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 is characterized by the foll...
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 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...
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...
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...
uples/theory. 1. Suppose that for the United States, (%A Gun Murder Rate)/(%A Gun OwnerShip Rate) =...
uples/theory. 1. Suppose that for the United States, (%A Gun Murder Rate)/(%A Gun OwnerShip Rate) = .009.1 la. If gun control legislation were able to reduce gun ownership by 99 percent, how exactly would society benefit? 1b. Based upon your answer in la, What can you conclude about the likely efficacy of gun control legislation in the United States? 2. Refer back to#1, suppose the demand for guns is Q 500 .45P and the supply of guns is Q- 100+...
Question Two [Total 50 marks] Suppose the market of carpets is competitive. The demand for and...
Question Two [Total 50 marks] Suppose the market of carpets is competitive. The demand for and the supply of carpets in the market have been estimated as follows: Demand: Qd = 6500 - 100P Supply: Qs = 1200P A typical firm producing carpets has a total cost function of C = 100+ 4.C and q stand for total cost and the output level of the firm respectively. a. Find the equilibrium market price and quantity of carpets. (5 marks] b....
1. Suppose that for the United States, (%A Gun Murder Rate)/(%A Gun OwnerShip Rate) =.009. 1a. If gun control legi...
1. Suppose that for the United States, (%A Gun Murder Rate)/(%A Gun OwnerShip Rate) =.009. 1a. If gun control legislation were able to reduce gun ownership by 99 percent, how exactly would society benefit? 1b. Based upon your answer in la, What can you conclude about the likely efficacy of gun control legislation in the United States? 2. Refer back to#1, suppose the demand for guns is Q guns is Q 100 + .55P. How many guns would be affected...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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...
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...
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...
uples/theory. 1. Suppose that for the United States, (%A Gun Murder Rate)/(%A Gun OwnerShip Rate) = .009.1 la. If gun control legislation were able to reduce gun ownership by 99 percent, how exactly would society benefit? 1b. Based upon your answer in la, What can you conclude about the likely efficacy of gun control legislation in the United States? 2. Refer back to#1, suppose the demand for guns is Q 500 .45P and the supply of guns is Q- 100+...
Question Two [Total 50 marks] Suppose the market of carpets is competitive. The demand for and the supply of carpets in the market have been estimated as follows: Demand: Qd = 6500 - 100P Supply: Qs = 1200P A typical firm producing carpets has a total cost function of C = 100+ 4.C and q stand for total cost and the output level of the firm respectively. a. Find the equilibrium market price and quantity of carpets. (5 marks] b....
1. Suppose that for the United States, (%A Gun Murder Rate)/(%A Gun OwnerShip Rate) =.009. 1a. If gun control legislation were able to reduce gun ownership by 99 percent, how exactly would society benefit? 1b. Based upon your answer in la, What can you conclude about the likely efficacy of gun control legislation in the United States? 2. Refer back to#1, suppose the demand for guns is Q guns is Q 100 + .55P. How many guns would be affected...
FART I TRUE FALSE QUESTIONS (10 points). Please write True (1) or False (F) on the blank Scarcity is the intimited nature of society's resources given society's limited wants 2. A reward is a type of positive incentive. 3. To remove difficulty of double coincidence of wants we use money. 4. An exogenous factor is a variable that can be controlled for inside the model. 5. The PPF will not have a constant slope. 6. The law of demand states...
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