The following table gives the monthly supply and demand for facemask in the Philippines Quantity demanded (in million) Price Quantity supplied Surplus (+) or Shortage (in million) (-) 85,000,000 3.40 72,000,000 80,000,000 3.70 73,000,000 75,000,000 4.00 75,000,000 70,000,000 4.30 77,000,000 65,000,000 4.60 79,000,000 60,000,000 4.90 81,000,000 a. Calculate the surplus/shortage b. Plot the supply and demand curve of the above supply and demand schedule

The following table gives the monthly supply and demand for facemask in the Philippines Quantity demanded (in million) Price Quantity supplied Surplus (+) or Shortage (in million) (-) 85,000,000 3.40 72,000,000 80,000,000 3.70 73,000,000 75,000,000 4.00 75,000,000 70,000,000 4.30 77,000,000 65,000,000 4.60 79,000,000 60,000,000 4.90 81,000,000 a. Calculate the surplus/shortage b. Plot the supply and demand curve of the above supply and demand schedule

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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PRICE (Dollars per unit) 350- 225 175 50 0 12 Region Between Y and Z Between W and X Between X and Y True Z False X For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. 42 54 QUANTITY (Units) 1 84 W Demand True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. Elastic Inelastic Unit Elastic
Refer to the table. Over the $25-$30 price range, the elasticity coefficient of supply is Quantity Supplied $ 35 36 30 24 25 16 20 12 15 10 Group of answer choices 1. zero. less than 1. greater than 1.
Consider the following demand and supply schedules for ‘milk coffee’ in EastWest University cafeteria. Price(BDTpercup) ------ Quantity demanded ----- Quantity supplied 50 -----------------0 ---------------------- 80040 ---------------- 200 ---------------------60030 -----------------400 ----------------------40020 ---------------600 ----------------------20010 ---------------800 ----------------------1000 ---------------1000 -----------------------0 a) Plot the demand curve and the supply curve for milk coffee in East West University. Show the equilibrium point E*, equilibrium price, P* and equilibrium quantity, Q* in the graph. b) Calculate the value of the consumer surplus and producer surplus at equilibrium. c) What will be the effects on the milk coffee market if a price is set at BDT 40? Calculateand show on the plot in part a.
For the demand schedule shown below, what is the price elasticity of demand? Price Quantity Demanded $74 2,500 $80 1,800
QD ($) 16 3,000 2,800 20 18 2,600 2,400 2,200 2,000 22 24 26 28 1,800 30 1,600 Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 2,200 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall? If tickets were sold for $18, what would happen (be
The following table contains a monthly demand and supply schedule for large, single- topping, carry-out pizza Pizza Price (per pack) Quantity demanded for pizza (per pack) Quantity supplied for pizza (per pack) Quantity demanded for good Y $21 6000 7900 6000 $19 7000 7200 8000 $17 8000 6500 10000 (A) Calculate the price elasticity Of demand (PED) for good X when price fall from S 19 to $ 17. (B) Suppose you are the sellers of pizza based on the value of PED obtained In your answer for Question(A), would you or would you not raise the price of pizza? Why? (C)What S the cross elasbcity of demand (CED) of Good Y when price of carry-out pizza fall from $19 to S17? How is pizza and the Good Y related?
Fill out the tables by calculating the price elasticity of demand and of supply (use the mid-point formula). Report elasticities with 2 decimals. Demand and Supply Schedule for Good X: Unit price of x Quantity demanded of x Quantity supplied of x Price elasticity of demand of x (2 decimals) Price elasticity of supply of x (2 decimals) $100 0 5 n/a n/a $95 2 4.5 $90 4 4 $85 6 3.5 $80 8 3 $75 10 2.5 $70 12 2 $65 14 1.5 $60 16 1 $55 18 0.5 Demand and Supply Schedule for Good Y: Unit price of y Quantity demanded of y Quantity supplied of y Price elasticity of demand of y (2 decimals) Price elasticity of supply of y (2 decimals) $100 10 40 n/a n/a $90 11 35 $80 12 30 $70 13 25 $60 14 20 $50 15 15 $40 16 10…
PRICE (Dollars per unit) 350 225 175 50 0 12 +--- Region Between X and Y Between W and X Between Y and Z Z True False 42 54 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elas elastic, or inelastic. 84 W Demand - Elastic Inelastic Unit Elastic True or False: The slope of the demand curve is equal to the value of the price elasticity of demand.
1. In 2020 due to state deregulations ride sharing company X managed to lower its price which led to higher quantity demanded of their rides (a movement along the demand curve). The accompanying table describes what happened to prices and the quantity demanded of their service. Using the midpoint method, calculate the price elasticity of demand for the rides. 2008 2012 Quantity demanded (rides) 130 million 420 million Average price (per ride) $25 $15
6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. 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. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50
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Demand and Supply Schedules for Papaya Price $ Quantity demanded Quantity Supplied 4 36,000 4,000 8 32,000 8,000 12 28,000 12,000 16 24,000 16,000 20 20,000 20,000 24 16,000 24,000 28 12,000 28,000 32 8,000 32,000 36 4,000 36,000 Determine whether the demand for mangoes is elastic, inelastic or unit elastic. Explain your answer.