Suppose a demand curve has a vertical intercept of (0,80). Suppose a supply curve has a vertical intercept of (0,0). The equilibrium price is $30 and the dollars. equilibrium quantity is 40. The total surplus is O 800 O 1600 O 2400 O 3200
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Suppose a demand curve has a vertical intercept of (0,80). Suppose a supply curve has a vertical intercept of (0,0). The
O 800
O 1600
O 2400
O 3200
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- At a unit price of 16,000 the demand of a product is 300 units and at a price of 48000 the demand is 100 units.at a unit price of 30000 the supply is 550 units and at a unit price of 50000 the supply is 650 units.determine the equilibrium price and quantityTrue or False: Suppose you are advising the Dairy Farmers of Canada on changes in the milk market. Suppose the current price is $4.5 per gallon of milk and the quantity demanded is 2.5 million gallons of milk per day. Suppose price elasticity of demand is constant at 0.7. You are considering reducing the supply, so that the price rises to $5 per gallon. Total expenditure on milk by consumers will rise.Star wars coffee mugs are traded in a competitive world market with a price of R180 per cup. Unlimited quantities are available for import into South Africa at this price. On average 10 000 kg are traded each month. The elasticity of demand has been estimated at -0.81 and elasticity of supply at 3.51. Derive the demand equation for the star wars coffee mug. . . A. Qd = 12 800 - 45P B. Qd = 15 200 - 35P C. Qd = 18 100 - 45P D. Qd = 20 000 - 50P Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
- Price of X ($) 20 18 16 14 12 10 8 6 4 2 0 1 S1 so 2 3 4 5 6 D Quantity of Good X Maple Electronics has identified their demand D. Suppose they are moving from the Supply S1 to 50. If a price ceiling of $6 is imposed for the new supply, what is the resulting full economic price? Answer with the number alone.A movie theater has been charging $ 10.00 per person and selling about500 tickets on Saturday and Sunday nights. After surveyingtheir customers, theater owners estimate that for every 50 cents theylower the price, the number of attendees will increase by 50 per night.Find the demand function and calculate the consumption surplus whentickets are sold for $ 8.00.Price (dollars per bucket) 16 15 14 13 12 10 200 300 400 500 600 700 800 Quantity (buckets) The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from So to S1. The tax incidence is A) such that buyers pay $1 per bucket and sellers pay $2 per bucket. B) split equally between buyers and sellers, each paying $1 per bucket. C) such that buyers pay $2 per bucket and sellers pay $1 per bucket. O D) split equally between buyers and sellers, each paying $2 per bucket. %3D
- The price elasticity of supply of baking flour is 0.8 when there is an increase of price from RM16 to RM18 per kilogram. How many percent change of suppliers that supply baking flour in the market with the new price?If a price of a good falls from 13 to 10 and supply for same good falls from 50 units to 20 units find the elasticity of supplyConsider the market for bus travel, where equilibrium price and quantity is determined by demand and supply. If bus travel is an inferior good and there is an increase in income and at the same time, the government subsidises bus travel, which of the following will occur? (a) The equilibrium price and quantity will be lower. (b) The equilibrium quantity will be higher, but the impact on price will be unknown. (c) The equilibrium price will be lower, but the equilibrium quantity will be higher. (d) The equilibrium price will be lower, but the impact on quantity will be unknown.
- If an increase in price Of a gel pen from 60 to 80 results to an increase in the quantity supplied of pens from 1200 to 1800 what is the elasticity of supplyThe demand and supply of some good are as follows: Qd = 3,000 - 20P Qs = 1,000 + 5P (a) Calculate the equilibrium price and the equilibrium quantity. (b) Calculate the consumer surplus at the equilibrium price and quantity. (c) Calculate the price elasticity of demand (at the equilibrium values).Suppose Atlantic air travel in business class has an estimated elasticity of demand of0.40 while Atlantic air travel in economy class, with an estimated price elasticity of 1.62. And the price elasticity of supply is 1.5 at market equilibrium. As a result of an increase on fuel tax on the seller, the new equilibrium price rises by 20%.(a) What is the percentage change in quantity demanded of air travel in both classes? Show your calculations.(b)Explain with 2 relevant diagrams, what will happen to total revenue in the air travel industry? (Hint: Consider the slope of demand and supply curves)
