17. University admissionsSuppose the following graph shows the supply of and demand for admission to the University of British Columbia, where supply represents the numberof student openings and demand represents the number of students who want to attend UBC (that is, the number of student applications) at anygiven level of tuition. Use the graph to help you answer the questions that follow.Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps backto its original position, just drag it a little farther.Admission to the University of British Columbia60Supply50Demand40Supply3020Demand10241012NUMBER OF STUDENTS (Thousands)The equilibrium level of tuition at UBC is sper academic year. If UBC sets its tuition at this price, the number of openings available willTUITION (Thousands of dollars) The equilibrium level of tuition at UBC is sper academic year. If UBC sets its tuition at this price, the number of openings available willbethe number of student applications.Now suppose that the tuition for UBC is set at $20,000. At this level of tuition, the number of student applications will bethenumber of openings available.Suppose that in its latest issue, a popular magazine publishes information about universities in Canada. The magazine declares UBC to be Canada'sbest university.Adjust the previous graph to show the effect this will have on the market for admission to UBC.The new equilibrium level of tuition at UBC is sper academic year.If the magazine declares UBC to be Canada's best university and the tuition for UBC is set at $20,000, UBC will receiveapplications for admission than there are openings.

The supply and demand for admissions to the University of British Columbia (UBC) is given, where…

Answered: The equilibrium level of tuition at UBC…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) = 1183-12p, p > 0 Let the market supply of widgets be given by: Q = S(p) = -5 + 10p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. What is the total revenue at equilibrium? Please round your answer to the nearest integer
Find the price-demand equation for tickets to a particular zoo when the demand is 225 tickets per day at $15.00 per ticket, given that the marginal price-demand function, p′(x), for x number of tickets per day, is given as p′(x)=−0.015e−0.01x. If the zoo only sells 150 tickets per day, what should the price be? Do not round until the end. Round your answer to the nearest hundredth and do not include a dollar sign in your answer.
The quantity of a product demanded by consumers is a function of its price. The quantity of one product demanded may also depend on the price of other products. For example, if the only chocolate shop in town (a monopoly) sells milk and dark chocolates, the price it sets for each affects the demand of the other. The quantities demanded, q, and q2, of two products depend on their prices, p, and P2, k as follows: Enter the exact answers. If one manufacturer sells both products, how should the prices be set to generate the maximum possible revenue? What is that maximum possible revenue? P₁ = P2 = H. 9₁ = 9₂ = The maximum revenue is i 280 - 5p₁-3p2 360 - 3p₁ - 5p2.
Q3. Assume that the demand curve D(p) given below is the market demand for widgets:Q=D(p)=2372−19p, p > 0 Let the market supply of widgets be given by:Q=S(p)=−3+6p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price.What is the equilibrium price? Please round your answer to the nearest hundredth.What is the equilibrium quantity? Please round your answer to the nearest integer.What is the price elasticity of demand (include negative sign if negative)? Please round your answer to the nearest hundredth.What is the price elasticity of supply? Please round your answer to the nearest hundredth
Before 1981, customers visiting Disneyland purchased "ticket books" and paid for each attraction individually. On June 20, 1981, Disneyland began offering an "all-inclusive pass" that allowed guests unlimited use of all attractions. Duncan is planning a trip to Disneyland and has an inverse demand curve of P = 4 -0.2Q (or Q = 20 - 5P), where Q is the quantity of attractions and P is the price per attraction. Given Duncan's demand curve, what is the most Duncan would be willing to pay for Disneyland's "all-inclusive pass" that allows for unlimited use of all attractions? (That is, the "all-inclusive pass" is a fixed fee and all individual attractions are "free".) $20 $40 $80 $100 None of the above answers are correct.
Suppose firms exit the market for widgets. This would A (increase/decrease) the A (supply/demand) of widgets. At the same time, health researchers publish research that widgets increase your risk for cancer. This would A (increase/decrease) the A (supply/demand) for our widgets. Suppose the change in demand is stronger than the change in supply, the equilibrium price of widgets (increases/decreases/ambiguously changes). A/ changes), and the equilibrium quantity of widgets A (increases/decreases/ambiguously
Assume that the demand curve D(p) given below is the market demand for widgets: Q = D(p) 1067 - 13p, р > 0 Let the market supply of widgets be given by: Q = S(p) = - 4+ 8p, p > 0 where p is the price and Q is the quantity. The functions D(p) and S(p) give the number of widgets demanded and supplied at a given price. Q: What is the equilibrium price? Please round your answer to the nearest hundredth. What is the equilibrium quantity? Please round your answer to the nearest integer. Q: What is the total revenue at equilibrium? Please round your answer to the nearest integer,
Assume your theater will not sell a ticket for less than 80% of regular price $$$ (my assigned price is 145), but will sell one ticket for one performance at 80% of regular price plus $5 and two performances for 80% of regular price plus $10 for each ticket, for small numbers of movies, x, the theater’s supply curve is modeled by p=S(x). Write down your supply function. Find the equilibrium point. (make sure to provide both x and y coordinates and label it on the graph)
If the demand shifts outward and the supply shifts outward the new equilibrium quantity will be higher, but the direction of the change in the equilibrium price is ambiguous. the new equilibrium price will be higher, but the direction of the change in the quantity is ambiguous. in the new equilibrium, the price will be higher but the quantity will be lower. in the new equilibium, the quantity will be higher but the price will be lower. in the new equilibrium, both price and quantity will be higher.
Price & Demand In economic theory, we let z represent the number of items (called demand) a supplier will produce if the price of the item is p. For a particular item, if the price is $10 per item, then the demand is 577 items. However, if the price is raised to $33 per item, then the demand decreases to 393 items. Using this information, find the demand equation as a function of the price p? r(p)
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6. Elasticity and total revenue The following graph illustrates the weekly demand curve for motorized scooters in Roanoke. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. TOTAL REVEN $700 T 8100 7500 0900 6300 5700 5100 PRICE (Dollars per scooter) 4500 3000 325 8 8 8 8 28 28 28 % 300 275 250 225 200+ 175 150+ 125 100 75 On the following graph, use the green point (triangle symbol) to plot the weekly total revenue when the market price is $50, $75, $100, $125, $150, $175, and $200 per scooter. 25 2300++ 0 0 A A B + Demand emano H on MIM 110 150 135 HHHH++ + 25 50 75 100 125 150 175 200 225 250 275 300 325 PRICE (Dollars per scooter) -A Total Revenue Total Revenue (?) (?)

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