The following graph shows the monthly demand and supply curves in the market for combs.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.PRICE (Dollars per comb)10090807060504020+10282 28 2 2030°Graph Input ToolMarket for CombsPrice30Supply(Dollars per comb)Quantity500DemandedQuantity Supplied(Combs210Demand50 100 150 200 250 300 350 400 450 500QUANTITY (Combs)(Combs)The equilibrium price in this market is Sper comb, and the equilibrium quantity iscombs per month.Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surpand whether this places upward or downward pressure on prices.Price(Dollars per comb) Shortage or SurplusShortage or Surplus Amount(Combs)Pressure4060

Answered: Image /qna-images/answer/f9ac6b55-9158-4839-8f37-ba9994763724.jpg

Answered: The following graph shows the monthly…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2) Stan bought a car three years ago for $20,000. Recently he got a promotion and is deciding whether to keep his old car or to buy a new one. His dealer told him that the current market price of his old car is $15,000. The car maintenance costs are $1,000 now, and they are going to increase each year by at least $500. Stan compares his old car with a new one that, he calculates, would have an equivalent annual cost of $4 ,100. What is Stan's optimal decision if his current interest rate is 7%?
You will draw a Supply and Demand diagram, and then do some additional things. Please follow the directions carefully. To begin, you will make some decisions, by answering for yourself these questions: What is the product (good) or service? What is the time period over which we are measuring, e.g., units sold per day, week, or month (don't go beyond month)? What is the geographic area we are looking at? Common choices might be: the city of …, the county of…, the state of…, the U.S. , the world. What is the range of possible prices you want to include? This could be from zero to some higher number. What is the range of possible quantities you want to cover? This will be a function of the product, the population, and the time period. These parameters can be made up, but should bear some connection to reality. EXAMPLE My product is plain white athletic socks, one pair. My time frame is one week - so the number of pairs sold in a week. My geographic area is the whole U.S., - so the…
: Let the Market Demand curve for soybeans be given by the following equation: Q=100000 -10000P where Q = the quantity of soybeans in kilograms P = the price of soybeans in dollars per kilogram. Supply: Let the Market Supply curve for soybeans be given by the equation: Q= -5000+5000P Graph the Demand Curve on a sheet of paper. Be sure to label the axes. What is the slope of the Demand Curve? Is it positive or negative? Why? What is the intercept? Note that in order to calculate the geometrically correct intercept and slope you probably want to rewrite the equation so that P is expressed in terms of Q, and then interpret the coefficients. Equilibrium: Graph the Demand and Supply curves together. Label all parts of the graph. Using algebra, solve for the equilibrium price and quantity of the soybeans. Consumer Surplus: The Consumer Surplus (CS) is the triangular area under the demand curve and above the equilibrium…
After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger and starvation. As a result, Philippines experienced a rice bumper harvest which led to the equilibrium price to decrease to AUD 1.50 per kilogram. To reduce poverty, the government decided to increase the price of rice to AUD 2.00 per kg. Suppose the figure below represents rice production by Jane a farmer in rural Philippines, answer the questions below. 1)Examine the effect of government price legislation on Jane a farmer in rural Philippines and further, What is the price elasticity of demand for rice? Based on your answer, is rice a necessity? Explain your answer.
The following graph plots the market for scones in Dallas, where you can assume there are always over 1,000 bakeries. Suppose the number of bakeries increases significantly. Show the effect of this change on the market for scones by shifting one or both of the curves on the following graph, holding all else constant. 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 back to its original position, just drag it a little farther. PRICE (Dollars perscone) QUANTITY (Scones) Supply Demand Demand -0 Supply ?
Assume a drought in the Great Plains reduces the supply of wheat. Wheat is a basic ingredient in the production of bread and that potatoes are a consumer substitute for bread. What effect will the drought have on all three markets: wheat market, bread market, and potatoes market? (three separate graphs for whet, bread and potatoes markets). Briefly explain your graphical analysis for each graph.
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. PRICE (Dollars per scooter) 325 300 275 250 225 200 175 150 125 100 75 50 25 0 09 18 27 A + 36 45 54 63 72 81 QUANTITY (Scooters) B Demand 90 90 99 108 117 Total Revenue ?
The following graph plots the market for electric guitars in Houston, where there are always over 1,000 music stores. Suppose a new article is published claiming that Houston has abnormally high levels of pollution compared to the rest of the region. Due to air quality concerns, a significant number of families move out of the city. Show the effect of this change on the market for electric guitars by shifting one or both of the curves on the following graph, holding all else constant. 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 back to its original position, just drag it a little farther. DemandSupplyPRICE (Dollars per guitar)QUANTITY (Guitars)Demand Supply Now suppose Congress passes a new tax that decreases the income of Houston residents. If electric guitars are a normal good, this will cause the demand for electric guitars to .
After the devastating typhoon Haiyan in the Philippines, the government and donor agencies embarked on rehabilitating rice production to avoid hunger and starvation. As a result, Philippines experienced a rice bumper harvest which led to the equilibrium price to decrease to AUD 1.50 per kilogram. To reduce poverty, the government decided to increase the price of rice to AUD 2.00 per kg. Suppose the figure below represents rice production by Jane a farmer in rural Philippines, answer the questions below. Examine the effect of government price legislation on Jane a farmer in rural Philippines Calculate the price elasticity of demand using the midpoint formula for rice What is the price elasticity of demand for rice? Based on your answer, is rice a necessity? Explain your answer.
Please help with question 5b. I already tried putting it in 8 which is wrong.
Replacement car parts are an inferior good. The country is going through a recession. Simultaneously, the price of a key raw material used in making replacement car parts goes down. What happens to the price and output of replacement car parts? Briefly explain. Briefly explain. In addition, show this graphically by choosing the appropriate graph from the four graphs (A - D) in the picture below
Help completing the table

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