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Given Q-10-Sp Demand Q-6+3P Solved for P and Q 0-5p-6+3P 4-8P QElo-5 Q-p Q75 a 75 Draw the graph for the two functi...
q=10-5p q=6+3p Q = 10-5P Demano! Q=6+3P supply 1o-SP=643P -SP-3p=6-10 - 8p=-4 P= I (05) pt...
q=10-5p
q=6+3p
Q = 10-5P Demano! Q=6+3P supply 1o-SP=643P -SP-3p=6-10 - 8p=-4 P= I (05) pt I Q+ = 10-512) Q* =10 Q* = 7.5 10-5P=Q 3p = 070 p=2+2 6+3 P=Q. 38=Q-6 p = 0 - 2 3 3 6 75 1P
Question 1: In a perfectly competitive market, the demand curve is given as: Q=100-5P, the supply curve is given as Q=3P...
Question 1: In a perfectly competitive market, the demand curve is given as: Q=100-5P, the supply curve is given as Q=3P-12. Compute the total social surplus of this market. If the government impose a tax on the producers, and the tax rate is $2 per unit produced. What is the deadweight loss? If the government impose a tax on the consumers, and the tax rate is $2 per unit purchased, graphically show the change in the market equilibrium and the...
In a small country, the demand curve is given as: Q=100-5P, supply curve: Q=3P-12, and the world price is $10. I. Wha...
In a small country, the demand curve is given as: Q=100-5P, supply curve: Q=3P-12, and the world price is $10. I. What is the social surplus under free trade? (5%) II. If the government impose a $2/unit tariff on the good, what is the deadweight loss? (10%) III. Show the change in equilibrium and deadweight loss on a graph. (10%)
2. Let the demand and supply functions be as follows: (a) Qd-51 – 3P (6) Qd...
2. Let the demand and supply functions be as follows: (a) Qd-51 – 3P (6) Qd = 30 – 2P Qs = 6P - 10 Qs = -6 +5P find P* and Q* by elimination of variables. (Use fractions rather than decimals.) 3. According to (3.5), for Q* to be positive, it is necessary that the expression (ad – bc) have the same algebraic sign as (b+d). Verify that this condition is indeed satisfied in the models of Probs. 1...
3. The demand and supply for hospital care are given by the equations Q = 400...
3. The demand and supply for hospital care are given by the equations Q = 400 – P and Q = 80 + 3P, respectively. A. Solve for the equilibrium quantity and price. (5 pts). B. Now suppose that patients have insurance so that they only pay 20% of the price for hospital care. Solve for the new equilibrium quantity and price. (5 pts) 4. Consider the following demand and supply data Price Demand Supply 0 200 0 1 ...
200 5. Suppose you are given the following inverse demand function, p and the inverse supply...
200 5. Suppose you are given the following inverse demand function, p and the inverse supply Q+1 function, p=5+0.50. With p on the vertical axis and Q on the horizontal, draw these two functions. Also solve for the equilibrium Q* and equilibrium price p*. 6. Suppose the labour demand function is giverlas w = 18 - 1.6L and the labour supply function is given as w=6+0.4L. Determine the equilibrium wage and equilibrium number of workers algebraically. Draw the above labour...
12. Given the demand function is Q 180 5P, find the following: a The revenue finction...
12. Given the demand function is Q 180 5P, find the following: a The revenue finction b. The revnue maximizing output and price c. The own-price elasticity of demand at P $80 d. The level ofe and P where the own-price elasticity of demand (ED) is equal to one, in absolute value. What is the nature of total revenue when lEDl 1? 13. Assume that the demand function is Q demand at each of the following prices a. b. $7...
What is the equilibrium price and quantity? P=10, Q=0 P=6,Q=4
What is the equilibrium price and quantity?
P=10,
Q=0
P=6,Q=4
P=5,Q=5
P=0,Q=10
Use the image above. What happens when the market price is
$4?
Shortage
Nothing
Surplus
Equilibrium
Using the same image. What happens if the price is
$10?
Shortage
Nothing
Surplus
Equilibrium
Demand and Supply Price $10 Quantity Demanded Quantity Supplied 0 1 2 3 4 5 6 7 8 9 10 Quantity
5. Assume that demand for ore is given by P= 150-Q, and supply by P=8, discount...
5. Assume that demand for ore is given by P= 150-Q, and supply by P=8, discount rate is 15% and the amount of available resource is 75 tons. We assume that there are only two periods: this year (period 0) and the next year (period 1). We also assume that demand and supply in period 1 are the same as in period 0. Find dynamically efficient extraction profile, i.e quantity extracted in each period as well as the prices in...
4. A monopolist faces a market demand defined by P 20. There are no fixed costs. 100 (1/5)Q. Her ...
4. A monopolist faces a market demand defined by P 20. There are no fixed costs. 100 (1/5)Q. Her marginal cost is given by MC (a) Graph the market demand, the marginal revenue curve and the marginal cost curve, labeling the intercepts. (5 marks) (b) Calculate the monopolist's profit-maximizing price, output and profit. (5 marks) (c) Suppose that this market can now be divided into two separate markets and the supplier can discriminate between them. The demand curves are given...
q=10-5p
q=6+3p
Q = 10-5P Demano! Q=6+3P supply 1o-SP=643P -SP-3p=6-10 - 8p=-4 P= I (05) pt I Q+ = 10-512) Q* =10 Q* = 7.5 10-5P=Q 3p = 070 p=2+2 6+3 P=Q. 38=Q-6 p = 0 - 2 3 3 6 75 1P
2. Let the demand and supply functions be as follows: (a) Qd-51 – 3P (6) Qd = 30 – 2P Qs = 6P - 10 Qs = -6 +5P find P* and Q* by elimination of variables. (Use fractions rather than decimals.) 3. According to (3.5), for Q* to be positive, it is necessary that the expression (ad – bc) have the same algebraic sign as (b+d). Verify that this condition is indeed satisfied in the models of Probs. 1...
200 5. Suppose you are given the following inverse demand function, p and the inverse supply Q+1 function, p=5+0.50. With p on the vertical axis and Q on the horizontal, draw these two functions. Also solve for the equilibrium Q* and equilibrium price p*. 6. Suppose the labour demand function is giverlas w = 18 - 1.6L and the labour supply function is given as w=6+0.4L. Determine the equilibrium wage and equilibrium number of workers algebraically. Draw the above labour...
12. Given the demand function is Q 180 5P, find the following: a The revenue finction b. The revnue maximizing output and price c. The own-price elasticity of demand at P $80 d. The level ofe and P where the own-price elasticity of demand (ED) is equal to one, in absolute value. What is the nature of total revenue when lEDl 1? 13. Assume that the demand function is Q demand at each of the following prices a. b. $7...
What is the equilibrium price and quantity?
P=10,
Q=0
P=6,Q=4
P=5,Q=5
P=0,Q=10
Use the image above. What happens when the market price is
$4?
Shortage
Nothing
Surplus
Equilibrium
Using the same image. What happens if the price is
$10?
Shortage
Nothing
Surplus
Equilibrium
Demand and Supply Price $10 Quantity Demanded Quantity Supplied 0 1 2 3 4 5 6 7 8 9 10 Quantity
5. Assume that demand for ore is given by P= 150-Q, and supply by P=8, discount rate is 15% and the amount of available resource is 75 tons. We assume that there are only two periods: this year (period 0) and the next year (period 1). We also assume that demand and supply in period 1 are the same as in period 0. Find dynamically efficient extraction profile, i.e quantity extracted in each period as well as the prices in...
4. A monopolist faces a market demand defined by P 20. There are no fixed costs. 100 (1/5)Q. Her marginal cost is given by MC (a) Graph the market demand, the marginal revenue curve and the marginal cost curve, labeling the intercepts. (5 marks) (b) Calculate the monopolist's profit-maximizing price, output and profit. (5 marks) (c) Suppose that this market can now be divided into two separate markets and the supplier can discriminate between them. The demand curves are given...
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