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Question 4 (15 marks) ALL CALCULATIONS MUST BE SHOWN The monthly market demand for tutoring services...
Refer to the market for tutoring services shown below. a. Mark on the graph and calculate...
Refer to the market for tutoring services shown below.
a. Mark on the graph and calculate total consumer surplus in the
market, show work. b. Suppose the government imposes a $60 tax per
hour of tutoring income. How will this tax affect the market price
and quantity of hours sold? c. Mark and calculate the government
tax revenue from this $60 tax. Explain how much of this tax will be
paid by consumers and how much by producers. Mark the...
The market for rice in a country has the following demand and supply functions: Demand function: ...
The market for rice in a country has the following demand and supply functions: Demand function: P = 6 – 0.5QD Supply function: P = 2 + 0.5QS Where QD is the quantity demanded, QS is the quantity supplied and P is the unit price of rice. Determine the equilibrium price, quantity, consumer surplus and producer surplus in the rice market. Illustrate your answers with a suitable rice market diagram. (8 marks) To help the rice farmers, the government has...
Question 2. (10 points) Suppose the demand and supply curves for units of university credits are...
Question 2. (10 points) Suppose the demand and supply curves for units of university credits are given by the following equations: D = 5000 - P QS = 3P – 200 where QD is the quantity of credits demanded, Q is the quantity supplied, and P is the price charged for each unit in dollars. (a) (3 points) What is the free-market equilibrium Price and Quantity. (b) (3 points) Suppose that the government wants to make education more accessible and...
Question 2. (10 points) Suppose the demand and supply curves for units of university credits are...
Question 2. (10 points) Suppose the demand and supply curves for units of university credits are given by the following equations: Q D = 5000 − P Q S = 3P − 200 where QD is the quantity of credits demanded, QS is the quantity supplied, and P is the price charged for each unit in dollars. (a) (3 points) What is the free-market equilibrium Price and Quantity. 3 (b) (3 points) Suppose that the government wants to make education...
L . Question 2 (15 marks) The student union of University X usually allows members to...
L . Question 2 (15 marks) The student union of University X usually allows members to purchase tickets for its annual con- cert, but it is considering non-members to purchase tickets this year. The demand and supply + schedules are as follows: Quantity Demanded by Quantity Demanded by Price Quantity Supplied Members Non-members $100 600 350 650 $150 500 300 650 400 250 650 $200 $250 $300 300 200 650 2002 150 650 . a. If both members and non-members...
4. Should all protessors be paid the same? The following graphs show the supply of and demand for assistant professors in history (left) and in engineering (right) for a hypothetical university. Use...
4. Should all protessors be paid the same? The following graphs show the supply of and demand for assistant professors in history (left) and in engineering (right) for a hypothetical university. Use the graphs to help you answer the following questions Market for Assistant History Professors Market for Assistant Engineering Professors 7 a0 Demand 120 Demand 84 O 72 32 ー 36 16 Supply 24 Supply 0 7 14 21 28 35 42 49 56 63 0 12 16 20...
the following equations: h and the market Lung lespon 4 Suppose that the inverse demand and...
the following equations: h and the market Lung lespon 4 Suppose that the inverse demand and supply schedules for rental n apartments in the city of Auckland are as given by the following e Demand: P - 2700 -0.120 Supply: P - 300+ 0.120 a. What is the market equilibrium rental price per month and then equilibrium number of apartments demanded and supplied? b. If the local authority can enforce a rent-control law that sets the maximum monthly rent at...
Question 5 (15 marks) Market demand is given as QD = 120 - P. Market supply...
Question 5 (15 marks) Market demand is given as QD = 120 - P. Market supply is given as QS = 4P. Each identical firm has MC = 6Q and ATC = 3Q. Showing your calculations, answer the following questions: A) What quantity of output will a typical firm produce? (5 marks) B) What is a typical firm's average total cost? (5 marks) C) What is a a typical firm's profit? (5 marks)
For Questions 1-15, consider a competitive market for a good where the demand curve is determined...
For Questions 1-15, consider a competitive market for a good where the demand curve is determined by: the demand function: P = 5+-1*Qd and the supply curve is determined by the supply function: P = 0.5*Qs. Where P stands for Price, QD is quantity demanded and QS is quantity supplied. What is the quantity demanded of the good when the price level is P = $4? QUESTION 2 What is the quantity supplied of the good when the price level...
This Question: 4 pts 29 of 64 (11 complete The first table descres an economy's labor market in 2018 and the second...
This Question: 4 pts 29 of 64 (11 complete The first table descres an economy's labor market in 2018 and the second table describes its production function in 2018 What are the equilibrium real wage rate, the quantity of labor employed in 2018, labor productivity and potential GDP in 2018? per hour Labor hours supplied demanded The equilibrium real wage rate is an hour The quantity of labor employed is hours. Potential GOPIS Labor productivity is $ per hour of...
Refer to the market for tutoring services shown below.
a. Mark on the graph and calculate total consumer surplus in the
market, show work. b. Suppose the government imposes a $60 tax per
hour of tutoring income. How will this tax affect the market price
and quantity of hours sold? c. Mark and calculate the government
tax revenue from this $60 tax. Explain how much of this tax will be
paid by consumers and how much by producers. Mark the...
Question 2. (10 points) Suppose the demand and supply curves for units of university credits are given by the following equations: D = 5000 - P QS = 3P – 200 where QD is the quantity of credits demanded, Q is the quantity supplied, and P is the price charged for each unit in dollars. (a) (3 points) What is the free-market equilibrium Price and Quantity. (b) (3 points) Suppose that the government wants to make education more accessible and...
L . Question 2 (15 marks) The student union of University X usually allows members to purchase tickets for its annual con- cert, but it is considering non-members to purchase tickets this year. The demand and supply + schedules are as follows: Quantity Demanded by Quantity Demanded by Price Quantity Supplied Members Non-members $100 600 350 650 $150 500 300 650 400 250 650 $200 $250 $300 300 200 650 2002 150 650 . a. If both members and non-members...
4. Should all protessors be paid the same? The following graphs show the supply of and demand for assistant professors in history (left) and in engineering (right) for a hypothetical university. Use the graphs to help you answer the following questions Market for Assistant History Professors Market for Assistant Engineering Professors 7 a0 Demand 120 Demand 84 O 72 32 ー 36 16 Supply 24 Supply 0 7 14 21 28 35 42 49 56 63 0 12 16 20...
the following equations: h and the market Lung lespon 4 Suppose that the inverse demand and supply schedules for rental n apartments in the city of Auckland are as given by the following e Demand: P - 2700 -0.120 Supply: P - 300+ 0.120 a. What is the market equilibrium rental price per month and then equilibrium number of apartments demanded and supplied? b. If the local authority can enforce a rent-control law that sets the maximum monthly rent at...
Question 5 (15 marks) Market demand is given as QD = 120 - P. Market supply is given as QS = 4P. Each identical firm has MC = 6Q and ATC = 3Q. Showing your calculations, answer the following questions: A) What quantity of output will a typical firm produce? (5 marks) B) What is a typical firm's average total cost? (5 marks) C) What is a a typical firm's profit? (5 marks)
This Question: 4 pts 29 of 64 (11 complete The first table descres an economy's labor market in 2018 and the second table describes its production function in 2018 What are the equilibrium real wage rate, the quantity of labor employed in 2018, labor productivity and potential GDP in 2018? per hour Labor hours supplied demanded The equilibrium real wage rate is an hour The quantity of labor employed is hours. Potential GOPIS Labor productivity is $ per hour of...
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2nd search: PTSQRLQLLEPFDK
3rd search: GEKDLRRAKDINQEVYNF...
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