Homework Answers
Answer: Option c. There is a potato shortage. The price must increase by $40 / ton to reach equilibrium.
Explanation: When the price is the potato is $70 / ton, the quantity Demanded is 200 million tons. At the price level $70 / ton the quantity supplied is 125 million tons. Therefore, there is a shortage of 75 million tons. When demand of a product is greater than the supply of that product price started to increase. Thus price of potato will increase until it reaches the equilibrium point , i.e where the demand of potatoes is equal to the supply of potatoes. Here, the equilibrium occurs when the quantity supplied and quantity demanded is equal to 160 million tons. To reach that equilibrium quantity the price of the potato should be increased by $40 / ton. The equilibrium occurs at a point where the price of potato is equal to $110 / ton and quantity is equal to 160million ton.
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Robert is tasked with analyzing the market supply and demand for potatoes. Right now, he plotted...
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CİSES 1. Consider the following supply and demand schedule for steel: 20 40 60 80 100 120 140 160 180 Qp (million tons) 200 180 160 140 120 100 80 60 40 20 60 100 140 180 220 260 300 340 Price per ton (S) Qs (million tons) Pollution from steel production is estimated to create an external cost of S60 per ton. Show the external cost, market equilibrium, and social optimum in a graph. What kinds of policies might...
Graphs NOT required! The demand and supply curves for potato chips are: Price Quantity demanded (cents...
Graphs NOT required! The demand and supply curves for potato chips are: Price Quantity demanded (cents per (millions of bags per bag) week) 180 30 160 140 120 100 20 40 Quantity supplied (millions of bags per week) 160 180 200 220 240 260 280 80 60 a What are the equilibrium price and quantity of chips? (2) b. Calculate the price elasticity of demand from 40 to 80 cents per bag (Show your work). Is demand elastic or inelastic...
please help 2. Problem solving (4 questions, 5 point each) 1. The demand and supply schedules...
please help
2. Problem solving (4 questions, 5 point each) 1. The demand and supply schedules for potato chips are in the table. Price (cents per bag) 50 60 70 Quantity Quantity demanded supplied (millions of bags a week) 160 130 150 140 140 130 160 120 110 180 150 80 90 170 100 a. draw a graph of the potato chip market and mark in the equilibrium price and quantity b. If the price is 60€ a bag, is...
Consider the Colombian market for soybeans. The following graph shows the domestic demand and domestic supply...
Consider the Colombian market for soybeans. The following graph shows the domestic demand and domestic supply curves for soybeans in Colombia. Suppose Colombia's government currently does not allow international trade in soybeans. Use the black point (plus symbol) to indicate the equilibrium price of a ton of soybeans and the equilibrium quantity of soybeans in Colombia in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
please answer the question c-f Q2 The demand and supply schedules for potato chips are in...
please answer the question c-f
Q2 The demand and supply schedules for potato chips are in the table. 50 70 80 a) Draw a graph of the potato chip market and mark in the equilibrium price and quantity. Quantity Quantity Price demanded supplied b) If the price is 60¢ a bag, is there a shortage or a (cents per bag) (millions of bags a week) surplus, and how does the price adjust? 160 130 c) A new dip increases the...
57. The following figure shows the market supply and demand of a good whose production entails...
57. The following figure shows the market supply and demand of a good whose production entails a $2 negative externality per unit. Refer to the figure above. A total of ________ units of this good will be traded in this market, at the price of ________. a. 20; $2 b. 60; $8 c. 40; $4 d. 80; $6 58. The following figure shows the market supply and demand of a good whose production entails a $2 negative externality per unit....
consider the following supply and demand schedules for steel Price ($/ton) Quantity demanded Quantity supplied Quantity...
consider the following supply and demand schedules for steel Price ($/ton) Quantity demanded Quantity supplied Quantity supplied (accounting for Social Cost) 0 160 0 ? 20 140 20 ? 40 120 40 ? 60 100 60 ? 80 80 80 ? 100 60 100 ? 120 40 120 ? 140 20 140 ? 160 0 160 ? 180 0 180 ? Pollution from steel production is estimated to create an external cost of $40 per ton. Based on this information...
Total economic surplus. The following diagram shows supply and demand in the market for smart phones....
Total economic surplus.
The following diagram shows supply and demand in the market for
smart phones.
Use the black point (plus symbol) to indicate the equilibrium
price and quantity of smart phones. Then use the green point
(triangle symbol) to fill the area representing consumer surplus,
and use the purple point (diamond symbol) to fill the area
representing producer surplus.
Total surplus in this market is ($
)million.
150 135 Demand Equilibrium 120 105 5 90 2 75 Consumer Surplus...
Consider the Sudanese market for tangerines The following graph shows the domestic demand and domestic supply...
Consider the Sudanese market for tangerines The following graph shows the domestic demand and domestic supply curves for tangerines in Sudan. Suppose Sudan's government currently does not allow international trade in tangerines Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Sudan in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
Consider the Guatemalan market for tangerines. The following graph shows the domestic demand and domestic supply...
Consider the Guatemalan market for tangerines. The following graph shows the domestic demand and domestic supply curves for tangerines in Guatemala. Suppose Guatemala's government currently does not allow international trade in tangerines Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Guatemala in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
CİSES 1. Consider the following supply and demand schedule for steel: 20 40 60 80 100 120 140 160 180 Qp (million tons) 200 180 160 140 120 100 80 60 40 20 60 100 140 180 220 260 300 340 Price per ton (S) Qs (million tons) Pollution from steel production is estimated to create an external cost of S60 per ton. Show the external cost, market equilibrium, and social optimum in a graph. What kinds of policies might...
Graphs NOT required! The demand and supply curves for potato chips are: Price Quantity demanded (cents per (millions of bags per bag) week) 180 30 160 140 120 100 20 40 Quantity supplied (millions of bags per week) 160 180 200 220 240 260 280 80 60 a What are the equilibrium price and quantity of chips? (2) b. Calculate the price elasticity of demand from 40 to 80 cents per bag (Show your work). Is demand elastic or inelastic...
please help
2. Problem solving (4 questions, 5 point each) 1. The demand and supply schedules for potato chips are in the table. Price (cents per bag) 50 60 70 Quantity Quantity demanded supplied (millions of bags a week) 160 130 150 140 140 130 160 120 110 180 150 80 90 170 100 a. draw a graph of the potato chip market and mark in the equilibrium price and quantity b. If the price is 60€ a bag, is...
Consider the Colombian market for soybeans. The following graph shows the domestic demand and domestic supply curves for soybeans in Colombia. Suppose Colombia's government currently does not allow international trade in soybeans. Use the black point (plus symbol) to indicate the equilibrium price of a ton of soybeans and the equilibrium quantity of soybeans in Colombia in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
please answer the question c-f
Q2 The demand and supply schedules for potato chips are in the table. 50 70 80 a) Draw a graph of the potato chip market and mark in the equilibrium price and quantity. Quantity Quantity Price demanded supplied b) If the price is 60¢ a bag, is there a shortage or a (cents per bag) (millions of bags a week) surplus, and how does the price adjust? 160 130 c) A new dip increases the...
Total economic surplus.
The following diagram shows supply and demand in the market for
smart phones.
Use the black point (plus symbol) to indicate the equilibrium
price and quantity of smart phones. Then use the green point
(triangle symbol) to fill the area representing consumer surplus,
and use the purple point (diamond symbol) to fill the area
representing producer surplus.
Total surplus in this market is ($
)million.
150 135 Demand Equilibrium 120 105 5 90 2 75 Consumer Surplus...
Consider the Sudanese market for tangerines The following graph shows the domestic demand and domestic supply curves for tangerines in Sudan. Suppose Sudan's government currently does not allow international trade in tangerines Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Sudan in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
Consider the Guatemalan market for tangerines. The following graph shows the domestic demand and domestic supply curves for tangerines in Guatemala. Suppose Guatemala's government currently does not allow international trade in tangerines Use the black point (plus symbol) to indicate the equilibrium price of a ton of tangerines and the equilibrium quantity of tangerines in Guatemala in the absence of international trade. Then, use the green triangle (triangle symbol) to shade the area representing consumer surplus in equilibrium. Finally, use...
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