Q3: A market is represented by Q = 4P – 22 and Q = 80- 2P where Q is measured in units per year and P is measured in dollars per unit. a) Which equation represents the demand in the market? Explain how you determined that this equation is demand.
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- i need in words (not handwritten please) Question 1 Suppose that the demand for toy drums is described by the equation QD = 300 - 5p, and supply is QS = 60 + 3p,(1) What are the equilibrium price and quantity? (2) If a decrease in consumer income shifted the demand curve to QD’ = 220 - 5p, how does this change affect the equilibrium price and quantity? Show the solutions using a graph and calculate the numerical answer.The graph below shows the market for mandarin oranges in Odin for the month of November (in thousands of kilos). Tools 7. D2 6. 4. 3. 2. 840 1080 960 120 360 600 240 480 720 Quantity per month Price“A reading of consumer sentiment rose in February to its highest level in three months on an improving stock market and hopes for continued job gains, according to data released Friday morning.” (Market Watch, March 1, 2013). The quote copied above refers to the income expectations of consumers in United States. Determine the effects this situation implies for the market for used books if they are considered inferior goods. That is, starting from an equilibrium situation, explain and graph the changes in the equilibrium in the market for used books. More specifically, what curve (side of the market) is affected and to what direction, and Side of the market: ___________________ Direction: __________________________ what is the change in both the equilibrium price and the equilibrium quantity. Change in equilibrium price: ________________________ Change in equilibrium quantity: ______________________ Make sure you graph the changes in the market for both price and…
- Q1: Answer the following questions with the help of the table that shows the demand and supply for potato chips: Price (cents per bag) Quantity demanded (millions of bags a week) Quantity supplied (millions of bags a week) 40 170 90 50 160 100 60 150 110 70 140 120 80 130 130 90 120 140 100 110 150 110 100 160 suppose a new snack food comes onto the market and as a result the demand for potato chips decreases by 40 million bags per week. d. Has there been a shift in or a movement along the demand curve for chips? e. What is the new equilibrium price and quantity of chips? suppose that a flood destroys several potato farms and as a result supply decreases by 20 million bags a week at the same time as the new snack food comes onto the market. f. What is the new equilibrium price and quantity of chips?Price Quantity Demanded Quantity Supplied (Gallons of orange juice) (Dollars per gallon of orange juice) (Gallons of orange juice) 500 50 400 150 300 200 200 300 10 100 450 On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for orange juice. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 12 Demand Supply Equilibrium 4 100 200 300 400 500 600 QUANTITY (Gallons of orange juice) PRICE (Dollars per gallon of orange juice)Question 1 Suppose that the demand for toy drums is described by the equation QD = 300 - 5p, and supply is QS = 60 + 3p, (1) What are the equilibrium price and quantity? (2) If a decrease in consumer income shifted the demand curve to QD’ = 220 - 5p, how does this change affect the equilibrium price and quantity? Show the solutions using a graph and calculate the numerical answer.
- Complete the following table by selecting the term that matches each definition. Quantity Supplied Supply Curve Supply Schedule Law of Definition Supply A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices The amount of a good that sellers are willing and able to supply at a given price The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your professor claims that one of the curves found on the following graph correctly illustrates the supply curve for CDs: S2 18 16 12 20 14 10 (Dollars per CD)PLEASE ANSWER c The Market for Chicken Meat in Davao Citya. Fill in the missing algebraic signs ( + or -) of the demand and supply equations for chicken meat belowaccording to the hypothesized direction of relationships. where:Q = quantity of chicken meat in kilograms, per dayPC = price of chicken meat (in pesos per kilogram)I = income of average consumer (in pesos per day)PB=price of beef (in pesos per kilogram)W=wage rate paid in the poultry business (in pesos per day)PF= price of mixed feeds (in pesos per kilogram) Demand: QD = 20 ___ 1.5PC____0.8 I ____ 0.6 PBSupply: QS = - 20 ___ 4.5PC____0.5 W ____ 3 PFb. Suppose the other variable affecting the demand for and supply of chicken meat have the followingvalues: I = P300/day ; PB = P100/kg; W = P100/day; PF = P10/kgi. Derive the simple demand and supply equations where Q is a function of P.ii. Solve for the equilibrium price and quantity in the market.iii. Suppose the government imposes a price ceiling of P50/kg:1. What happens…The following graph shows the monthly demand and supply curves in the market for tote bags. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per tote bag) 80 72 64 58 48 40 32 24 16 8 0 X 0 50 100 150 200 250 QUANTITY (Tote bags) Supply 300 350 400 450 500 The equilibrium price in this market is $ Demand Graph Input Tool Market for Tote bags Price (Dollars per tote bag) Quantity Demanded (Tote bags) per tote bag, and the equilibrium quantity is Price (Dollars per tote bag) Shortage or Surplus 48 32 24 Shortage or Surplus Amount (Tote bags) 500 Quantity Supplied (Tote bags) Pressure tote bags per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether…
- For the following demand and supply equations: 2p+q=56 3p-q=34 (a) Find the equilibrium price and quantity. Show how you get your answers algebraically. ANS: price= quantity (b) State the Law of Demand. (c) Which of the above two equations is the demand equation-explain how you know.I am stuck on this problem, I don't know where to start. Could you give a step by step on how to figure this problem out. Thank you. There is an increase in demand of 100 units at each price and a decrease in supply of 100 units at each price. In the graph below, draw the new demand and supply lines. Instructions: Use the graphing tools, 'D2', 'S2', to plot the new demand and supply lines on the figure and then use the grid lines to determine the new equilibrium price and quantity.Need help with this. Be specific please. Here is some help for the possible answers in the empty spots, remember you can only pick 1 from the suggested ones. Your task is to take this__________(Choose one from these: supply schedule, quantity of soda supplied, law of supply or supply curve) and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity of soda supplied increases. This confirms the___________(Choose one from these: supply curve, law of supply, quantity of soda supplied or supply schedule) .
