The table below presents information on aggregate demand and aggregate supply schedules in the country of Microtania in 2005. Price level Schedule A Schedule B Schedule C $1685 $1415 $1625 $1640 $1460 $1625 $1595 $1505 $1625 $1550 $1550 $1505 $1595 $1460 $1640 $1415 $1685 90 100 110 120 130 140 150 $1625 $1625 $1625 $1625 Which best represents the aggregate supply curve that is emphasized in the neoclassical economic perspective? OSchedule A OSchedule B OSchedule C
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- Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and the price elasticity of domestic demand to be -0.25 in the current market equilibrium. Q: Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram. Producer sunplus before impont duty P.s, = P.S, +x (500 - E 500)) x 80,000 -x soox 40,000 %3D 40,000,000 - 10,000,000 %3D 30.000,000 Why is there a need to minus ½ x 500 x 40,000 ?Country C imports 80,000 metric tons of steel from Country U and produces domestically80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linearschedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country Cimposes an import duty of $150 per metric ton that caused the world price to fall by 10%. What are the terms of trade of the Country C steel market after the tariff was imposed? Explain the welfare effects of both countriesCountry C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and the price elasticity of domestic demand to be -0.25 in the current market equilibrium. Q: Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram.
- Suppose that the world price of oil is $70 per barrel and that the United States can buy all the oil it wants at this price. Suppose also that the demand and supply schedules for oil in the United States are as follows: Price ($ per Barrel) 55 60 65 70 75 U.S. Quantity Demanded 26 24 22 20 18 U.S. Quantity Supplied 14 16 18 20 22 Now suppose that the United States allows no oil imports. The equilibrium price in the United states is $ 70 per barrel and the equilibrium quantity is 20 million barrels. If the United States imposed a price ceiling of $70 per barrel on the oil market and prohibited imports, there would be a of million barrels of oil.**Answer bolded questions only please** The following relations describe monthly demand and supply for a computer support service to small businesses: Qd=3000-10P Qs=-1000+10P whrer Q is the number of businesses that need services and P is the monthly fee, in dollars. a. The average monthly fee where demand equal zero. $300 b. The average monthly fee where supply equal zero. $100 d. what is the equilibrium price/output level? e. Suppose demand increases and leads to a new demand curve: Qd = 3500 - 10P f. Suppose new suppliers enter the market due to the increase in demand so the new suply curve is Q=-500+10P. What are the new equilibrium price and equilibrium quantity? g. Show changes on the graph.PLEASE ANSWER AND EXPLAIN NUMBER 2 AND 3Suppose that the world demand and supply elasticities of crude oil are -0.906 and 0.515, respectively. The current equilibrium price is $30 per barrel and the equilibrium quantity is 16.88 billion barrels per year. Derive the linear demand and supply equations. Now suppose the world supply curve you derived above consists of competitive supply and OPEC supply. If the competitive supply equation is: SC = 7.78 + 0.29P, what must be OPEC's level of production in this equilibrium? Now suppose social and political unrest in some non-OPEC producing countries reduced the competitive supply by 30 percent, what happens to the world price of crude oil?
- Country C imports 80,000 metric tons of steel from Country U and produces domestically 80,000 metric tons per year. The world price of steel is $500 per metric ton. Assuming linear schedules, research analysts estimated the price elasticity of domestic supply to be 0.50 and theprice elasticity of domestic demand to be -0.25 in the current market equilibrium. Country C imposes an import duty of $150 per metric ton that caused the world price to fall by 10%. Summarise and analyse the quantity of steel produced, consumed and imported in Country C. Analyse and discuss the welfare gain from trade in Country C. Show your answers of the steel market with a proper diagram.The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 88 180180 500500 155155 210210 77 200200 460460 180180 180180 66 250250 410410 200200 160160 55 280280 360360 220220 140140 44 320320 320320 240240 125125 33 350350 280280 260260 115115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? price, Cameroon: $ quantity demanded, Cameroon: lb price, Nigeria: $ quantity demanded, Nigeria: lbCENGAGE MINDTAP www "240 4 m/static/nb/ui/evo/index.html?deploymentid=5981412282275864594790208&elSBN=9780357133576&snapshotid=3793204&id-1983... ☆ PRICE (Dollars per used textbook) E 200 Homework (Ch 07) The following graph plots a supply curve (orange line) for a group of recent graduates looking to sell used art history textbooks. Each seller has only a single used textbook available for sale. Think of each rectangular area beneath the supply curve as the "cost," or minimum price that each seller is willing to accept. Assume that anyone who has a cost that equals the market price is willing to sell their used textbook. 160 120 40 с 0 0 Brian ☐ Crystal 0 1 0 FR Edison 26 Hilary 5 zm 2 3 4 QUANTITY (Used textbooks) T 0 6 Kevin G Search or type URL D 0 6 5 Bb | 9CX Maria YY tv Nall TH g& 77 LU A $8 00 A ? + O * ( KK amaja music 9 |Gi|9.| GilG M O Q Searc
- 01. Which of the following is/are true about the supply and demand relationships represented? a) Supply and demand in Figure A "do make a market". b) Supply and demand in Figure A "do not make a market" c) Supply and demand in Figure B "do not make a market". d) Supply and demand in both Figure A and B "do not make a market". e) Supply and demand in both Figure A and B "do make a market".Carefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. A new discovery in computer manufacturing has made computer production cheaper. Also, the popularity and usefulness of computers continues to grow. Impact on demand: _________________ Impact on supply: _________________ Impact on price: __________________ Impact on quantity: ________________ USE THE OPTIONS BELOW TO FILL IN THE BLANK SPACES: Excess demand Change in price is uncertain Change in quantity is uncertain Increase equilibrium Increase towards equilibrium Decrease equilibrium quantity Decrease equilibrium price No impact Shift outwards/to right Increase equilibrium quantity Shift inwards/to left Decrease towards equilibrium Excess SupplyCarefully explain what is happening in the following markets. Indicate the impact if any on demand, supply, price and quantity. A new discovery in computer manufacturing has made computer production cheaper. Also, the popularity and usefulness of computers continues to grow. Impact on demand: _________________ Impact in supply: _________________ Impact in price: __________________ Impact in quantity: ________________ USE THE OPTIONS BELOW TO FILL IN THE BLANK SPACES: Excess demand Change in price is uncertain Change in quantity is uncertain Increase equilibrium Increase towards equilibrium Decrease equilibrium quantity Decrease equilibrium price No impact Shift outwards/to right Increase equilibrium quantity Shift inwards/to left Decrease towards equilibrium Excess Supply 2. Carefully explain what is happening in the following market indicate the impact if any on demand, supply, price, and quantity. In the new academic year the university mandates that all new students must…