Question 1 (12 marks)This question is based on the following cartoon:Maximum word count: 100 wordsRecartoons queJust why ispetrol soexpensive?SUPPLYDEMAND(i)What word/words will an economist use to describe the market condition depicted in the cartoon(ii) Draw a diagram of the market for petrol that illustrates the market condition depicted in thecartoon.(ii)Explain the adjustment process to the new equilibrium position in the market for petrol.

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Answered: Question 1 (12 marks) This question is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question: i) Explain briefly what is demand? ii) What are the types of demand?
Carefully explain what is happening in the following market. Indicate the impact if any on demand, supply, price and quantity: The new Iphone sold out on the first day. Hundreds line up outside Apple desperate to get their hands on the new phone. Impact on supply Impact on demand Impact on price Impact on quantity Choose... Choose... Choose... Choose... ( •
Equilibrium price and quantity We are given the market information of phone as below: Price ($) Quantity Demanded Quantity Supplied 200 26,000 12,000 245 23,000 16,000 290 20,000 20,000 335 17,000 24,000 380 14,000 28,000 a) Define the market demand equation and supply equation. b) Find the equilibrium price and quantity in a market c) Draw the graph to show this market.
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Question 2 Plot the demand curve from the demand schedule information provided. Price Quantity Demand (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Could I have parts d,e and f answered, please?
Plot the demand curve from the demand schedule information provided. Price Quantity Demanded ( Qp ) 1 6. 3 4 4 3 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?
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1. The market for Burger has the following demand and supply schedule: Price (TK) Quantity demanded Quantity Supplied Burgers Burgers 4 21 18 10 15 15 12 19 8 8 22 9. 4 24 I. Plot the demand and supply curves in a same diagram. Find the equilibrium price and quantity from the diagram. II. If the actual price in this market were above the equilibrium price, what will happen to the market situation and how the equilibrium will be restored?
At $14.15, the demand (customers) for UB-shirts is 195. When the price drops to $13.00 the demand increases to 250. What is the demand when the price is $15.05? Answer:
(b) Explain the concept of market equilibrium with an appropriate diagram using the data provided below . The table below refers to the market data for washing machines . Quantity Demanded Quantity Supplied Price (OMR) ('000 units) ('000 units) 180 20 120 150 30 80 120 50 50 90 80 30 70 120 20 Using the above data, draw a diagram showing the market demand and market supply curves for washing machines , showing their price and quantity demanded and the point at which this market is in equilibrium.
QUESTION 7 The demand for rubber erasers consists of two components. The first component is the demand for rubber erasers by art students. This demand is given by QA = 19,500 - 325P. The second component is the demand for rubber erasers by all others. This demand is given by Qo = 32,000 - 2,000P. (a) What is the total quantity demanded of rubber erasers if the price of an eraser is: (i) $10 (ii) $15 (iii) $20 (iv) $30 (v) $70 (b) Assume that the supply of rubber erasers is given by Qs = 14,000+ 175P. (i) Find the equilibrium price and the equilibrium quantity. (ii) Calculate the total consumer surplus. [Hint: It may be easier if you calculate the consumer surplus for art students and the consumer surplus for all others separately, and then add them up.] (c) Assume that the supply of rubber erasers is given by Qs = 8,390 + 180P. Find the equilibrium price and the equilibrium quantity. 10 (DC) EN510
Plot the demand curve from the demand schedule information provided. Price Quantity Demanded ( Qp ) 1 9 6 3 4 4 5 (a) What can you explain from the graph? (b) Can you identify any determinants? (C) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?

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