Homework Answers
The total demand is the horizontal sum of each individual demand at each given price. Similarly, the supply is the horizontal sum of the each individual supply at each given price.
| Price | Total Demand | Total Demand | Total Supply | Total Supply |
| 6 | 25+10+48 | 83 | 118+128 | 246 |
| 5.75 | 30+20+52 | 102 | 105+118 | 223 |
| 5.5 | 35+30+56 | 121 | 93+108 | 201 |
| 5.25 | 40+40+60 | 140 | 80+98 | 178 |
| 5 | 45+50+64 | 159 | 66+88 | 154 |
| 4.75 | 50+60+68 | 178 | 53+78 | 131 |
| 4.5 | 55+70+72 | 197 | 40+68 | 108 |
| 4.25 | 60+80+76 | 216 | 27+58 | 85 |
| 4 | 65+90+80 | 235 | 14+48 | 62 |
The demand equation is: P = 7.09210526315789 - 0.0131578947368421*Q
The supply equation is: P = 3.32738153327106 + 0.0108455087900291*Q
a) It shall be noted that at equilibrium, price and quantity clears.
Pd = Ps
7.09210526315789 - 0.0131578947368421*Q = 3.32738153327106 + 0.0108455087900291*Q
0.024003*Q = 3.764724
Q=156.8412
P=5.028405
Thus equilibrium Q=156.8412 and equilibrium price P = 5.028405
Hence, equilibrium price = 5 and equilibrium quantity = 154
b)
When price = 5.40 , demand is lower than the supply
Qd = 128.6 as followed from total demand equation: P = 7.09210526315789 - 0.0131578947368421*Q
Qs=191.1038 as followed from total supply equation: P = 3.32738153327106 + 0.0108455087900291*Q
Thus, there is excess supply = 62.50385
c)
When price = 4.60 , demand is higher than the supply
Qd = 189.4 as followed from total demand equation: P = 7.09210526315789 - 0.0131578947368421*Q
Qs=117.3406 as followed from total supply equation: P = 3.32738153327106 + 0.0108455087900291*Q
Thus, there is excess demand= 72.0594
Add Answer to:
Ali Demand Quantity of Price ($) Bananas Demanded Price (s) e st Kamal Demanom Price is een on ka 10 48 6.00 5.75 5.5...
Q-4: Consider the banana market in Jizan again. It has the following aggregate Supply and aggregate...
Q-4: Consider the banana market in Jizan again. It has the following aggregate Supply and aggregate Demand curves: Aggregate Supply Aggregate Demand Barnes Price (s) ༡ ས ཀར Supled Price (s) Demanded 6.00 242 219 196 173 6.00 5.75 5.50 5.25 5.00 4.75 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 112 131 150 127 104 81 4.50 4.25 400 150 169 188 207 226 68 3- What is the equilibrium Price and equilibrium Quantity? b- Suppose that new lands...
3. In Kingsbury County, there is a demand and supply schedule for fast food. Here is...
3. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 3,000 5,000 4.50 3,500 4,500 4,000 4,000 5.50 4,500 3,500 6.00 5,000 3,000 5.00 a. Draw the supply and demand curve based on the table above. b. What is the equilibrium price and quantity? c. If fast food restaurants set the price at $5.50, then how would markets react? Would it be in equilibrium or...
Q1000 150 IP Price, $ 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 3.75 3.50...
Q1000 150 IP Price, $ 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 3.75 3.50 3.25 3.00 uantityElasticitv 100.0 137.5 175.0 212.5 250.0 287.5 325.0 362.5 400.0 437.5 475.0 512.5 550.0 -9.00 -6.27 4.71 3.71 -3.00 -2.48 -2.08 1.76 1.29 -0.95 c) At which prices is demand elastic, inelastic, and unit elastic? Enter your answers using cell references to the table above. Price From Price To Elastic Inelastic The demand is unit elastic at some price between an d)...
3. In Kingsbury County, there is a demand and supply schedule for fast food. Here is...
3. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 4.50 5.00 5.50 6.00 3,000 3,500 4,000 4,500 5,000 5,000 4,500 4,000 3,500 3,000 4. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 4.50 5.00 5.50 6.00 3,000 3,500 4,000 4,500 5,000 5,000 4,500 4,000 3,500 3,000 Question 3...
a) Using the table provided and Excel functions, calculate quantity demanded for each of the prices...
a) Using the table provided and Excel functions, calculate quantity demanded for each of the prices given. b) Using the prices provided and quantity demanded you calculated in part a, calculate elasticity (in absolute terms) for each point along the demand curve. Q =1000 - 150 P Price Quantity Elasticity 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.00 3.75 3.50 3.20 3.00 c) At which prices is demand elastic, inelastic, and unit...
Ben and Jerry's is a popular brand of ice cream based in South Burlington, VT. They...
Ben and Jerry's is a popular brand of ice cream based in South Burlington, VT. They are known for their delicous and cleverly named flavors and their committment to social responsibility. Suppose the marketing department for a firm like Ben and Jerry's estimates monthly demand for a pint of ice cream to be Q = 1000 - 150P. a)Using the table provided and Excel functions, calculate quantity demanded for each of the prices given. b) Using the prices provided...
Question 7 [15 points] The demand and supply for strawberries in Pacifico are as follows: a)...
Question 7 [15 points] The demand and supply for strawberries in Pacifico are as follows: a) Suppose that the supply of strawberries increase by 50 percent. Find the new quantity supplied in the table below. Quantity Demanded Initial Quantity Supplied New Quantity Supplied Price (S) 320 100 120 140 160 180 200 4.25 4.5 4.75 280 260 240 220 200 5.25 5.5 b) What are the equilibrium price and equilibrium quantity for the initial supply? Equilibrium Price$o Equilibrium Quantity c)...
The Coffee Market Price Per Pound Quantity Demanded Quantity Supplied $2.00 25 0 $3.00 20 3...
The Coffee Market Price Per Pound Quantity Demanded Quantity Supplied $2.00 25 0 $3.00 20 3 $4.00 12 5 $5.00 10 10 $6.00 6 15 $7.00 3 20 Graph the supply and demand curves above on a market model. What would be the equilibrium price in the market? Show this on your market model. If the price was set at $3.00, what would you observe in the coffee market? Show this situation on your market model.
Table 7-16 Quantity Demanded Quantity Supplied 36 30 Price $12.00 $10.00 $ 8.00 $6.00 $ 4.00...
Table 7-16 Quantity Demanded Quantity Supplied 36 30 Price $12.00 $10.00 $ 8.00 $6.00 $ 4.00 $ 2.00 $ 0.00 10 3 6 24 18 12 6 12 15 18 0 60. Refer to Table 7-16. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be a. $21. b.$28. C. $36
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities...
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities and Qo is the offered quantities. PRICE Q_D Q_o 1.00 $ 1000 0 1.50 $ 900 100 2.00 $ 800 200 2.50 $ 700 300 3.00 $ 600 400 3.50 $ 500 500 4.00 $ 400 600 4.50 $ 300 700 5.00 $ 200 800 5.50 $ 100 900 6.00 $ 0 1000 a. What are the initial equilibrium price and quantity? b. Calculate...
Q-4: Consider the banana market in Jizan again. It has the following aggregate Supply and aggregate Demand curves: Aggregate Supply Aggregate Demand Barnes Price (s) ༡ ས ཀར Supled Price (s) Demanded 6.00 242 219 196 173 6.00 5.75 5.50 5.25 5.00 4.75 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 112 131 150 127 104 81 4.50 4.25 400 150 169 188 207 226 68 3- What is the equilibrium Price and equilibrium Quantity? b- Suppose that new lands...
3. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 3,000 5,000 4.50 3,500 4,500 4,000 4,000 5.50 4,500 3,500 6.00 5,000 3,000 5.00 a. Draw the supply and demand curve based on the table above. b. What is the equilibrium price and quantity? c. If fast food restaurants set the price at $5.50, then how would markets react? Would it be in equilibrium or...
Q1000 150 IP Price, $ 6.00 5.75 5.50 5.25 5.00 4.75 4.50 4.25 4.00 3.75 3.50 3.25 3.00 uantityElasticitv 100.0 137.5 175.0 212.5 250.0 287.5 325.0 362.5 400.0 437.5 475.0 512.5 550.0 -9.00 -6.27 4.71 3.71 -3.00 -2.48 -2.08 1.76 1.29 -0.95 c) At which prices is demand elastic, inelastic, and unit elastic? Enter your answers using cell references to the table above. Price From Price To Elastic Inelastic The demand is unit elastic at some price between an d)...
3. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 4.50 5.00 5.50 6.00 3,000 3,500 4,000 4,500 5,000 5,000 4,500 4,000 3,500 3,000 4. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 4.50 5.00 5.50 6.00 3,000 3,500 4,000 4,500 5,000 5,000 4,500 4,000 3,500 3,000 Question 3...
Question 7 [15 points] The demand and supply for strawberries in Pacifico are as follows: a) Suppose that the supply of strawberries increase by 50 percent. Find the new quantity supplied in the table below. Quantity Demanded Initial Quantity Supplied New Quantity Supplied Price (S) 320 100 120 140 160 180 200 4.25 4.5 4.75 280 260 240 220 200 5.25 5.5 b) What are the equilibrium price and equilibrium quantity for the initial supply? Equilibrium Price$o Equilibrium Quantity c)...
Table 7-16 Quantity Demanded Quantity Supplied 36 30 Price $12.00 $10.00 $ 8.00 $6.00 $ 4.00 $ 2.00 $ 0.00 10 3 6 24 18 12 6 12 15 18 0 60. Refer to Table 7-16. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be a. $21. b.$28. C. $36
2. Taxes: Calculations. Use the table below to answer the questions. Qd is the demanded quantities and Qo is the offered quantities. PRICE Q_D Q_o 1.00 $ 1000 0 1.50 $ 900 100 2.00 $ 800 200 2.50 $ 700 300 3.00 $ 600 400 3.50 $ 500 500 4.00 $ 400 600 4.50 $ 300 700 5.00 $ 200 800 5.50 $ 100 900 6.00 $ 0 1000 a. What are the initial equilibrium price and quantity? b. Calculate...
Most questions answered within 3 hours.
-
A 10.000 g sample of water contains 11.19% H by mass. what
should be the %H...
asked 5 minutes ago -
Consider an investment game among 2 players. Each player can
either invest,
i, or not invest,-i....
asked 2 minutes ago -
The time taken to complete a particular task is normally
distributed with a standard deviation of...
asked 12 minutes ago -
we have heteroskedasticity in a regression when:
When the variance of error terms changes when an...
asked 22 minutes ago -
Explain some different types of fungi. State the different
divisions undergo by fungi.
asked 35 minutes ago -
The shortest time that 120 C can flow through a 20 A circuit
breaker without tripping...
asked 35 minutes ago -
A software design pattern is a general, reusable solution to a
commonly occurring problem, acting as...
asked 38 minutes ago -
The mean waiting time at the drive-through of a fast-food
restaurant from the time an order...
asked 54 minutes ago -
The pitch (p) of a helix is defined as p = dn, in which n is...
asked 56 minutes ago -
Do you agree that the declining stock of social capital is the
blame for the failure...
asked 1 hour ago -
A researcher is interested in whether coffee consumption helps
with performance on reading comprehension tasks. The...
asked 1 hour ago -
it has been estimated since the beginning of the human race that
about 133 metric ton...
asked 1 hour ago