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- This is the graph of demand and supply. The highlighted one is the equilibrium price and quantity.. Please help to understand the graph, and making analysis and conclusion about thisFollowing figure shows the market demand and supply curves of olive oil market in Malta. Answer the following question with the help of the diagram. If Maltese government do not let the import of olive oil, what would be the domestic production and price of olive oil in Malta? Price, Supply €24 €16 €14 €12 €10 Demand 40 60 80 100 120 140 180 Quantity (000 It)What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?
- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?How does a price floor 521 above the equilibrium level affect quantity demanded and quantity1 supplied?Why is it importat to determine the determinants of supply?
- 1. Suppose income-tax rates are lowered and as a result consumers experience an increase in income earned from working. Basic microeconomics predicts that, Demand for normal goods will fall. Demand for inferior goods will rise. Demand for normal goods will rise. Income changes do not change demand.Explain and illustrate the effects upon price and quantity for each of these five situations relating to the market for high-definition TVs. Draw a separate supply - demand graph for each situation. a. Interest rates on consumer loans increase b. The number of sellers and manufacturers decreases c. The government reduces income taxes upon consumers. d. The number of consumers increases. e. Production costs decrease.Price (dollars per pound) 6. 1o Quantity (millions of pounds per day) 14 The graph illustrates the market for British pounds, the currency of the United Kingdom. As the number of buyers of pounds decreases and the number of sellers of pounds increases, the equilibrium price of a pound A) will remain the same. B) will fall. C) will rie. D) might rise, fall, or remain the same but more information is needed. will rise if the magnitude of the effect on the buyers is larger than the E) magnitude of the effect on the sellers.
- 3. A recent study found that the demand and supply sche- dules for frisbees are as follows: Price per frisbee Quantity demanded Quantity supplied €11 1 million frisbees 15 million frisbees 10 2 12 9 4 9 8 6 6 7 8 3 6 10 1 What are the equilibrium price and quantity of frisbees? a. Frisbee manufacturers persuade the government that frisbee production improves scientists' understanding of aerodynamics and thus is important for national security. The government decides to impose a price floor €2 above the equilibrium price. What is the new market price? How many frisbees are sold? b. Irate university students march on the government and demand a reduction in the price of frisbees. The govern- ment decides to repeal the price floor and impose a price ceiling €1 below the former price floor. What is the new market price? How many frisbees are sold?The table shows the demand and supply schedules for hot chocolate. What is the equilibrium price and equilibrium quantity of hot chocolate? The equilibrium price is $ The equilibrium quantity is a cup. cups a day. Question Viewer C Price (dollars per cup) 1.50 1.85 2.20 2.55 2.90 Quantity demanded Quantity supplied (cups per day) 500 400 300 200 100 50 100 150 200 250-Class Activity nces The data for five-kilo boxes of lobsters are given in the table below. Quantity Supplied (before tax) Quantity Supplied (after tax) Price $90 100 110 120 130 140 Quantity Demanded 890 880 870 860 850 840 Price: 850 860 870 880 890 900 c) What are the new equilibrium price and quantity? a) Before the tax, what are the equilibrium price and quantity? Price: $ Quantity: b) Fill in the Quantity Supplied (after tax) column in the table shown above, assuming that a $20-per-unit excise tax is put on the product. Saved Quantity: d) What portion of the $20-per-unit excise tax is paid by the seller, and what portion is paid by the consumer? Paid by seller: %: Paid by consumer: % %252Fnewcon