a. If P = $33.60, there is aSuppose that demand is given by the equationP = -8.8Q + 60 and supply is given by the equationP = 3.2Q + 12.O A. neitherO B. price ceilinga.Suppose the government sets the price at $33.60, and this prevents the price from adjusting to the market equilibirium. Isthat price a price ceiling, a price floor, or neither?O C. price floorb. If P = $33.60 is there a shortage, a surplus, or neither?b. If P = $33.60, there is ac. If P = $33.60, what quantity will be sold in the market?O A. surplusO B. neitherOC. shortagec. If P = $33.60,units will be sold in the market.

Equilibrium is set up where the demand and supply are equal.

Answered: uppose that demand is given by the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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29. The equilibrium quantity CA. is the quantity demanded at the equilibrium price, but not necessarily the quantity sold OB. and equilibrium price are determined at the intersection of the supply curve and the demand curve C. is the quantity supplied at the equilibrium price, but not necessarily the quantity demanded OD. is any quantity at which the quantity supplied is greater than or equal to the quantity demanded
Waterfront homes have an inelastic supply and electric scooters have an elastic supply. Suppose that arise in population doubles the demand for both products. a) Graph the scenario for waterfront homes.Graph the scenario for electric scooters. See attached documents for graphs. What happens to theequilibrium price and quantity in each market? Response: In each of these cases the equilibrium prices goup, quantity in the scooters goes up, and the waterfront homes quantity does not change. b) Whichproduct experiences a larger change in price? Waterfront homes Why? There is an abundance in thedemand at the initial price so then this increases the price of waterfront homes. Explain the role ofelasticity in the change. c) Which product experiences a larger change in quantity? Electric ScootersWhy? Electric Scooters are an inelastic product. Explain the role of elasticity in the change. d) Whathappens to total consumer spending on each product? As the price and quantity goes up for…
3. Consider the market for buko juice. In this market, the supply curve is given by S = 10PJ -5PA and the demand curve is given by D = | 100-15PJ +10PT, where J denotes buko juice, A denotes buko, and T denotes tea.
i will urgent 10 upvotes. In the market shown in the figure, if a price ceiling of 10 is imposed, the shortage is _______
Could you explain the difference between a suprlus and shortage in terms of supply and demand?
Illustrate and explain using a diagram how to imposition of an excise tax on petrol at the time of purchase A) affect the equilibrium price and quantity of petrol B) how the cost of this tax is distributed between the buyers and sellers C) illustrate and explain by using a diagram who will pay the cost of this petrol excise tax if demand for petrol is perfectly price inelastic.
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A price fixed above the equilibrium price of a product will cause a shortage of that product. A.True B.False
© Macmillan Learning Suppose the accompanying graph depicts a market for one pound bags of candy. Place the line labe! Shortage at a price that would generate a shortage and then, determine its size. Price per bag 10 9 8 7 5 4 3 2 1 2 Market for Candy Shortage 3 4 5 6 7 Quantity (millions of bags) S 8 D 9 10 Shortage= 3 million bags
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If the government establishes a price ceiling BELOW the equilibrium price in the market for apartments, which of the following is mostly likely to occur? * a surplus of apartments a shortage of apartments an excess supply of apartments an increase in the mit um wage O nothing If consumers expect the future price of large screen HD TVs to increase, what will be the current effect on the price and quantity sold now? O Price will increase and quantity sold will decrease. Price will decrease and quantity sold will increase. Price will decrease and quantity sold will decrease. Price will be indeterminate and quantity will decrease. Price will increase and quantity sold will increase.

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