 million bushels. At a price of $2.35 per bushel, the supply is 7500 million bushels and the demand is 7600 million bushels. (A) Find a price-supply equation of the form p = mx +b, where p is the price in dollars and x is the supply in millions of bushels. (B) Find a price-demand equation of the form p=mx+b, where p is the price in dollars and x is the demand in millions of bushels. Р (C) Find the equilibrium point. (D) Graph the price-supply equation, price-demand equation, and equilibrium point in the same coordinate system. (A) The price-supply equation is p = (Type an exact answer.) (B) The price-demand equation is p =. (Type an exact answer.) (C) The equilibrium point is. (Type an ordered pair. Type an exact answer. Use integers or decimals for any numbers in the expression.) (D) Choose the correct graph below. O A. Ap 3- 2- 7000 8000 Q O B. Ap 7000 8000 Q O C. 3 Ap 7000…The demand and supply for a particular commodity are given by the following two equations: Demand. P= 90 - 2Qd and Supply. P= -5 +3Qs where Qgand Qg are quantity demanded and quantity supplied, respectively, and Pis price. Using the equilibrium condition Qs = Qd, determine equilibrium price and equilibrium quantity. Equilibrium price: $ Equilibrium quantity: unitsSuppose that the demand for rental apartments in Washington, DC, is represented by the following equation, where P is the monthly rent. QD = 10,000 – 2PThe supply of rental apartments is represented by the following equation: QS = 2,000 + 3PThe equilibrium rent is a) $ , and the equilibrium quantity is b) $ . Part 2 (1 point) Suppose the city council passes an ordinance placing a price ceiling of $1,200 on apartment rentals. How much of a shortage will this lead to? apartments
- The rent control agency of New York City has found that aggregate demand is Q = 160 - 8P. Quantity is measured in tens of thousands of apartments. Price, the average monthly rent, is measured in hundreds of dollars. The aggregate supply is Q = 70 + 7P. a) What is an equilibrium price of rental apartment? b) Suppose the agency sets a maximum monthly rent to $ 300, are there excess demand or excess supply of apartments? If so, by what amount? Please show your work with an explanation. Suppose the agency bows to the wishes of the board and sets a rental of $900 per month on all apartments to allow landlords a "fair" rate of return. If 50% of any long - run increases in apartment offerings come from new construction, how many apartments are constructed?Suppose that the market for milk can be represented by the following equations: Demand: P = 12 – 0.5QD Supply: P = 0.1QS where P is the price per gallon, and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. a) Calculate the equilibrium price and quantity of milk. b) To help dairy farmers, the government sets a minimum price of K2.50 per gallon of milk. What is the new quantity of milk sold in the marketplace?Suppose demand and supply are given by Qd = 60 - P and QS = P - 20. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: 20 Equilibrium price: $ 40 b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market. Quantity demanded: Quantity supplied: 32 Surplus: 24 c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $32 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: 25 x Quantity supplied: 15 Shortage: 10 x 8 x Full economic price: $ 45 x