It's urgent please. Can anyone give the appropriate answer? This will carry 6 marks. Please help me.
1. (a) What is Supply law? Write down the factors that shift the supply curve.
(b) What are the factors that determine elasticity of any good?
(c) Suppose that the market demand for oranges is given by Q = 1000 – 250P and the market supply of oranges is given by Q = 150P, where P is the price of oranges and Q is the number of oranges.
i) What are the equilibrium price and quantity for oranges? Illustrate your answer graphically.
(ii) What will happen to equilibrium price and quantity of oranges if the price of income of our consumer increases?
(iii) What will happen to equilibrium price and quantity of oranges if seeds of oranges become very expensive?
Homework Answers
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It's urgent please. Can anyone give the appropriate answer? This will carry 6 marks. Please help me.
1) Suppose that the demand curve for oranges is given by the equation 0200P+ 1000 with...
1) Suppose that the demand curve for oranges is given by the equation 0200P+ 1000 with quantity (Q) measured in oranges per day and price (P) given in dollars per orange. The supply curve is given by 0 300P Suppose that a $1.00 per unit sales tax is placed on oranges. What are the equations for the new supply and demand curves? What is the new equilibrium price and quantity of oranges? What do buyers pay per unit? What do...
This is all i was given for the problem. Can anyone help me? Homework Questions: Problem...
This is all i was given for the problem. Can anyone help me?
Homework Questions: Problem #1: Elasticity. Demand and Sunnly and Modeling Competitive Markets (0 points) One of the more useful applications of an elasticity is the ability to determine supply and dema ply and demand curves using the elasticity and one other point along the demand or supply curve, usually the equilibrium point. This property of elasticities makes them very useful in constructing economic models, because we usually...
assuming harmburger has a negative income elasticity rs/jrbab/Downl... 1 of 2 E V Draw Erase 1....
assuming harmburger has a negative income elasticity
rs/jrbab/Downl... 1 of 2 E V Draw Erase 1. Elasticity (A) Assume hamburger has a negative income elasticity. Given this assumption, if income falls, what do you expect to happen to the price of hamburger and the quantity of hamburger sold? Why? Explain in words and graphically. (B) If the price elasticity of demand for gasoline is 0.3 and the current price is $3.20 per gallon, what rise in the price of gasoline...
please help me to answer these questions Explain what the non-price determinants of demand and supply...
please help me to answer these questions
Explain what the non-price determinants of demand and supply are and then discuss in detail the critical role that price plays in ensuring that markets reach equilibrium. What economic terms are equal at equilibrium and what would happen to price and quantity of oranges if a severe frost damages a large portion of the Florida crop? Search entries or author Unread 77 77 Subscribe
Help, Please with 2 questions, and please can u explain the answer. 1. Use the model...
Help, Please with 2 questions, and please can u explain the
answer.
1. Use the model of supply and demand to explain why the prices of
vegetables after a hurricane increase more than the prices of
candies. Support your answer with a graph.
2. Analyze the effects of a taxation in this market
a) Find the values of price and quantity that guarantee a market
equilibrium (Q*,P*)
b) If the government imposes a $1 tax per unit sold, What...
anyone know how to answer this please with working on paper step by step please thansk Question 6 The inverse suppl...
anyone know how to answer this please with working on paper step by
step please thansk
Question 6 The inverse supply and demand equations for a particular good are given by: P=109 +56 -%0y p 338- In equilibrium, it is know that quantity demanded matches the quantity supplied, and likewise for price. Using this information, find the equilibrium price and quantity a) The government is considering raising revenue by imposing a per-unit tax of £18 on each unit sold which...
Please answer G and H fully! Both graphically and explain in words! 1) Imagine that you work for a firm that sells good...
Please answer G and H fully! Both graphically and explain in
words!
1) Imagine that you work for a firm that sells good x in a perfectly competitively market You know that you are one of 100 firms in this market and that they all have the same short run individual supply function q 2 P-0.5 P1 +0.5 K You also know that there is only one type of consumer, that there are 100,000 of them in the market, and...
What will be the long-run price in this market? Question 2: Assume the current price of...
What will be the long-run price in this market? Question 2: Assume the current price of corn chips is S2 per packet. The demand elasticity is 1 (ignoring the negative sign) and current consumption (i.e. quantity demanded) is 40 million packets per week. Suppose that the manufacturer raises the price of corn chips to $4 per packet. a) Derive the demand equation. b) What will happen to weekly consumption as price increases to $4? c) Suppose the supply equation is...
Questions 2-4 examine the market for Zeds. The demand for Zeds is given by Q- 12,500-500P...
Questions 2-4 examine the market for Zeds. The demand for Zeds is given by Q- 12,500-500P and the supply by Q 2500+250P. 2) Find the equilibrium price and quantity in this market. 3) Suppose that a S1.20 per unit excise tax is placed on the Zed producers. What is the new equilibrium price and quantity? b. a. What do buyers pay per unit? What is the total consumer expenditure? What do sellers get per unit? What is the total seller...
In 2011, the demand for rice in India was given by Qd = 100-2p. Here Qe...
In 2011, the demand for rice in India was given by Qd = 100-2p. Here Qe is the quantity demanded in kilograms and PR is the price of rice in rupees. Agriculture in India relies heavily on the monsoon rains. 2011 saw a plentiful monsoon and the supply of rice was given by Q. = 10+ PR (1) What was the equilibrium price of rice in India in 2011? How much rice was sold in the market? Draw a properly...
1) Suppose that the demand curve for oranges is given by the equation 0200P+ 1000 with quantity (Q) measured in oranges per day and price (P) given in dollars per orange. The supply curve is given by 0 300P Suppose that a $1.00 per unit sales tax is placed on oranges. What are the equations for the new supply and demand curves? What is the new equilibrium price and quantity of oranges? What do buyers pay per unit? What do...
This is all i was given for the problem. Can anyone help me?
Homework Questions: Problem #1: Elasticity. Demand and Sunnly and Modeling Competitive Markets (0 points) One of the more useful applications of an elasticity is the ability to determine supply and dema ply and demand curves using the elasticity and one other point along the demand or supply curve, usually the equilibrium point. This property of elasticities makes them very useful in constructing economic models, because we usually...
assuming harmburger has a negative income elasticity
rs/jrbab/Downl... 1 of 2 E V Draw Erase 1. Elasticity (A) Assume hamburger has a negative income elasticity. Given this assumption, if income falls, what do you expect to happen to the price of hamburger and the quantity of hamburger sold? Why? Explain in words and graphically. (B) If the price elasticity of demand for gasoline is 0.3 and the current price is $3.20 per gallon, what rise in the price of gasoline...
please help me to answer these questions
Explain what the non-price determinants of demand and supply are and then discuss in detail the critical role that price plays in ensuring that markets reach equilibrium. What economic terms are equal at equilibrium and what would happen to price and quantity of oranges if a severe frost damages a large portion of the Florida crop? Search entries or author Unread 77 77 Subscribe
Help, Please with 2 questions, and please can u explain the
answer.
1. Use the model of supply and demand to explain why the prices of
vegetables after a hurricane increase more than the prices of
candies. Support your answer with a graph.
2. Analyze the effects of a taxation in this market
a) Find the values of price and quantity that guarantee a market
equilibrium (Q*,P*)
b) If the government imposes a $1 tax per unit sold, What...
anyone know how to answer this please with working on paper step by
step please thansk
Question 6 The inverse supply and demand equations for a particular good are given by: P=109 +56 -%0y p 338- In equilibrium, it is know that quantity demanded matches the quantity supplied, and likewise for price. Using this information, find the equilibrium price and quantity a) The government is considering raising revenue by imposing a per-unit tax of £18 on each unit sold which...
Please answer G and H fully! Both graphically and explain in
words!
1) Imagine that you work for a firm that sells good x in a perfectly competitively market You know that you are one of 100 firms in this market and that they all have the same short run individual supply function q 2 P-0.5 P1 +0.5 K You also know that there is only one type of consumer, that there are 100,000 of them in the market, and...
What will be the long-run price in this market? Question 2: Assume the current price of corn chips is S2 per packet. The demand elasticity is 1 (ignoring the negative sign) and current consumption (i.e. quantity demanded) is 40 million packets per week. Suppose that the manufacturer raises the price of corn chips to $4 per packet. a) Derive the demand equation. b) What will happen to weekly consumption as price increases to $4? c) Suppose the supply equation is...
Questions 2-4 examine the market for Zeds. The demand for Zeds is given by Q- 12,500-500P and the supply by Q 2500+250P. 2) Find the equilibrium price and quantity in this market. 3) Suppose that a S1.20 per unit excise tax is placed on the Zed producers. What is the new equilibrium price and quantity? b. a. What do buyers pay per unit? What is the total consumer expenditure? What do sellers get per unit? What is the total seller...
In 2011, the demand for rice in India was given by Qd = 100-2p. Here Qe is the quantity demanded in kilograms and PR is the price of rice in rupees. Agriculture in India relies heavily on the monsoon rains. 2011 saw a plentiful monsoon and the supply of rice was given by Q. = 10+ PR (1) What was the equilibrium price of rice in India in 2011? How much rice was sold in the market? Draw a properly...
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