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- The weekly demand for wine in the United States is described by the following equation: Qd = 45,000,000 - 1,500,000P where Qd is the weekly quatity demanded in bottles and P is the price per bottle in dollars. The weekly supply of wine in the United States is described by the following equation: Qs = -5,000,000 + 1,000,000P where Qs is the weekly quantity supplied in bottles and P is the price per bottle in dollars. a. What is the equilibrium price and quantity for wine in the US? Intense lobbying efforts result in the United States government establishing a $5 per bottle excise tax by wine producers. b. What would be the new equilibirum price and quantity after the imposition of the per bottle excise tax? c. Determine the total amount of the consumer surplus assuming the market for wine is in equilibrium after the imposition of the excise tax.A supply curve slopes upward because quantity supplied is higher when price is higher. True FalseWhat are some general factors that can impact the demand for a product and the supply of a product? Identify at least two factors for each and explain the different ways these determinants can shift supply and demand either left or right.
- Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Supply 133 183 Demand 168 148 Use this information to find the following. (a) points on the demand linear equation (x, p) = ( 148,44 (x, p) = 168,32 (x, p) = points on the supply linear equation (x, p) = (183,44 (133,32 Price $32 $44 (b) the demand equation p P = (smaller x-value) ) (larger x-value) (c) the supply equation p p= (smaller x-value) (larger x-value) (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity isWhich of the following would shift the supply curve for a commodity to the right? An increase in the price of a substitute of that commodity in production b. An increase in consumer income (assuming that the commodity is a normal good) c. A decrease in the number of firms that produce that commodity A decrease in the price of an input used to produce that commodity
- Sales of bananas have dropped from 100,000 pounds to 75,000 pounds per day because a freeze resulted in a smaller supply. In the process, the average price of a pound of bananas has risen from $0.80 to $1.00. Which of the following is most likely true? The demand for bananas has increased because of the increase in price.The demand for ice cream (used in banana splits) is likely to decrease.The price of tapes will rise about 25 percent.The total revenue (P times Q) from sales has risen.The quantity demanded of ice cream will increase. Flag this QuestionAssume that the monthly demand for Gala apple in the US is given by q=1200-300p and quantity is in million pounds. The monthly supply of Gala is q= -200+400p for p>$0.5. CS and PS are equal toThe reduced form supply of crayons is given by the equation Qs = 20PT Suppose that supply changes so that at each price, 30 fewer crayons are offered for sale at every given price. Derive the graph and the new supply curve.
- In a particular market, demand and supply curves are defined by the following equations: P=50 – 0.5QD QS= -20 + 2P where, P is the price in pounds, QS is the quantity supplied and QD is the quantity demanded. 1. What is the equilibrium price and quantity? 2. What is the price elasticity at a price of £35? 3. What do you expect will happen to total expenditure on this good if the price increases from £35 to £40? Is this expectation confirmed if you calculate the total revenue for each price?Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $3.50, and the equilibrium quantity is 31.0. When the price is $10.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.Consider the supply curve in the diagram to the right for the following supply change: Additions to your local football stadium have made tickets to football games easier to find. Using the line drawing tool, show the result of the shift in supply for this supply change (make the new line parallel to the original). Properly label this line. Carefully follow the instructions above and only draw the required object. Price ($) Market for Football Tickets Quantity So
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