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Equilibrium is the point where quantity demanded is equal to quantity supplied.
QUANTITY DEMANDED = QUANTITY SUPPLIED
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- How does a price floor 521 above the equilibrium level affect quantity demanded and quantity1 supplied?What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows: Price of lobster Quantity of lobster supplied (pounds) (per pound) $25 100 20 300 15 500 10 700 900 b. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that illus- trates the new equilibrium price and quantity of lobsters. What will happen to the price at which fishermen can sell lobster? What will happen to the price paid by U.S. consumers? What will happen to the quantity consumed by U.S. consumers?
- The table gives the demand and supply schedules for milkshakes. What is the equilibrium price of a milkshake and the equilibrium quantity of milkshakes per day? The equilibrium quantity of milkshakes is The equilibrium price is $ a milkshake. a day. Price (dollars per milkshake) 1 23456 Quantity demanded (per day) 120 105- 90 75 60 45 Quantity supplied (per day) 30 45 60 75 90 105The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collectedIn 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price inelastic? Explain your reasoning
- The equilibrium quantity of solar panels bought and sold in the market has stayed the same, but the price of solar panels has decreased, what must have been the case? Supply and demand both increased. Supply and demand both decreased. O There was an increase in demand and a decrease in supply. O There was an increase in supply and a decrease in demand.Suppose an economic boom drives up wages forthe sales representatives who work for cell phonecompanies. Explain what will happen to thedemand and supply of phones, and predict thedirection of the change in the equilibrium priceand quantitySuppose there is a soda tax to curb obesity. Whatshould a reduction in the soda tax do to the supply ofsodas and to the equilibrium price and quantity? Can youshow this graphically? Hint: Assume that the soda tax iscollected from the sellers.
- The table gives the demand and supply schedules for milkshakes. What is the equilibrium price of a milkshake and the equilibrium quantity of milkshakes per day? The equilibrium quantity of milkshakes is The equilibrium price is $ a milkshake. a day. This question: 1 point(s) possible Price (dollars per milkshake) 4 5 6 Quantity demanded (per day) 120 120 105 90 75 60 45 Quantity supplied (per day) 30 45 60 75 90 105Given that the demand for 10 crates of eggs is 200 dollars is supplied to 5 stores and thedemand for 4 crates at 50 dollars and supplied to 15 stores, calculate the equilibrium price and quantity 2.32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. a O O O O O O O O O O O O O O O O O Refer to Figure 3.4 and identify the true statement. a. The original equilibrium quantity was 57. b. The demand for DVD rentals has decreased. O The below figure shows the demand and supply of DVD rentals in a city. S₁ and D₁ are the original supply and demand curves. The demand curve shifts from D₁ to D₂. c. The supply of DVD rentals has decreased. d. The new equilibrium price is $3. e. The new equilibrium quantity is 48. Icon Key Price per DVD rental ($) 5+ 4+ 3- 2.50 2+ 1 0 10 20 30 Figure 3.4 + Quantity (Number of DVD rentals) ST Di + 40 50 60 70 80 90 100 110 48 57 66