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Recognize the major
factors considered in
deriving a final list
or quoted price from
the approximate
price level.
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- 25. Which of the following is NOT a hon-price method that a supplier could use to allocate a good where there is a shortage? a) Waiting in line b) close friends with the owner c) racial bias d) auction e) lottery4. When the price of groundwater (water underground) increased from $1,525.5000 to $2,750.75000 per acre foot, the demand for pumps decreased from 575,950.7500 to 380,250.5000 units. a. Calculate the appropriate elasticity. b. Interpret the Elasticity c. How would you classify groundwater and pumps?What might you infer about the price elasticity of demand for diesel fuel in the short run? In the long run?
- Use the diagram below to answer the following questions. Assume an initial market price of $4. a. Identify the initial area of consumer surplus (CS1) when the market price is $4. Next, assume that supply decreases and the market price rises to $5. Draw the new supply curve and then identify the new area of consumer surplus (CS2). Instructions: (1) Use the tool provided 'CS, to identify the initial area of consumer surplus. This will drop a small triangle with three endpoints onto the graph. Drag the endpoints to the appropriate position to identify the initial area of consumer surplus. (2) Then use the tool provided 'S2' to draw the new supply curve. (3) Use the tool provided 'CS2' and follow the same process as before to identify the second area of consumer surplus. $10 Tools $9 $8 cs, CS2 $7 $6 S2 $5 $4 $3 $2 Noxt Price4. John Stain estimates that the demand curve for his PaneMaster insulated windows is given by 350-2P Q Currently, John is charging $150 per window, including installation. John is considering a sale. Find the price elasticity of demand for PaneMaster Windows and comment on the advisability of a sale. = a) EQp = -0.67 so the consequences of a sale cannot be determined b) Eqp = -0.67, so a sale would increase profits c) EQp = -6.00, so the consequences of a sale cannot be determined d) EQp = -6.00, so a sale would increase profitshe 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
- The price elasticity of demand is more likely to be inelastic if Othere are a lot of substitutes available. O the price of the product is a large fraction of income. Othere is a long time frame involved. O the product is a necessity.6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50Using the attached table, the equilibrium price before the tax is imposed is . The equilibrium price after the tax is imposed is a b Question 19 с d Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. $140, $160 $160, $140 $140, $150 Price (S) 100 $160, $150 120 140 160 180 200 220 Quantity Quantity Quantity Demanded Supplied Supplied w/Tax 600 530 575 540 550 550 525 560 570 500 475 450 580 590 495 505 515 525 535 545 555
- 12LGjjfiV9KIUa7A14QC7gvvPrKFtW6ZwP60WrVE/edit AP 100% PRICE Dolars perp Answer Price ($) 10. Using the graph below, determine the equilibrium price and quantity of pens. 0000 5000- 3000 2000- Normal text Answer: RUBRIC Worksheet 2 Scenario 11. Using the graph below, determine the approximate equilibrium price and quantity of soap. Supety 3 QUANTITY ons of pens) Demand Curve Arial Supply Curve Cartoon P Quantity Supplied Price determination AND PRICE 11 Demand + B I UA AWhat is the deadweight loss if there is an $8 price floor? Price of asparagus (S/pound) 4500 6000 1500 6500 O 1000 $10 9 8 7 6 5. 4- 3- 2- 1 S D 0 1 2 3 4 5 6 7 8 9 10 Quantity of asparagus (1,000s of pounds)Which of the following is true when there is a tax imposed in a market with perfectlyinelastic supply? Assume that the amount of the tax is less than the price before the tax isimplemented.(a) Buyers pay all of the tax(b) Buyers pay some but not all of the tax(c) Price paid by consumers falls by the amount of the tax(d) Price paid by consumers does not change(e) None of the above
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