Suppose that Felix and Janet are the only suppliers of collectible action figures in a particular market. The following table shows their annual supply schedules: Price (Dollars per action figure) 2 4 6 8 10 Felix's Quantity Supplied Janet's Quantity Supplied (Action figures) (Action figures) 0 4 6 8 10 10 18 24 28 30
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- Price (dollars per pizza) 12 13 14 15 16 17 18 19 20 Quantity demanded (millions per week) 28 27 26 25 24 23 22 21 20 Quantity supplied (millions per week) 22222222 20 21 23 25 26 27 28 The table shows the supply and demand schedules for pizza. At a price of 13 dollars per pizza, there is a 111 of pizza and so the price will (2)Answer the following questions by using demand and supply analysis. a) Beef supplies are sharply reduced because of a drought in the animal raising cities, and consumers turn to chicken as a substitute for beef. i. How would you illustrate this change in the beef-market in supply-and- demand terms? How do the equilibrium price and equilibrium quantity of beef change? How would you illustrate this change in the chicken-market in supply-and- demand terms? How do the equilibrium price and equilibrium quantity of chicken change? ii. b) During the summer months, the price of ice cream increases and the quantity of ice creams sold also increases. Is this a violation of the law of demand? Briefly explain and discuss your response.The U.S. Department of Agriculture guarantees dairy producers that they will receive at least $1.00 per pound for butter they supply to the market. Below is the current monthly demand and supply schedules for wholesale butter (in millions of pounds per month). Market for Wholesale Butter Price (dollars per pound) $0.80 0.90 1.00 1.10 1.20 1.30 1.40 1.50 1.60 1.70 1.80 Quantity of Quantity of Butter Butter Demanded Supplied (nillions of (millions of pounds) 109 106 103 100 97 94 91 88 85 82 B 79 pounds) 65 73 81 89 97 105 22 million pounds 79 million pounds 113 121 129 137 145 Instructions: Round your answer for price to two decimal places. Enter your answers for quantity as a whole number. a. What are the equilibrium price and quantity in the wholesale butter market? P = $ Q= million pounds b. What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program? zero Help Save &
- No written by hand solution Suppose that Sam and Teresa are the only consumers of dance classes in a particular market. The following table shows their annual demand schedules: Price Sam's Quantity Demanded Teresa's Quantity Demanded (Dollars per class) (Classes) (Classes) 10 32 56 20 20 40 30 12 24 40 4 12 50 0 4 On the following graph, plot Sam's demand for dance classes using the green points (triangle symbol). Next, plot Teresa's demand for dance classes using the purple points (diamond symbol). Finally, plot the market demand forThe demand schedule given below illustrates the quantity demanded by two individual consumers in the market for hot dogs. Both Larry and Harry are consumers of hot dogs and make up the entire market. Price per Hot Dog $1.80 0.20 Quantity Quantity Total Market Demanded Demanded Demand by Larry by Harry 20 35 25 45 ? ? 1.) Using the line drawing tool, draw a demand curve for each individual. Properly label each line. 2.) Using the line drawing tool, draw the market demand curve. Properly label this line. Note: The endpoints of the curves must match the data provided in the table. Carefully follow the instructions above and only draw the required objects. Price per unit ($) 2.00 1.80- 1.60- 1.40- 1.20- 1.00- 0.80- 0.60- 0.40- 0.20- 0.00+ 0 10 20 Hot Dogs 30 40 50 60 70 Quantity per month 80 90 100The table below shows two demand schedules for a given style of men’s shoe—that is, how many pairs per month will be demanded at various prices at a men’s clothing store in Seattle called Stromnord. Price D1 Quantity Demanded D2 Quantity Demanded $85 53 13 80 60 15 75 68 18 70 77 22 65 87 27 Suppose that Stromnord has exactly 70 pairs of this style of shoe in inventory at the start of the month of July and will not receive any more pairs of this style until at least August 1. Instructions: Enter your answers as whole numbers.a. If demand is D1, what is the lowest price that Stromnord can charge so that it will not run out of this model of shoe in the month of July? What if demand is D2? b. If the price of shoes is set at $85 for both July and August and demand will be D2 in July and D1 in August, how many pairs of shoes should Stromnord order if it wants to end the month of August with exactly zero pairs of shoes in its inventory? What if the…
- Suppose the graph below represents the demand and supply for rice at various prices, answer the questions that follow. The graph above is represented in the table below. Please complete the table below identifying the shortage or surplus. Price (10kg bag) Demand (10 kg bags) Supply (SS) (10 kg bags) Surplus (+) Shortage (-) 10 89 29 20 70 40 30 55 55 40 39 67 50 25 80 60 11 95 Based on your findings in the table above, what is the market equilibrium price and quantity for rice?The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used air fryers. Each seller has only a single used air fryer available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used air fryer. 180 150 PRICE (Dollars per used air fryer) 60 60 90 90 120 30 0 0 ㅁ Raphael Y X ☐ Susan ☐ Clancy ☐ Becky Alex ㅁㅁ Eileen +> 1 2 3 4 5 6 QUANTITY (Used air fryers) Region X (the purple shaded area) represents total producer surplus when the market price is equal to $ area) represents when the market price , while Region Y (the grey shaded In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement True False Assuming each seller receives a positive surplus, Raphael will always receive less producer surplus…Suppose that you decide to start a new business of making children’s ready-made garments. Make a (Hypothetical) linear supply schedule with 7 different price points and corresponding quantity supplied for your business. Make a graph showing equilibrium, shortage and surplus in the ready-made garments market. Give interpretation of this graph. Suppose cheap ready-made garments are imported from China. Draw a graph to show changes in equilibrium price and quantity for the Pakistani ready-made garments market. Give interpretation of this graph. Suppose that to boost the local industry, the Pakistani government gives subsidy on electricity prices. Draw a graph to show changes in equilibrium price and quantity. Give interpretation of this graph. Suppose that cheap cloth is imported from China for production of readymade garments and at the same time tourism in Pakistan increases bringing many more buyers of ready-made garments in the market. What will be impact on equilibrium price and…
- A particular commodity has a price-demand equation given by p = √18,444 - 417x, where x is the amount in pounds of the commodity demanded when the price is p dollars per pound. (a) Find consumers' surplus if the equilibrium quantity is 40 pounds. (Round your answer to the nearest cent if necessary.) (b) Find consumers' surplus if the equilibrium price is 17 dollars. (Round your answer to the nearest cent if necessary.) $The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries?Suppose there are two types of passengers: business travelers (B) and vacationers (V). The demands for airline tickets between Chicago and New York for both types of passengers are illustrated in the graph to the right. If an airline can price discriminate between the two types, then it should charge an airline ticket price of $ to business travelers (enter a numeric response using an integer) 800- 750- 700- 650 2600 Price and cost (dollars per airline ticket) 550- 500- 150 450 400- 350- 300- 8250- 200- 150- 100- 50- qº -MC Dv Da MR₂ MRV o+ 0 100 200 300 400 500 600 700 800 900 1000 Quantity of airline tickets