Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles 10 20 30 40 50 60 70 80 90 100110 Quantity a. What is the equilibrium price and quantity? Price: $ 00 Tools The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. CS Quantity. game consoles b. Show the area of consumer surplus on the graph, and then determine how much consumer surplus is generated in the market each week. Instructions: Use the tool provided "CS" to Illustrate this area on the graph. Consumer surplus: $

Refer to the figure. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles 10 20 30 40 50 60 70 80 90 100110 Quantity a. What is the equilibrium price and quantity? Price: $ 00 Tools The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. CS Quantity. game consoles b. Show the area of consumer surplus on the graph, and then determine how much consumer surplus is generated in the market each week. Instructions: Use the tool provided "CS" to Illustrate this area on the graph. Consumer surplus: $

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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15. Market equilibrium The following table presents the weekly demand and supply in the market for sweatpants in Philadelphia. Price (Dollars per pair of sweatpants) 6 12 18 24 30 Quantity Demanded (Pairs of sweatpants) 1,650 1,350 1,200 900 750 Quantity Supplied (Pairs of sweatpants) 300 600 750 1,350 1,800 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
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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?
ANSWER ONLY LETTER D ONLY.
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