On the supply and demand graph, suppliers willing to produce at the O same; same Onone of the above O lowest; highest highest; lowest price are on the left and those only willing to produce at the price are to the right along the demand curve
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- 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Denver. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 2 Total Revenue PRICE (Dollars per bike) 88NR S 89 88 89 O 300 275 18 27 35 45 54 53 72 QUANTITY (Bikes) 91 Demand 90 99 108en hired as an economic consultant by Google and given the lollwrg derrand wedfor wh st Price of Good X (Millions) Quantity Demanded for XQuantity Demanded ta (Millions) 260 240 5. Y Mllions) 200 220 240 10 15 220 20 200 260 Your advice is needed on the following questions: A) Draw the demand and supply curves for the above market. (4 marks) B) Calculate the price elasticity of demand for software X if the price of soltware X increases tom5 millen to 10 mil p t S whether it is elastic or inelastic.(4 marks) C) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milion lo 10 Mlion hdie between X and Y. (4 marks) D) Draw diagrams for the demand of X. If other things are not constant what will be the impact on the dend D E) Calculate the equilibrium price and quantity demanded and supply of the above market Label the equilm prt be quantity, and the equilibrium price. (4 marks) O Type here to searchThe Krampf Lines Railway Company specializesin coal handling. On Friday, April 13, Krampf hadempty cars at the following towns in the quantitiesindicated: Town Supply of Cars Morgantown 35 Youngstown 60 Pittsburgh 25 By Monday, April 16, the following towns will needthe numbers of coal cars listed: Town Demand for Cars Coal Valley 30 Coaltown 45 Coal Junction 25 Coalsburg 20 Using a railway city-to-city distance chart, the dis-patcher constructs a mileage table for the preceding towns. The result is shown in the table on this page.Minimizing total miles over which cars are movedto new locations, compute the best shipment of coalcars.
- The market supply and demand curve for Tesla Model S electric cars is given in the figure below. The equilibrium price and quantity for this market are given by P and Q* respectively. Price P* arts 929ds to bem bon Q* S Quantity 1. Subsequently, Porsche announces an all-electric sports car meant to rival the Tesla Model S. How would this affect the demand for Tesla Model S cars? Illustrate on the graph above. 926e1oni bratani yan 2. How will this change affect the equilibrium price and quantity (i.e. increase, decrease, or stay the same)? Illustrate the new equilibrium price and quantity on the graph above. Describe the market forces that move the price and quantity back into equilibrium after the change in demand f (27nlog A) Sounsven sd bloow terlwwhat are the reason/s of banning McDonald’s from other country’s?16) The market for two-bedroom apartments in a city has the onowing supply and acmand schedules: Price 200 400 600 800 1000 1200 1400 1600 1800 QD (thousands) 360 315 270 225 180 135 90 45 0 Qs (thousands) 0 45 90 135 180 225 270 315 360 2000 1800 1600 1400 1200 1000 800 600 400 200 0 O 30 60 90 120 150 180 210 240 270 300 330 360 Ca a. Graph demand and supply. b. What is the equilibrium price and quantity? PE = 460 270000 QE = Calculate Consumer Surplus, Producer Surplus, and Total Surplus. Illustrate CS & PS on the grid above. 036
- According to the table, using the midpoint method, what is the elasticity of supply from point A to point B? Price Quantity $2.25 125 $2.45 145 Select one: a. unit elastic and equal to 1 b. elastic and equal to 2.1 c. inelastic and equal to 0.57. O d. elastic and equal to 1.74 A,monthly dearmad schedule for a good in a cucocly Semonth. Tires ara no marginal costs. The table below shows the monthly demand schedule for a good in a dinne $4.800 of fixed costs per month. There are no marginal costs. Quantity 400 Price ($) 30 TR ($) MR ($) 12,000 3,000 688 25 15,000 • 1,000 800 20 16,000 -1,000 1,000 15 15,000 -3,000 1,286 10 12,000 -5,000 1,400 5 7,000 -7,000 1,688 0 0 Instructions: Enter your answers to the nearest whole number ce, the monthly profit for each a. If they evenly split the quantity a monopolist would produce, the mantly s If duopolist A decides to increase production by 200 units, the monthly pa. The recent statement given in October 2020 by French President undermined the sentiments of the Muslims all around the world. The Muslims of Pakistan decided to record their protest by boycotting French products. A recent survey shows that the shunning of French products has bought about 35 percent decrease in the sales within a month. Suppose, in September 2020, the market for Garnier hair color a French product was at equilibrium with an equilibrium price 1050 and equilibrium quantity of 12,000 in Pakistan. Analyze the impact of a boycott on the demand of Garnier hair color for the month of October 2020 in Pakistan and illustrate it graphically. Also, explain why or why not the demand has changed? b. Consider a market for Tea a normal good in Karachi. You are supposed to analyze and discuss the effect on the equilibrium output and the price in the Tea market in Karachi for the October, 2020 after the following changes (Other things held constant). In each case, explain your answer…
- Figure 4-19 The diagram below pertains to the demand for turkey in the United States. ↑price DB O x to y. Oy to x. O DA to DB- O D₂ to DA DA quantity Refer to Figure 4-19. All else equal, the premature deaths of thousands of turkeys would cause a move fromExplain each issue why it is a microeconomic issue 5.B Justina owns the Just’s Sobolo Store. She charges GHS10 per bottle for her handmade sobolo. You, the economist calculated the elasticity of demand for sobolo in her town to be 2.5. If she wants to increase her total revenue, what advice will you give her and why? Be able to explain your answer.c. Will Erin's total revenue rise if she increases the price from $90 to $110? d. Calculate the price elasticity of demand between $110 and $130.