Suppose the supply function is given as Qs = -6 + BP. I. Construct a supply schodule if prices are 5, 6, 7, 8, and 9 pesos. 2. Draw the corresponding supply curve. 3 If the price from 9 pesos to 10 pesos, by how much will quantity supplied change? Show your solution. 4. Suppose supply increases by 5. a. Write the new supply function b Consinuct a new sugply scheydrie and urita it
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- Assume that supply for cars increases for any given price and, at the same time, the demand for cars reduces for any given price. You can predict: a. That the price of cars will unambiguously increase, while the car sales may increase or decrease. b. That car sales will unambiguously decrease, while the car price may increase or decrease. c. That the price of cars will unambiguously decrease, while the car sales may increase or decrease. d. That car sales will unambiguously increase, while the car price may increase or decrease.[2])- If you have supply function = зотир, -бори A- Find reduce supply function when Ph = 30 B. Find the slope of supply functionWhich of the following statements is false? To an economist, demand is different from quantity demanded. O A demand schedule is the numerical tabulation of the law of demand. A demand curve is the graphical representation of the direct relationship between price and quantity demanded.
- The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…Given the following information,when price is 100ksh the quantity supplied is 45units and when the price increases to 250ksh the quantity supplied is 60 units.Derive the function that depicts the law of supplyThe market for cellular phones has seen a combination of improving telecommunication technology and rising consumer incomes. Suppose you are told that the price of cellular phones decreased over the past five years. The decreasing prices of cellular phones, a normal good, implies that the magnitude of: A. he rightward shift of the demand curve is greater than that of the rightward shift of the supply curve B. The leftward shift of the demand curve is greater than that of the rightward shift of the supply curve C. The rightward shift of the demand curve is less than that of the rightward shift of the supply curve D. The rightward shift of the demand curve is less than that of the leftward shift of the supply curve
- Suppose that today the market for homes is in equilibrium. Tomorrow both the supply and demand curves for homes will shift to the right. As a result, the equilibrium price . and the equilibrium quantity . O will fall; will fall O will fall; will rise O cannot be determine; will fall O cannot be determined; will riseSuppose the demand for Car is given by Qd = 1000-0.5P and that the supply of Car is given by Qs=2P-300 .a. Solve for the equilibrium price. Plug the equilibrium price back into the demand equation and solve for the equilibrium quantity.b. Draw a diagram, depicting supply and demand.c. Suggest a method how you can check your result from A and implement it. Is your result that you gave in A) correct?d. Calculate the Consumer Surplus for the given setting.← 1 Suppose the supply for a certain textbook is given by p=- (a) How many books are demanded at a price of $20? (b) How many books are supplied at a price of $20? (c) Graph the supply and demand functions on the same axes. (a) How can the number of books demanded be found? and demand is given by p=- -79² +30, where p is the price and q is the quantity. 1 29 OA. Substitute the price for q in the demand equation. B. Substitute the price for p in the demand equation. OC. Solve each equation for q and set the resulting expressions equal to each other. OD. Set the two expressions for p equal to each other. The number of books that are demanded at a price of $20 is. (Round to the nearest whole number as needed.) iew an example Get more help. Clear a
- Hand Sanitizer Due to the H1N1 flu outbreak, the demand for hand sanitizer has tripled. Should Johnson & Johnson increase production of their Purell hand sanitizer? Should it invest in doubling production capacity?As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.4. Consider the following two points on a demand curve: POINT A has a price of $ 119 and a quantity demanded of 3 and POINT B has a price $ 24 less and quantity demanded of 2 more units. Using the "mid-point" method, what is the % CHANGE in the PRICE in the range between POINT A and POINT B? Report percentages as implicitly. For example , 0.325 = 32.5 %, mear report 32.5 Answer: your answer Submit 5. Consider the following two points on a demand curve: POINT A has a price of $ 116 and a quantity demanded of 5 and POINT B has a price $ 21 less and quantity demanded of 4 more units. Using the "mid-point" method, what is the ELASTICITY of DEMAND in the range between POINT A and POINT B? Answer: your answer Submit 6. WHICH of the following goods is most likely to have an INCOME ELASTICITY of DEMAND that is less 1? (1) Beer, (2) Airpods, (3) Gasoline, (4) Puppies, (5) Movie Tickets. Answer: your answer Submit