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Use the table below to answer problems 14 and 15 Price Demand Supply 2 5 8 11 14 18 14 9 5 3 0 5 9 14 18 14. Explain how the
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Answer #1

Q-14 :: ANSWER ::

In The Firm When They Determine The Market Equilibrium Price They Consider The Both Demand and supply. In The Graph Of demand and Supply At Which Price WhenDemand Is Equal to Market Supply So This The The equilibrium Point For Firm In short When Firms Demand curve Intersect With. the Firms Supply Curve So at That Price Is equilibrium Price Where No Profit No Loss for Company

Q-15 :: ANSWER ::

Equilibrium Market Price = $8

Equilibrium Market Demand = 9 Unit

Equilibrium market Supply = 9 Unit

=> Equilibrium Market Price Decide At When Firms Demand and Supply Both are Equal So In That Case Demand And Supply Both are 9 Unit So Price For 9 Unit Is $8 So It is Equlibrium Price For Market

Q-16 :: ANSWER ::

=> Determinants Of Demand ::

(1) Price Of Related Goods

(2) Future expectation about Price

(3) Income Of Buyer

(4) Taste And Preference Of Consumer

(5) The Price Of Goods And Services

Q-17 :: ANSWER ::

=> Determinants Of supply ::

(1) The Number Of Seller In The Market

(2)Input Price In Production

(3) Technology Used In Production

(4)Government Regulatios

(5) Future Expectation

Q-18 :: ANSWER :: 2

=> Explanation

PED = ΔQ/ΔP * P/Q

= (180 - 100 ) / (10 - 6) * 10 / 100

= 80/4 * 0.1

= 20 * 0.1

= 2

Q-19 :: ANSWER :: No

=> Explanation

As We show That Price Elasticity of Demand Is 2 so It Is Greater than 1 so We Assum That Demans Is Elastic For Firm.

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