Question - 1 The demand curve is given as:- P = 20 - 4Q and the supply curve is given as :- P = 40 - 10 Q Find the equilibrium quantity and price.
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- What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.How does one analyze a market where both demand and supply shift?Suppose the cross-price elasticity of apples with respect to the price of oranges is 0.4, and the price of oranges falls by 3. What will happen to the demand for apples?
- What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?The equation for a demand curve is P=2/Q. What is the elasticity of demand as price falls from 5 to 4? What is the elasticity of demand as the price falls from 9 to 8? Would you expect these answers to be the same?The equation for a supply curve is P=3Q8. What is the elasticity in moving from a price of 4 to a price of 7?
- Suppose both of these events took place at the same time. Combine your analyses of the impacts of the iPod and the tariff Induction to determine the likely impact on the equilibrium price and quantity of Sony Walkman-type products. Shaw your answer graphically.Would you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.The equation for a supply curve is 4P=Q. What is the elasticity of supply as price rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?
- The demand of a produa y depor another product X (P.). The price elasticity of with respect to X is *-0.8. (a) Are X and Y substitutes or complement? **rice the price of and the cross-u ofr (b) Suppose now P, increases by 2%, and P. decreases by Sh **** Will the quantity demanded of y increase or decrease contExcess supply of a product will cause the price to As a consequence Market for pizza of the price change, the quantity demanded will quantity 14.00- 13.00- 12.00- 11.00- supplied will increase decrease At the current market price PMatet of $9.00, there i of thousand pizzas per month (Enter your response as a positive integer.) 10.00- 9.00- PMarket a 8.00- * 700- 8 6.00- E 500- 4.00- 3.00- 2.00- 1.00- 40 22 510 15 20 25 30 35 40 45 so 55 60 Thousands of pizzas per month 0.00-When the price of apples is $1.00 cach a local farmer sells 500 apples. When the farmer increases the price of apples to $1.20 she only sells 450 apples. By what percentage did the price of apples inerease? By what percentage did the quantity of apples sold decrease? What is the Price Elasticity of Demand (PED) for apples? If the price of apples had increased by 10%, by what percentage would quantity demanded have fallen?