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- Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 1,800 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 specific)?Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.Please answer the following. A diagram and one paragraph should help to support your answer. Question: With consideration for elasticity (especially PED), what would be one industry in which the government instituting a subsidy would make sense and why?
- Refer to the article below: FRONT PAGE College Tuition Up Again College gets more expensive again. In-state tuition at public four-year colleges rose 2.3 percent in 2019-2020, to an average of $10,440 per year. Out-of-state students paid an average of $26,820 to attend. Private four-year colleges also saw even bigger price hikes: 3.4 percent-to an average of $36,880. Tuition prices have been outpacing general inflation rates for many years. Source: The College Board. If tuition keeps increasing at the same rate as in 2019-2020, how much will it cost to complete a degree at a private college in four years (2019-2023)? Hint: Future value = Present value x (1 + Growth in prices) Next year's tuition = This year's tuition x (1 + Growth in prices) Instructions: Round your responses to the nearest whole dollar. Tuition freshman year (2019-2020) Tuition sophomore year (2020-2021) Tuition junior year (2021-2022) Tuition senior year (2022-2023) Total tuition $ $ $ $ $What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.The market for organic and locally sourced foods has skyrocketed over the past decade as consumers focus on improving their eating habits. However, severe droughts have caused organic food prices to rise significantly, forcing many consumers to shop at conventional supermarkets (which are increasingly adding organic food options) instead of organic food markets such as Whole Foods. In response, companies such as Whole Foods have begun offering more nonorganic options on their store shelves in order to provide their consumers with more affordable options. Based on this response, what did companies such as Whole Foods realize about the elasticity of demand for organic foods that caused them to lower their prices by changing the type of foods they sell?
- A popular brand of decorative clay floor tile is priced at $7 per square until a surge in supply forces the price, for a short time, down to Drag the appropriate curve(s) to show the effect of the price drop. $3. To refer to the graphing tutorial for this question type, please click here. Price ($) 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 DSR 3 3 S1 DLR Quantity (thousands)Define Availability of substitutes?Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $3.50, and the equilibrium quantity is 31.0. When the price is $10.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 103.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
- Illustrate in a supply/demand diagram, by shifting the demand curve appropriately, the effect on the demand for flights between Calgary and Winnipeg as a result of: Increasing the annual government subsidy to Via Rail.The figure below represents the market for Gasoline, where initially the equilibrium price was $5.60. The picture shows the effect of a $1.50 tax on gasoline. Using the information from the figure, what is the price elasticity of supply(Using the Midpoint method) when moving from equilibrium to the new supply after the tax?(round your answer to 2 decimal places)A government report comes out saying that drinking tea daily has great health benefits. This will cause the price of tea to [Select] and the quantity of tea bought and sold to [Select]
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