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- Tax Incidence and Efficiency The market demand for a product is Q-270-6P, and the market supply is Q,= -130 + 10P, where Q, and Q, are quantity demanded and supplied, respectively, and P is price. Questions: a. What is equilibrium price and quantity in this market? Equatrium Price: Equilibrium Quantity b. Enter a formula to calculate price elasticity of demand using the equilibrium price and quantity as the base values. c. Enter a similar formula to calculate price elasticity of supply.Price (dollars) 8 7 D. 5 10 15 20 25 30 35 Quantity (units per year) In the figure above, when the price falls from $8 to $7, total revenue A) decreases from $210 to $120 so demand is inelastic. B) increases from $120 to $210 so demand is inelastic. C) decreases from $210 to $120 so demand is elastic. D) increases from $120 to $210 so demand is elastic. 6PRICE (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
- A change in which variable will change the market demand for a product? Question 82 options: A) population B) the prices of substitutes in production C) the price of the product D) technologyUnanu LavIL Price Quantity (Chocolate) Demanded $4 50 $8 44 $10 40 $12 38 $18 34 $22 20 $25 10 When the price of chocolate reduced from $10 to $8, the quantity demanded increased or decreased by ? Quantity demand decreased by 10% Quantity demand decreased by 9.09% Quantity demand increased by 9.09% Quantity demand increased by 10%Price Elasticity of Demand, Midpoint Formula: E = percentage change in quantity demanded ÷ percentage change in price, in absolute value where, percentage change in quantity demanded = (Q2 − Q1) ÷ [(Q1 + Q2) ÷ 2] percentage change in price = (P2 − P1) ÷ [(P1 + P2) ÷ 2] Note that the denominator in each part uses the average quantity or the average price. Using the table, graph, and formula, compute E for a popcorn price increase from $0.15 to $0.20 per ounce. Instructions: Round your response to one decimal place. Q1 is20 and Q2 is 16
- 4-1 You have noticed that the price of season tickets to your university’s football matches keeps increasing but the supply of tickets remains the same. Why might supply be unresponsive to changes in price? In the longer term, would it be more responsive? How?When sold for $790.00, a certain desktop has an annual supply of 129.5 million computers and an annual demand of 155.5 million computers. When the price increases to $865.00, the annual supply increases to 147.5 million computers, and the demand drops to 134.5 million computers. NOTE: Round slope and vertical intercept to 4 decimal places and use those rounded values to the end. (a) Assuming that the supply and demand equations are linear, find the supply and demand equations. Supply Equation p = Demand Equation p = esc (Note: The equations should be in the form p = mq + b where p denotes the price (in dollars) and q denotes the quantity (in billions). The slope and y-intercept should be accurate to 4 decimal places). (b) Find the Equilibrium price and quantity. Equilibrium price p = Equilibrium quantity q = 9- F2 A (Note: The equilibrium price should be accurate to 2 decimal places and quantity should be rounded to the nearest whole number, and the equilibrium price should include a…4°/ If a 10 percent change in the price of a good leads to a 5 percent change in the quantity supplied, then the supply of the good is ________ and the elasticity of supply is ________.
- Define Supply and Demand Give examples supply and demand regarding the oil prices in the US.Questions 2 What happens to the price and quantity demanded of peanuts when a new study finds peanuts are higher in saturated fats than other nuts. Also, a drought hurts peanut production. Data suggests a smaller supply change than demand change. If applicable, explain supply and demand curve movements in your response. (assume upward sloping supply curve and downward sloping demand curve) (assume similar elasticities-slopes).QUESTION 7 The demand for rubber erasers consists of two components. The first component is the demand for rubber erasers by art students. This demand is given by QA = 19,500 - 325P. The second component is the demand for rubber erasers by all others. This demand is given by Qo = 32,000 - 2,000P. (a) What is the total quantity demanded of rubber erasers if the price of an eraser is: (i) $10 (ii) $15 (iii) $20 (iv) $30 (v) $70 (b) Assume that the supply of rubber erasers is given by Qs = 14,000+ 175P. (i) Find the equilibrium price and the equilibrium quantity. (ii) Calculate the total consumer surplus. [Hint: It may be easier if you calculate the consumer surplus for art students and the consumer surplus for all others separately, and then add them up.] (c) Assume that the supply of rubber erasers is given by Qs = 8,390 + 180P. Find the equilibrium price and the equilibrium quantity. 10 (DC) EN510