Suppose that market demand and supply functions are given by: Q=100-2P Q=50+ 2P d S The market equilibrium price and quantity are: a. P=75, Q=12.5 b. P 12.5, Q=75 c. P=25, Q=15 d. P=15, Q=25
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- IF the demand and supply functions are given at the following equations:P= -0.50D + 20P=0.25QS + 5• The market equilibrium price is a. 20 b.- 20 c. - 10 d. 10a) Draw a graph with supply and demand curves that intersect and establish a market equilibrium price of $10 per unit and equilibrium market quantity of 100 units. Be sure to label your graph completely.1. Suppose the demand for and supply of one-bedroom housing units in Nairobi’s Westlands area can be represented by the following linear functions:Qd =18,200–40P and Qs =–2,200+20PWhere Qd, Qs = Number of housing units in thousands, P = Price in US dollars.a) Determine the market equilibrium price and quantity b) Suppose the government decides to subsidize the cost of construction one-bedroom houses in the area at US$20.00 per housing unit. Determine the equilibrium outcome after the subsidy, and show how the benefit is shared between tenants and landlords. How much will the subsidy costthe government?c) Graphically show your results using well labeled demand and supply curves
- 1. Congratulations, you've been hired as a market analyst for the Federation of Quebec Maple Syrup Producers (QMSP) and you will be responsible for monitoring the market for maple syrup. The market can be described by the following calibrated demand and supply functions: Qd = 1180-20P +2P, (1) (2) Qs = 50P-200 where P is the price of a 16oz bottle of syrup, Pį is the price for a bottle of maple flavored corn syrup, and Qd and Q, are the quantity demanded and the quantity supplied of maple syrup. (a) How much maple syrup should the QMSP be prepared to give away if they decided to give maple syrup to everyone who wants it free of charge as a marketing ploy? (Hint: your answer will depend on Pt) Find the inverse demand and inverse supply equations. Determine the highest price at which suppliers would not be willing to sell any syrup. (b) Assuming that P, = 10, graph (inverse) supply and (inverse) demand for the market with a clearly labeled graph and calculate the equilibrium price (P*)…If the supply and demand functions are specified as follows : a. P = 10 - 2Q and P = 2/3Q + 1 b. Q = P ² + 5P + 1 and Q = 9 - P² Find : a. Its market equilibrium1.1. You are given the following demand and supply functions: P = 20 – 2Q + 0.8Z¡ demand P = -1 + 0.5Q - 0.9Z2 supply a. Find the reduced form equations for P and Q. Find competitive equilibrium values for P and Q given Z, = 1 and Z2 = 4. b. Calculate the point elasticity of demand and supply in equilibrium. c. Again letting Zj = 1 and Z, = 4, calculate the point structural elasticities e,(QIZ) and e,(QIZ,) and the point reduced form elasticities e,(QIZ,), e,(QIZ,), e,(PIZ¡), and e,(PIZ,). [Note: €,(Q\Z;) and e,(QIZ,) are, respectively, the elasticities of demand and supply. The s subscript indicates structural elasticity; r indicates reduced form.] d. Again letting Z, = 1 and Z, = 4, use the following two points along the demand curve to estimate an arc elasticity for demand: Qo = 6.2, Po = 8.4, Q1 = 4.2, and P = 12.4. Use the following two points to estimate an arc elasticity for supply: Qo = 9.66, Po = 0.23, Q1 = 10.66, and P, = 0.73. %3D %3D
- The demand function of a market is:- Qd = 24P - 360 If the equilibrium price is $17 Find equilibrium quantityA local store will buy 20 doorbell cameras from a supplier if the price is $77 each. If the price drops to $27 , then the store will buy 30 . The supplier is willing to sell 66 doorbell cameras for the price of $50.50 each, but only 49 at a price of $42.00 each. Find the supply and demand functions and the market equilibrium point. Assume both the supply and demand are linear. Use integers, fractions or decimals to describe the slopes and p-intercepts. A) What is the equation for the demand? p= B) What is the equation for the supply? p= c) What is the market equilibrium point?Explain in details8. Assume that the demand for films is given by Q = 45 − 2P and the supply is given byQ = 15 + P. What are the equilibrium price and quantity of films?(a) P = 10 and Q = 25(b) P = 12 and Q = 21(c) P = 12 and Q = 15(d) P = 25 and Q = 10(e) None of the above
- Suppose there is a downward sloping demand curve that has a y-intercept of 70 and an upward sloping supply curve that has a y-intercept of 20. If the competitive equilibrium Price is 32 and Quantity is 52 what would be the size of the overall consumer surplus for this market? (Please answer to 2 decimal places as needed) Your Answer: 30 AnswerPrice of X ($) 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.Q4) Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3QD Ps = 5 + 20s The demand price elasticities is inelastic. From the firms' perspective, the revenue would be higher if price increases. Let's assume that the market is currently not at the equilibrium with the market price being higher by 2 units than the equilibrium price. 1. Find the market quantity 2. Find the new Consumer Surplus 3. Find the new Producer Surplus
