help me with this economic problem
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help me with this economic problem
Problem 6. Suppose in some country, the market of cheese...
help me with this economic problem Problem 6. Suppose in some country, the market of cheese is characterized by the foll...
help me with this economic problem
Problem 6. Suppose in some country, the market of cheese is characterized by the following relations: Qd = 150-10P and Qs = 30 + 2P a) Which one is the demand (supply)? Justify your answer. b) Calculate the equilibrium c) We know that for each cheese 10 liters of milk is needed. Suppose in that country milk is only used for producing cheese. Calculate the cross elasticity price of the demand of milk with...
7. Consider the market for cheese curds in the fictional town of Willows, WI. Suppose the...
7. Consider the market for cheese curds in the fictional town of Willows, WI. Suppose the demand for cheese curds is represented by Qd = 30−4P and the supply of cheese curds is represented by Qs = 2P (a) What are the equilibrium price and quantity in this market? (b) Now suppose the residents of Willows become concerned about a rare, cheese-induced disease, and demand for cheese curds is half of what it was before. (In other words, at any...
PROBLEM #7 Suppose that the price of cheese falls by 30%, leading to an increase in...
PROBLEM #7 Suppose that the price of cheese falls by 30%, leading to an increase in quantity demanded of 50%. (Assume that the demand curve is linear.) a. Calculate the price elasticity of demand for cheese and indicate whether it is elastic, inelastic, or unit elastic. b. Based on your finding in part a, would total revenue for cheese increase, decrease, or stay the same following another price reduction in cheese?
A market for baby bottles has the following supply and demand functions qS = −6 +...
A market for baby bottles has the following supply and demand functions qS = −6 + 3p qD = 14 − 2p a. Now, suppose a per unit tax of 5 were charged to the buyer. What are the equilibrium quantity, price paid by the buyer, and price received by the seller? b. How much tax revenue is raised? How much of that tax burden is borne by the buyer? c. Calculate the Consumer Surplus, Producer Surplus, Total Welfare Level,...
1. Suppose den and for one pound of pork is given by QD = 12 -...
1. Suppose den and for one pound of pork is given by QD = 12 - 2P and supply of one pound of pork is given by QS = -6 + 3P. (a) Solve for the equilibrium price (P) and equilibrium quantity (Q.). (b) Calculate the price elasticity of supply and demand at the equilibrium point. Which is more elastic, demand or supply? (c) The production of pork can pose significant negative effects on the environment and human health. Suppose...
PROBLEM I. Suppose that there are 9 price-taker milk farms in a town. They produce milk...
PROBLEM I. Suppose that there are 9 price-taker milk farms in a town. They produce milk of the same quality, and each has a cost function C(g)- 0.03q2. The market demand function for milk in this town is given by Qd(p) 1,500 -450p Q1. The market supply function for milk in this town is (a) Qs(p)= 175p (b) Qs(p)= 1500-450p (c) Qs(p) = 150p (d) Q"(p)= 1200-4001) (e) Q"(p)= 200p Q2. What is the competitive equilibrium price of milk in...
The market for USB flash drives in Country C is perfectly competitive and is in equilibrium....
The market for USB flash drives in Country C is perfectly competitive and is in equilibrium. Domestic demand is given by Qd = 300 – 4P and domestic supply is given by Qs = 2P. The world price for flash drives is $20. The government of country C imposes a tariff of $20 on all imported flash drives. Before the tariff was imposed, country C imported MFree flash drives. After the tariff is imposed, country C now imports MTrf flash...
1. Suppose in the country of Weedland, the market demand for grams of marijuana is given...
1. Suppose in the country of Weedland, the market demand for grams of marijuana is given by Qd = 100 - 3P, and the market supply for marijuana is given by Qs = -50 + 2P, where P is the price of a gram of marijuana. a. What is this legal marijuana market worth to consumers? Why?! b. What is this legal marijuana market worth producers? Why? c. What is this legal marijuana market worth to society? Why? increased, and...
A market for baby bottles has the following supply and demand functions qS = −6 +...
A market for baby bottles has the following supply and demand functions qS = −6 + 3p qD = 14 − 2p a) Calculate the Consumer Surplus, Producer Surplus, and Total Welfare levels. b) Now, suppose a per unit tax of 5 were charged to the buyer. What are the equilibrium quantity, price paid by the buyer, and price received by the seller? c) Mathematically, does it make a difference if the tax is applied to the buyer or the...
1. Suppose market demand for oranges is given by QD = 500 - 10P where Qp...
1. Suppose market demand for oranges is given by QD = 500 - 10P where Qp is quantity demanded and P is the market price. Market supply is given by Qs = -100 + 10P where Qs is quantity supplied and P is the market price. (a) Find the equilibrium price and quantity in this market. (b) What is the consumer surplus and producer surplus? (C) Suppose that the government imposes a $10 tax on the good, to be included...
help me with this economic problem
Problem 6. Suppose in some country, the market of cheese is characterized by the following relations: Qd = 150-10P and Qs = 30 + 2P a) Which one is the demand (supply)? Justify your answer. b) Calculate the equilibrium c) We know that for each cheese 10 liters of milk is needed. Suppose in that country milk is only used for producing cheese. Calculate the cross elasticity price of the demand of milk with...
PROBLEM #7 Suppose that the price of cheese falls by 30%, leading to an increase in quantity demanded of 50%. (Assume that the demand curve is linear.) a. Calculate the price elasticity of demand for cheese and indicate whether it is elastic, inelastic, or unit elastic. b. Based on your finding in part a, would total revenue for cheese increase, decrease, or stay the same following another price reduction in cheese?
1. Suppose den and for one pound of pork is given by QD = 12 - 2P and supply of one pound of pork is given by QS = -6 + 3P. (a) Solve for the equilibrium price (P) and equilibrium quantity (Q.). (b) Calculate the price elasticity of supply and demand at the equilibrium point. Which is more elastic, demand or supply? (c) The production of pork can pose significant negative effects on the environment and human health. Suppose...
PROBLEM I. Suppose that there are 9 price-taker milk farms in a town. They produce milk of the same quality, and each has a cost function C(g)- 0.03q2. The market demand function for milk in this town is given by Qd(p) 1,500 -450p Q1. The market supply function for milk in this town is (a) Qs(p)= 175p (b) Qs(p)= 1500-450p (c) Qs(p) = 150p (d) Q"(p)= 1200-4001) (e) Q"(p)= 200p Q2. What is the competitive equilibrium price of milk in...
1. Suppose in the country of Weedland, the market demand for grams of marijuana is given by Qd = 100 - 3P, and the market supply for marijuana is given by Qs = -50 + 2P, where P is the price of a gram of marijuana. a. What is this legal marijuana market worth to consumers? Why?! b. What is this legal marijuana market worth producers? Why? c. What is this legal marijuana market worth to society? Why? increased, and...
1. Suppose market demand for oranges is given by QD = 500 - 10P where Qp is quantity demanded and P is the market price. Market supply is given by Qs = -100 + 10P where Qs is quantity supplied and P is the market price. (a) Find the equilibrium price and quantity in this market. (b) What is the consumer surplus and producer surplus? (C) Suppose that the government imposes a $10 tax on the good, to be included...
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