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- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100a) Calculate total surplus when demand is D1 b) Calculate total surplus when demand decreases to D2The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
- TABLE 4-3 Price (per litre of gasoline) Quantity Demanded (thousands of litres) Quantity Supplied (thousands of litres) $1.60 600 1000 S1.50 700 900 $1.40 800 800 S1.30 950 700 S1.20 1200 600 $1.10 1500 500 $1.00 1800 400 S0.90 2100 300 S0.80 2400 200Help please?he quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded ach month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $80 er higher. At a unit price of $100, they are willing to market 2250 units. Both the supply and demand equations are known o be linear. (a) Find the demand equation. -1 -x + 146 25 p = (b) Find the supply equation. 1 x+ 70 p = 75* (c) Find the equilibrium quantity and the equilibrium price. |× units
- 04. The maximum that buyers are willing to pay for the 8-th unit of this product is (a) $4 (b) $12 (c) $18 (d) $22 (e) $24 05. The minimum that suppliers will accept for the twentieth unit of this product is (a) $2 (b) $8 (c) $12 (d) $18 (e) $22 06. Assuming that this market is at equilibrium, what is the "consumer's surplus" and producer's surplus? (a) consumer's surplus is $72; producer's surplus is $36 (b) consumer's surplus is $98; producer's surplus is $49 (c) consumer's surplus is $32; producer's surplus is $16 (d) consumer's surplus is $36; producer's surplus is $72 (e) consumer's surplus is $144; producer's surplus is $14Give typing answer with explanation and conclusionWhich of the following statements is correct Multiple Choice If supply increases and demand increases, equilibrium quantity will rise. If supply increases and demand increases, equilibrium price will rise. If supply increases and demand increases, equilibrium quantity will fall. If supply increases and demand remains constant, equilibrium price will rise. If supply decreases and demand remains constant, equilibrium price will fall. Mc Graw Type here to search