Price A B Supply E Demand Quantity 0 Q QE QB 3. If no government intervention takes place in the market for the good depicted in the units will be produced, and the market price will be figure above, A) QA P1 B) QB P1 C) QA P2 D) QE PE
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- Remaining Time: S Suppose the demand for Apples is given by QA = 240 - 8 PA and the current market price is 25. %3D Calculate consumer surplus. 100 Correct response: 100 If the market price increases to 29 calculate consumer surplus. 4 Correct response: 4 What is the compensating variation assocated with a loss of access to the apple market at the initial price of 25? Assume demand remains constam What is the compensating variation associated with the increase in price from 25 to 29? Assume demand remains constant. Section Attempt 1 of 1 VerityPROBLEMConsider the following: If the price per unit of good A is P175 quantity purchased is valued at5,250 units and quantity supplied equals 2,500 units. If price changes by P1, quantitydemanded changes by 4 units for consumer demand and quantity supplied changes by 2units.Required (Show supporting calculations.):1. Determine the demand and supply functions.2. Determine the price and quantity at equilibrium, using algebraic solution.3. Graph demand and supply curves on one set of axes and highlight the following: priceintercepts of demand and supply curves, quantity-intercepts of demand and supplycurves, and the equilibrium point. (Make sure to LABEL your graph accordingly.)Equilibrium price = 54.48 dollarsEquilibrium quantity = 2.89find answer of 2nd box and 3rd
- Consumers' Surplus It is known that the quantity demanded of a certain make of portable hair dryer is x hundred units/week and the corresponding wholesale unit price is p = V361 - 7x dollars. Determine the consumers' surplus if the market price is set at $9/unit. (Round your answer to two decimal places.) %24 Need Help? Watch It Read Its1 A D1 15 30 Quantity 45 60 The current condition of the market of milk is shown in the figure above, if farmers are to enjoy a lower feed price, and as a result, 9 units of additional milk are available for sale regardless of the price level. By how much will equilibrium price change as a result? Price 15 45 09Quiz: Demand i 5 2 Question 18- Module 3 Quiz: Demand - Connect W An increase in the demand for music downloads indicates that more music downloads are Multiple Choice #3 demanded because music download prices have decreased. demanded because sellers are putting music downloads on sale. demanded because sellers are selling more music downloads. demanded even if prices of music downloads stay the same. Q E $ 4 R % 5 T Saved U * 8 + ( ( 9 0 0
- The following questions pertain to analysis of the supply and demand scenario derived from the schedules below: Candy Canes QD QS 20 2. 14 14 21 4 28 Create a graph of the supply and curves from this chart for use in your analysis. 19. What would be the result of a government-imposed price celling orn candy canes set at the price of 1 dollar? O a A surplus of candy canes would occur, and this is evident because of the quantity of candy canes supplied at the price of 1 dollar is much greater than the quantity of candy canes demanded. A shortage of candy canes would occur, and this is evident because the quantity of candy canes d is much greater than the quantity of candy canes supplied. There would be no result. The price ceiling is set above equilibrlum and is therefore not binding. O b ...BN7.3 (c) (d) Survivor 1 & Survivor 2 are lost in the Woods. The Quantities of Good A & Good B are in Fixed Supply. The Edgeworth Box below shows all the possible allocations of these 2 Goods & can be used to answer the following Questions: For each statement below, note whether the Statement is True or False & Why? Good B Survivor 2 B A Good A c) Point A is less efficient than Point B. True or False? Survivor 1 d) If Survivor 2 has more of Good A than Survivor 1, then Survivor 1 prefers Point A to Point B. True or False?(c) The demand for watches is given by p = 7000 -2q dollars, and the supply of watches is given by p where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches. 0.01q? + 2q + 1000 dollars,
- Suppose the market demand and supply curves are as given below. In each case, quantity refers to milions of litres of gasoline per month; price is the price per litre (in cents). Pa400 - 240 Supply: P= 160 + 80 Given these demand and supply equations, the equilbrkum price is 220 cents and the equilibrium quantity is 7.5 milion litres. Suppose the government imposes a tax per itre, and as a result the quantity sold is 5.8 million litres. What is the new "consumer price" and what is the new "producer price"? The new price consumers pay is 260.8 cents. (Enter your response rounded to the nearest cent.) The new price producers receive is cents. (Enter your response rounded to the nearest cent.)(J) please answer asap.... For what products is the Law of Demand true? a. for luxuries but not for necessities b. for all products as long as everything else remains constant c. for products with elastic demand but not for products with inelastic demand d. for products in a market economic system but not for products in a command economic system(a) The demand for petroleum is given by QD=85 − 0.4? where Q Dis the quantity demanded in thousands of barrels per day and P is the price per barrel in dollars. The supply of petroleum is given by QS=55+0.6?. Calculate the equilibrium price and quantity in this market. (b) In the context of the problem in part (a), calculate the demand and supply for petroleum if the market price is $15 per barrel. What problem exists in the economy.