The data given below represent the demand schedule and the supply schedule of a certain commodity....
Microeconomics 2302 Name: Date: Combining Supply and Demand The following shows a demand and supply schedule listing Cos demanded and supplied t week at each price. o per Graph apneath the following demand/supply schedules on one demand graph and then answer the questions below: $6.00 Price Per Quantity Quantity Compact Demanded Supplied Disc $6 Shortage/ Surplus (QS - QD) 9 6 1 2 3 4 5 6 7 8 9 10 11 12 13 a. What is the equilibrium price?...
he demand and supply for a particular commodity are given by the following two equations: Demand: P = 10 – 0.2Qd and Supply: P = 2 + 0.2Qs Where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price. Using the equilibrium condition Qs = Qd, determine equilibrium price and equilibrium quantity. Equilibrium price = $ Equilibrium quantity = units Graph the two equations to substantiate your answer. Instructions: 1. Use the line tools Qd and Qs...
4. The market demand for a given commodity is denoted by QD = 1,000 - 10P. The market supply is captured by QS = 40P - 80 when P ≥ 2 and QS = 0 when P < 2. Answer the following questions. a) Determine the equilibrium in this market and represent it on a properly labeled graph. b) Represent on a graph the total surplus observed in this market and determine its dollar value. Is the resource allocation efficient...
5. The generalized demand and supply functions for a commodity are QD-400-25 P + 0.4 M + 24 PR Qs 48 +12 P-20 P+20 F Qp quantity demanded: P price of the commodity: M- average household income: PR = Price of related goods in consumption (complements or substitutes); Qs quantity supplied; Pi Factor or input prices: F Number of suppliers a. Initially, M-S61,140 and PR- S6. Find the "reduced" demand equation. b. Find the inverse demand function (in which P...
The demand and supply functions for a certain commodity are as follows: Demand: p=f(q)-156-0.8q: Supply: puga)=40+5q, where p is the price per unit of the commodity in dollars, 9 is the quantity in units. Then the equilibrium price is ♡ ♡ ♡ Select one: O a. qs = 350p - 5075; qd = -1000p + 1000; O b.qs = 1000p - 1000; qd = –350p + 5075; o c.qs = –350p + 5075: qd = 1000p - 1000; O d....
Please answer question 4 to question 7. DEMAND/SUPPLY SCHEDULE 1 DEMAND/SUPPLY SCHEDULE 2 Price Qd Qs Qd + 200 (at each price) Qs + 200 (at each price) $50 200 800 400 1000 $45 300 700 500 900 $40 400 600 600 800 $35 500 500 700 700 $30 600 400 800 600 $25 700 300 900 500 $20 800 200 1000 400 Assume a price floor of $45 in Schedule 1; what is the result? Assume a price ceiling...
Demand, Supply and Equilibrium: Given the following equations representing the behavior of producers and consumers: Price Quantity Demanded Qd Quantity Supplied Qs 52 48 44 40 35 32 29 26 24 Consumers: Qd = 3,380 - 35P, Producers: Qs =95P, (P: Price) (Qd: quantity demanded, Qs: Quantity supplied ) What price corresponds to the equilibrium price for this market? (1%) What is the equilibrium quantity? Over what range of prices does a Surplus result? Over what range of...
1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes is given by: QS= 9P -120. Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium. 2 Suppose the demand for jackets was given by: QD= 140 -0.4P. The supply of jackets is given by: QS= 4P -80. Suppose the price was $49 per jacket. Calculate whether there is a surplus or shortage of...
The demand and supply schedules for a certain good are like follows: Demand Schedule Supply Schedule Price $ Quantity Price $ Quantity 24 150 24 50 26 140 26 60 28 120 28 70 30 110 30 80 32 90 32 90 34 80 34 110 36 70 36 120 38 60 38 140 40 50 40 150 Graph and label Demand and Supply. Find the equilibrium price and quantity from the graph. What will happen if the price is...
Question 11 1 pts The conditions of demand and supply are given in the table below. What is the equilibrium quantity? Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8.000 6,400 $2.80 7.500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 o 7.000 6,400 7.500 A government decides to set a price ceiling on bread so that bread is affordable to the poor. The conditions of demand and supply are given in the table below. What...