Assume a demand equation:Qd = 9 - 0.1p - P. + 0.01p + 0.0001Yand a supply equation:Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1wwherep = price of the goodPc = price of a complement = $3Q = quantity in thousands of unitsP; = price of an input = $450P= price of a substitute = $200N = number of firms = 700Y = consumer income = $20,000T = index of technology = 300w = wage rate = $10If the price is $55, there will be anofthousand units.excess supplyexcess demandétv2MacBook Air今DIIDD80F10F11F8F9F6F7F4F5F2F3

We know the equilibrium price is attained at a point where the quantity demanded equals to the…

Answered: sume a demand equation: Qd = 9 - 0.1p –…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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ssume a demand equation: Q, = 9 - 0.1p - Pc + 0.01ps + 0.0001Y and a supply equation: Q = 0.1p - 0.02p; + 0.01N + 0.01T - 0.1w where p = price of the good P. = price of a complement = $3 Q = quantity in thousands of units P = price of an input = $450 P= price of a substitute = $200 N= number of firms = 700 Y = consumer income = $20,000 T = index of technology = 300 w = wage rate = $10 If the price is $55, there will be an V of thousand units. O tv 30 MacBook Air DII 80 F10 F11 FB F9 esc FS F6 F7 F2 F3 F4 F1 $ % & 4 6. 8 9 1 P Q W R Y ンビつく O
Assume a supply equation: Q = 0.1p- 0.02p; + 0.01N + 0.01T-0.1w where: p = own price P; = price of an input = $150 N = number of firms = 100 Q= quantity supplied (thousands of units) T= index of technology = 300 w = wage rate = $10 The quantity supplied as a function of the price can be written: Q =] If the price of the good is $19, what would be the quantity supplied? thousand units. (enter a real number rounded to one decimal place)
The market demand for productXis given by: \[ Q_{d}=6-1 / 2 P \text { or } P d=12-2 Q \] The market supply for goodXis given by: \[ Q_{s}=-14+2 P \text { or } P s=7+1 / 2 Q \] whereP=price per unit andQis number of units. Draw a supply-and-demand graph with these curves. 1.) Using the line drawing tool, draw the supply and demand curves. Properly label your lines. 2.) Using the point drawing tool, plot the equilibrium point. Label your point 'E'. Note: Carefully follow the instructions above and only draw the required objects. The equilibrium price is$and the equilibrium quantity is unit(s). (Enter your responses as integers.) A per-unit excise tax is imposed on suppliers of productX, and the market supply with the tax is now given by: \[ Q_{s}=-19+2 P \text { or } P s=9.50+1 / 2 Q \] Using the graph on the right, show this supply curve. 1.) Using the line drawing tool, draw the new supply curve. Label your line 'S1+tax'.1. Note: Carefully follow the instructions above and only draw…
Assume a supply equation: Q = 0.1p-0.02p; + 0.01N + 0.01T – 0.1w where: p= own price P; = price of an input = $150 Q = quantity supplied (thousands of units) N = number of firms = 100 T= index of technology = 300 w = wage rate = $10 The quantity supplied as a function of the price can be written: Q=0 If the price of the good is $19, what would be the quantity supplied? thousand units. (enter a real number rounded one decimal place) Reactio étv MacBook Air 80 DII DD F1 F2 F3 F4 F5 F6 F7 F9 F10 F11 ! @ #3 $ & * 4 7 8 Q W E Y U { A F G H J K く C V N M tion command command option .. .- ーの D
Consider the demand ftunction for processed pork in Canada, Q, = 796.00 - 37p • 20p, + 3p. + 0.002Y %3D The supply function for processed pork in Canada is: Q = 363.00 + 54p - 60ph pis the price of pork Pp is the price of beof = $4 per kg Q is the quantity of pork demanded Pe is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is S and the equilibrium quantity of pork is milion kg per year. (Enter numeric responses using real numbers rounded up to two decimal places.)
Assumed that the demand (D) for potato given by demand: Q = 1500 − 15P, where Q isquantity per month measured in kilos and P is price per kilo. 1. Supply is equals to 900 kilos one day, what will the price be?2. Supply were to fall to 300 kilos, what would the price be?3. The D for Potato shifts outward to Q = 2100 − 15P, what will be answer in part 1 and 2 change?4. Graph the results
The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 166 131 $31 146 181 $43 Use this information to find the following. (a) points on the demand linear equation (x, p) (smaller x-value) (х, р) %3 (larger x-value) points on the supply linear equation (х, р) (smaller x-value) (x, p) = ( ) (larger x-value) (b) the demand equation p = (c) the supply equation p (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity is
graph the line of demand and the of line of supply showing point of equilibrium of these two equations: Qsupply = 2.5P + 30Qdemand= -20P + 370
answer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…
Consider the following demand and supply relationships in the market forgolf balls: Qd = 90 - 2P - 2T and Qs = -9 + 5P - 2.5R, where T is the price oftitanium, a metal used to make golf clubs, and R is the price of rubber.a. If R = 2 and T = 10, calculate the equilibrium price and quantity of golfballs.b. At the equilibrium values, calculate the price elasticity of demand and theprice elasticity of supply.c. At the equilibrium values, calculate the cross-price elasticity of demand forgolf balls with respect to the price of titanium. What does the sign of this elasticity tell you about whether golf balls and titanium are substitutes orcomplements?
Consider the following demand and supply relationships in the market forgolf balls: Qd = 90 - 2P - 2T and Qs = -9 + 5P - 2.5R, where T is the price oftitanium, a metal used to make golf clubs, and R is the price of rubber.a. If R = 2 and T = 10, calculate the equilibrium price and quantity of golfballs.b. At the equilibrium values, calculate the price elasticity of demand and theprice elasticity of supply.
a) Represent the above functions graphically Suppose the demand and supply functions for kelewele are given by Question 1 QX = 50 – 2P QX = 10 + 3P b) Find the equilibrium price and quantity. A lf the current price of kelewele is GHC 10.00, what is the quantity demanded and quantity supplied? d) How would you describe the situation in (c) above, and what would you expect to happen in this market? e) Suppose the demand function changes to Qd = 60 - 2P. Find the new equilibrium price and quantity supplied and demanded. %3D f) Show your results in (e) on the graph

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