Suppose demand and supply are given by Qd = 40 - P and Qs = 1.0P - 20. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: 10 Equilibrium price: $ 30 b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $34 is imposed in this market. Quantity demanded: 6 Quantity supplied: 14 Surplus: 8 c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of S24 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: 16 Quantity supplied: 4 Shortage: 12 Full economic price: S

2) Consider the following demand Qd = 140 - 3P and supply QS = 20 +20P for lunch at the Mountain View Golf and Country Club. a) Draw the demand and supply curves, and calculate the equilibrium price and quantity. b) The provincial government has imposed a sales tax of 12 percent on restaurant meals. Show how the above market is affected, and the new equilibrium price and quantity. (calculation is necessary). c) Explain and illustrate how the consumer's welfare is affected. Specifically show how the (1) consumer surplus, (2) total value, and (3) marginal value change.

Suppose that the market for milk can be represented by the following equations:   Demand: P = 12 – 0.5QD   Supply: P = 0.1QS where P is the price per gallon, and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. a) Calculate the equilibrium price and quantity of milk.   b) To help dairy farmers, the government sets a minimum price of K2.50 per gallon of milk. What is the new quantity of milk sold in the marketplace?

The task I am struggling with: Determine the supply and demand function and the equilibrium point.Graph the results.Demand. If a given product is priced at $7 per unit, there is a demand for 4 units;if a given product is priced at $6 per unit, there is a demand for 8 units.Supply. If a given product is priced at $9 per unit, suppliers are willing to produce4 units; if a given product is priced at $23 per unit, suppliers are willing toproduce 12 units. Thank you very much.

Derive the equilibrium price and quantity for good A. Show the necessary solutions.

If the supply and demand for a product both decrease then equilirium quantity and equilibrium price must both A decline. quantity and equilibrium price must both В increase. price must fall, but equilibrium quantity C) may either rise, fall, or remain unchanged. quantity must decline, but equilibrium D) price may either rise, fall, or remain unchanged. quantity must fall and equilibrium price E must rise.

Suppose that in the absence of any tax whatsoever, the equilibrium price of beer is €1.50 per pint. Now suppose that the government requires beer drinkers to pay a total tax (sales tax plus alcohol duty) of €0.50 on every pint of beer purchased. a) Draw a supply-and-demand diagram of the market for beer without the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers?b)Now draw a supply-and-demand diagram for the beer market with the tax. Show the price paid by consumers, the price received by producers, and the quantity of beer sold. What is the difference between the price paid by consumers and the price received by producers? Has the quantity of beer sold increased or decreased?

Chapter 2 Problem #5. Suppose the demand and supplycurves for a product are given by QD= 500 −2PQS=−100 + 3Pa. Graph the supply and demand curves.b. Find the equilibrium price and quantity.Qd= Q3500-2P= -100+3PP= Pe = 120 & Qe=260The equilibrium price is $120 and the quantity is 260c. If the current price of the product is $100, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?d. If the current price of the product is $150, what is thequantity supplied and the quantity demanded? How would you describe thissituation, and what would you expect to happen in this market?e. Suppose that demand changes to QD= 600 – 2P.Find the new equilibrium price and quantity, and show this on your graph.***PLEASE SHOW ALL EQUATIONS AND METHODS,

1. Which of the following will result in an uncertainty regarding any change that might occur in the equilibrium quantity but a definite increase in the equilibrium price? a) An increase in demand and a decrease in supply b) A decrease in demand and a decrease in supply c) A decrease in demand and an increase in supply d) An increase in demand and an increase in supply 2. In a production possibility frontier (PPF) graph it is observed that points 1,2,3, and 4 lie on the PPF, Point 5 is outside the PPF, and point 6 is inside the PPF. Which of the following statements is correct? a) Point 6 can be produced only if there is an increase in resource availability and/or an improvement in technology. b) Points 1-4 and 6 can be produced with the currently available resources and technology, but resources are used efficiently only at points 1-4. c) Point 5 can be produced with the currently available resources and technology, but the resource use is inefficient. d) Point 6 can be produced with…

The following table shows the quantity supplied and quantity demanded of a good at certain unit pricesUnit Price        Quantity Supplied       Quantity Demanded$22.50                    34400                         56000$24.50                    37600                         49600$28.00                    43200                         38400a) Show that the quantity supplied and demanded are linear functions of price and find the supply and demand functions.b) At what prices are the quantity supplied and demanded equal to zero and is there a shortage or surplus of the commodity at a price of $30.00 per unit?