Refer to the supply and demand curve diagram below, if supply decrease by 25 units at each price level, what is the new equilibirum price and quantity? 2$ 10 D 8. 6. 5. 4. 3 10 20 30 40 50 60 70 O A. P=$6 Q = 5 O B. P=$7 Q 25 O C. P-$8 Q = 15 D. P=$6 Q = 30 S4
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- -How has Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the “main influences” you chose had an impact on the gasoline market.Consider the table below. Assuming the law of demand holds, the cell labeled "?" could be which of the following quantities? Price of a Quantity of movies movie Demanded $15 155 $17 ? O 155 163 157 171 O 143Suppose that the inverse demand for eggs is P = 12 -0.010d, and the inverse supply of eggs is P = 2 +0.01Q5, where Q = million eggs and P= USD/egg. The market-clearing price is equal to ________(USD/egg), and the market clearing quantity is equal to (m eggs). O 7,500 6,400 O 0.5, 250 O4, 200
- 225323333 $8 $7 $1 Demand Curve for Cupcakes 12 3 D 5 6 7 8 Look at the demand curve above. Which of the following is NOT true in regards to the demand curve? O a Demand Curve will always slope down to the right O at a price of $1 there is a demand for 8 cupcakes O price is always drawn on the "X" axis O the graph only shows the relationship between price and the Quantity demand at that price O a demand curve is a graphic representation of a demand scheduleADVANCED ANALYSIS Assume that demand for a commodity is represented by the equation P = 80 – 2Qd. Supply is represented by the equation P = -20 + 2Qs, where Qgand Qg are quantity demanded and quantity supplied, respectively, and Pis price. Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity. Equilibrium price = $ Equilibrium quantity = units%24 林 Figure 63 Price E of O$ estion D2 Quantity 63. Refer to Figure 63. What kind of shift in demand does this graph show? Select one: O a. A movement in demand Ob. A decrease in demand None of the above O d. An increase in demand Type here to search っ近 0 米 23 3. 4. 2.
- Assume that demand for a service depends upon price and income, where the price elasticity of demand is Ep o=-0.6 and the income elasticity of demand is E1, q=1.2. If price falls by 49 and income rises by 296, the quantity demanded of the service will O A. increase by 69 O B. increase by 4.896 O C. decrease by 9.6% O D. decrease by 2.49di Decrease Consider the following figure to answer the following two questions: 9. The equation of the price is: a) p-44-0.0044D b) p=50 - 0.0016D c) p=42-0.0074D 30-0.0036D TR $110.000 CT CF=S70 000 di p e) p=35- 0.0025D 5000 Demand (Volume) 10-If the equation of the price is p 50- 0.002D, and knowing that the demand that gives maximum pre f4 is 4000 units, then the variable cost per unit is a) 38 b) 18 c) 42 d) 30 e) 34 Cost and RevenuePlease refer to the figure below. The equation for p = 105-0.005D %3D 25,000+65D W Y D (units sold) How much is the optimum demand for the commodity if p = 105 – 0.005D? O A. 4000 О В. 4200 О С. 4300 O D. 4500 Cost/Revenue
- If a 6% increase in price leads to a 12% decrease in quantity, then we can conclude that the price elasticity of demand is... -1 O-5 -2 -3 Question 19 If we know that the elasticity of demand for cigarettes is -0.5, and the government wants to decrease the quantity of cigarettes demanded by 30%, then what must they do to the price? increase it by 60% decrease it by 60% increase it by 15%Table 4-3 Price Quantity Supplied (Dollars per unit) (Units) 9 160 17 Qi Refer to Table 4-3. If the law of supply applies to this good, then Q, could be O 110. 140. O 160. 170.F4 O % 5 Price 90 85 80 75 70 65 60 55 50 45 40 35 30 25 20 15 10 50 Question 7 (2 points) E 0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 Quantity If the price were to be $65, then this market is experiencing an ___ in the amount of excess supply, 20 units excess supply; 30 units excess demand, 20 units excess demand; 30 units F5 Market for Laptop Chargers A 6 F6 & 7 F7 * 8 F8 →Demand →→-Supply F9 F10 ins F11 1 1 30°F Pri Se