1. In case of perfectly inelastic supply- a. The resource substitution for the good is nearly impossible. b. The suppliers are not that much flexible.
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- 1. In case of perfectly inelastic supply- a. The resource substitution for the good is nearly impossible. b. The suppliers are not that much flexible. (Choose the correct and of the MCQ and don't give the wrong answer, please)5. The quantity demanded of a certain brand of TV is 3000 per week when the unit price is $485. For each decrease in unit price of $20 below $485, the quantity demanded increases by 250 units. The suppliers will not market any TVs if the unit price is $300 or lower. But at a unit price of $525, they are willing to make available 2500 units in the market. Find (a) the demand function, (b) the supply function, (c) the equilibrium quantity and price.10. Which of the following statements about OPEC and the oil market during the 1970s and 1980s is (are) correct? (x) Over the long run consumers responded to higher gasoline prices with greater conservation of gasoline and as a result the demand for OPEC products became less elastic. (y) OPEC successfully raised the world price of oil in the 1970s and early 1980s primarily due to an inelastic demand for oil and a reduction in the amount of oil supplied. (z) OPEC could not successfully keep the price of oil high over the long run, because producers of oil outside of OPEC responded to the high price by increasing oil exploration and extraction capacity. A. (x), (y) and (z) B. (x) and (y) only (x) and (z) only D (y) and (z) only Е. (y) only
- 6. The cost of producing DVD players has fallen over the past few years. Let's consider some implications of this fact. a. Use a supply-and-demand diagram to show the effect of falling production costs on the price and quantity of DVD players sold.The quantity demanded each month of russo Espresso Makers is 250 when the unit price is $140; the quantity demanded each month is 1000 when th e unit price is $110. the suppliers will market 750 expresso makers if the unit price is $60 or higher. At a unit price of $80 they are willing to market 2250 units Both the demand and supply equations are known to be liniear. A: Find the demand equation. B: Find the supply equation. C: Find the equilibrium quantity and the equilibrium price.4. It is said that the market forces of supply and demand, which determine the equilibrim price and quantity allocated economic recources efficiently. Is this "fair" to those that at the market price cannot afford to purchase the product?
- Consider that the new more eco-friendly coal briquettes for heating stove fire costs 3,750₮ per bag of 25kg. Yet the same amount of raw unprocessed coal costs 2,000₮ for about the same 25kg bag. As you can imagine people will keep buying the cheaper raw coal for the winter cold months. a. Please draw side-by side the supply and demand diagrams of a Raw coal and New processed coal bags. Mark all the necessary points and units that we normally mark. b. What kind of an externality would you say this RAW coal has and how would it impact the bystanders?c. We can't precisely measure the cost of the actual externality from raw coal, but we can almost certainly assume that at least the amount of price difference is the externality cost. What would you recommend the government do to improve the situation? Show it on the graph and mark to clearly suggest your solution.Suppose oil prices rise sharply for years as a result of a war in the Persian gulf region. What happens and why to the demand for a. Cars? b. Home insulation? c. Coal? d. Tires?omework 4 - Compatibility Mode O Seah Joseph References Mailings Review View Help Table Design Layout A A Aa A 三 T AaBbCcI AaBbCcI AaBbC AaB AaBbCcC A D- A 三三三三|三。 田 1 Normal 1 No Spac. Heading 1 Title Subtitle Paragraph Styles 3. The supply and demand schedules below describe the market for compact fluorescent lightbulbs (CFLS). Demand Same Supply Q now at higher price with tax (millions) 200 Price + Supply (millions) Price (millions) tax $2.00 400 200 $2.50 350 250 250 $3.00 300 300 300 $3.50 250 350 350 $4.00 200 400 400 $4.50 150 450 450 $5.00 100 500 500 a. Graph the supply and demand curves, drawing them to scale. i. What is the equilibrium price? ii. What is the equilibrium quantity? Focus hp ho fg 144
- 2. What happens to equilibrium price andquantity when there is an increase intechnology? Why?Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 1004. You have been hired as a consultant to estimate the demand for various brands ofcoffee in the market. You are provided with annual price data for two years by U.S.state and the quantities sold. You want to estimate a demand function for coffeeusing this data. What problems do you think you will encounter if you estimatedthe demand equation by OLS?