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- (Figure: Avocado Market 2) You're an economist for the U.S. Department of Agriculture, analyzing how incorrect assessments of demand conditions lead avocado producers to overproduce avocados, as illustrated in the accompanying diagram. Price ($ per pound) Actual quantity Marginal cost 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 Marginal benefit 0 10 20 30 40 50 60 70 80 90 100 Quantity of avocados (thousands of pounds) The deadweight loss from the excess of marginal cost over marginal benefit is: O $0. O $5,000. O $20,000. 0 $800,000.Which of the following statements is (are) correct?(x) If the supply of a product increases, we would expect that the equilibrium price would decrease and the equilibrium quantity would increase.(y) If the demand for a product decreases, we would expect that the equilibrium price would decrease and the equilibrium quantity would decrease.(z) If the demand for a product increases or the supply of a product decreases, we would expect that the equilibrium price would decrease.A. (x), (y) and (z)B. (x) and (y) onlyC. (x) and (z) onlyD. (y) and (z) onlyE. (x) onlyAssume gasoline is sold in a competitive market, the equilibrium price is $50 per barrel, and the equilibrium quantity is 1000 barrels. (a) Using the numerical values above, draw a correctly labeled graph of the gasoline market and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $40 per barrel, will there be a surplus or a shortage in the market? Explain. (c) Assume new oil wells are discovered. On your graph from part (a), show how this change will affect the equilibrium price and quantity in the market for gasoline. (d) Assume instead there is an increase in the price of gasoline-operated automobiles. How will this change affect the market for gasoline? Explain. (e) If both changes in part (c) and part (d) occurred simultaneously, what will happen to the equilibrium price and quantity of gasoline?
- A person who has an addiction for a production will most likely have * an elastic demand for that product. an inelastic demand for that product. no demand for that product. an elastic supply for that product. a side siness providing copy machine services. The equilibrium price is the * 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.The MC for the Hydration Power Drink is $1.00. The MC for the smoothie is $4.00.Using the chart and the information provided, what is the contribution margin at each price for each product? Hydration High Price contribution margin is Hydration Low Price contribution margin is Smoothie High Price contribution margin is Smoothie Low Price contribution margin isDirections: Complete a supply & demand schedule Complete a supply & demand curve 1. Good/Service: Candy Bars (1 month) Price Range: $0.50-2.50 ($0.50 increments) Supply/Demand Range: 5-25 SCHEDULE: CURVE Quantity Supplied Quantity Demanded Cost PRICE
- How do apple growers react to the news of medical research findings that suggest that eating apples leads to greater health benefits than were previously known? They increase the supply of apples. They increase the quantity of apples supplied. They decrease the supply of apples. They decrease the quantity of apples supplied.Saved Answer the question based on the given supply and demand data for wheat. Bushels Demanded Price Per Bushels Supplied Per Month Bushel Per Month 45 $ 5 55 50 4 50 eBook 56 45 61 40 67 1 35 Equilibrium price in this market is Multiple Choice $4. $5. $3. $2. Mc 105) If a government sets a price below the equilibrium price(a) quantity demanded will be greater than quantity supplied.(b) the supply curve will shift to the left.(c) quantity demanded will equal quantity supplied.(d) demand will be less than supply.
- Please help with the Profit-maximizing quantity and Profit-maximizing price. Thanks!We have the following table for humidifiers: Price Quantity supplied Quantity demanded $200 3,500 1,500 $175 3,000 2,000 $150 2,500 2,500 $125 2,000 3,000 $100 1,500 3,500 $75 1,000 4,000 $50 500 4,500 $25 0 5,000 $0 0 5,500 What is the equilibrium price? $75 $100 $150 $175Information for Question 4 Price (P) $4 $5 $6 $7 $8 $9 Quantity Demanded (Qª) 135 104 81 68 53 39 I Quantity Supplied (Qs) 26 53 81 98 110 121 The table above describes the market conditions for bicycles the columns indicating price per bicycle, quantity demanded and quantity supplied • Please draw a separate graph for Question 4