1. Draw a precise graph that represents the demand and supply functions: Qd = 300-0.5Pi-2Pp+0.4Y Qs...
1. Draw a precise graph that represents the demand and supply functions:
Qd = 300-0.5Pi-2Pp+0.4Y
Qs = 1.5Pi
Where Y=500 and Pp=50
Homework Answers
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1. Draw a precise graph that represents the demand and supply
functions:
Qd = 300-0.5Pi-2Pp+0.4Y
Qs...
Suppose that the demand curve and supply functions are qD = 300−5p and qS = 100+20p,...
Suppose that the demand curve and supply functions are qD = 300−5p and qS = 100+20p, respectively. (a) On the same graph, draw the demand and supply curves with price on the vertical axis. (b) What is the quantity and price in the equilibrium? (c) Calculate consumer surplus and producer surplus. (d) Suppose the government implements a $5 dollar per unit sales tax. i. Calculate the new quantity and the price paid by the consumer. ii. Calculate the consumer surplus,...
Given the following demand and supply functions: Supply: Qs = - 11 + 1p Demand: Qd...
Given the following demand and supply functions: Supply: Qs = - 11 + 1p Demand: Qd = 76 - 1p+ 0.027, where Y = Consumer income per month Solve for the following given consumer income is $5,000/mo. Equilibrium Price = $ (round your calculation to the nearest penny).
5. Suppose the demand and supply functions are given by QD 15-P Qs- P-5, where QD...
5. Suppose the demand and supply functions are given by QD 15-P Qs- P-5, where QD and Qs are the quantities and P is the price. a) Graph the demand curve and supply curve. [Hint: label each axis, the price and quantity b) Calculate the equilibrium price and quantity; add these values to the graph and label them as c) Suppose demand decreases by 1 unit at each price. What is the new demand function? Add the d) Calculate the...
A market demand and supply functions are as follows: Qd = 500 - P/4, and Qs...
A market demand and supply functions are as follows: Qd = 500 - P/4, and Qs = P/2 - 100. For parts 2-5, use ONE graph. 1. Determine the equilibrium price and quantity. 2. Graph the inverse demand and supply curves with Q on the horizontal axis and P on the vertical axis. Clearly label all axes, curves, intercepts, and the equilibrium price and quantity values 3.Assume the government sets a rule that the selling price cannot go above $400....
1. Consider the following demand and supply functions for vitamins : Qd= 100 - 5P and...
1. Consider the following demand and supply functions for vitamins : Qd= 100 - 5P and Qs= 4 + 3P. Graph the supply and demand functions in the typical manner with price (P) on the Y-axis and quantity on the X-axis, showing their intercepts. What is the slope of each line? What is the equilibrium price and quantity?
Suppose market demand and supply are given by Qd-300 - 4P and QS 50 3P. The...
Suppose market demand and supply are given by Qd-300 - 4P and QS 50 3P. The equilibrium price is: Multiple Choice $35 $40 $50 $60.
The market for iced tea is characterized by the following supply and demand functions: Supply: Qs=50+8p Demand: QD=120...
The market for iced tea is characterized by the following supply
and demand functions:
Supply: Qs=50+8p
Demand: QD=120−6p ,
where Qs stands for quantity supplied (number of
bottles), QD stands for quantity demanded (number of
bottles), and p stands for price (per bottle). Suppose that the
current price per bottle in the market for iced tea is $6.
A) At the price of $6 per bottle in the market for iced tea,
sellers would want to sell bottles.
B) At the...
Suppose demand is QD = 16 - P supply is QS = P. There is a...
Suppose demand is QD = 16 - P supply is QS = P. There is a constant positive externality of $4 per unit (Marginal External Benefit, MEB = $4). a. Draw the graph of the MC, MB and MSB curves. Identify the level of the intercepts. b. Calculate total surplus if the market is at the point where MC=MB. c. What is the DWL loss at this point (MC=MB)? Identify on your graph. d. Calculate total surplus if the market is at...
Suppose demand is QD = 16 - P supply is QS = P. There is a...
Suppose demand is QD = 16 - P supply is QS = P. There is a constant positive externality of $4 per unit (Marginal External Benefit, MEB = $4). a. Draw the graph of the MC, MB and MSB curves. Identify the level of the intercepts. b. Calculate total surplus if the market is at the point where MC=MB. c. What is the DWL loss at this point (MC=MB)? Identify on your graph. d. Calculate total surplus if the market...
6. Given the following demand and supply curve, Qd = 500 - 4P and Qs =...
6. Given the following demand and supply curve, Qd = 500 - 4P and Qs = 5P - 400 a. Calculate and graph the market equilibrium, P and Q b. If the government raises the price to $105, calculate and graph the surplus or shortage that it creates
Given the following demand and supply functions: Supply: Qs = - 11 + 1p Demand: Qd = 76 - 1p+ 0.027, where Y = Consumer income per month Solve for the following given consumer income is $5,000/mo. Equilibrium Price = $ (round your calculation to the nearest penny).
5. Suppose the demand and supply functions are given by QD 15-P Qs- P-5, where QD and Qs are the quantities and P is the price. a) Graph the demand curve and supply curve. [Hint: label each axis, the price and quantity b) Calculate the equilibrium price and quantity; add these values to the graph and label them as c) Suppose demand decreases by 1 unit at each price. What is the new demand function? Add the d) Calculate the...
Suppose market demand and supply are given by Qd-300 - 4P and QS 50 3P. The equilibrium price is: Multiple Choice $35 $40 $50 $60.
The market for iced tea is characterized by the following supply
and demand functions:
Supply: Qs=50+8p
Demand: QD=120−6p ,
where Qs stands for quantity supplied (number of
bottles), QD stands for quantity demanded (number of
bottles), and p stands for price (per bottle). Suppose that the
current price per bottle in the market for iced tea is $6.
A) At the price of $6 per bottle in the market for iced tea,
sellers would want to sell bottles.
B) At the...
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