Suppose demand is given by Qd = 400 - 15P + I, where Qd is quantity demanded, P is price and I is income. Supply is given by Q³ = 5P, where Q³ is quantity supplied. When I = 200, equilibrium price is options: 25 20 15 30 223
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- Consider the demand ftunction for processed pork in Canada, Q, = 796.00 - 37p • 20p, + 3p. + 0.002Y %3D The supply function for processed pork in Canada is: Q = 363.00 + 54p - 60ph pis the price of pork Pp is the price of beof = $4 per kg Q is the quantity of pork demanded Pe is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is S and the equilibrium quantity of pork is milion kg per year. (Enter numeric responses using real numbers rounded up to two decimal places.)Given the following demand and supply function of milk in a market. Q_{d} = 28 - 4P + P respectively. Q_{s} = 18 i. and Determine the equilibrium price and quantity of milk? ii. If government fixes price at GHC 1.00, find the quantity demanded and supplied of milk and comment on the situation market. in the What is the full economic price that consumers would end up paying as a result of (ii) above?Suppose demand and supply are given by? = 500-2P and ? =-100+3Pa) Which function is the demand function and why?b) Compute the equilibrium price and quantity in this market?c) Compute the consumer surplus and producer surplus.d) Suppose a GHC 1 exercise tax is imposed on the good. Determine the new equilibrium price and quantity.e) Compute the tax revenue to the government. f) Compute the deadweight loss resulting from the tax.
- The market demand and supply functions for hotel rooms in the City of Montreal areestimated as follows: Demand: P = 500 -0.0005 Q Supply: P =-1500 + 0.002 Q a) Determine the equilibrium price (P) and quantity exchanged (Q) of hotel rooms inthe city. Sketch the demand/supply diagram and indicate all key values. How muchis spent annually on hotel accommodations in the city? The City Council is debating a motion to introduce a hotel tax in the city of $10 perroom per night. The Mayor of the City in a recent press conference assured thehotel operators that the impact of the tax on their operations will be minimal sincethe tax is intended to be paid by tourists, who once they book, have little choiceover not paying the tax. Do you agree with the Mayor's assertion? (Calculate theimpact of the room tax on equilibrium P and Q and support your answer with soundeconomic reasoning). Which is relatively less elastic, the demand or the supply forhotel rooms?Suppose that the market for milk can be represented by the following equations: Demand: P = 12 – 0.5QD Supply: P = 0.1QS where P is the price per gallon, and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. a) Calculate the equilibrium price and quantity of milk. b) To help dairy farmers, the government sets a minimum price of K2.50 per gallon of milk. What is the new quantity of milk sold in the marketplace?The demand for and the supply of Dengue vaccine in a small village in South India is given by the following equations: Qa = 1525 + 2,6Y Qs = 2200 + 1.4Y In those equations, Qa and Q, are the quantity demanded and quantity supplied for the Dengue vaccine respectively and Y is the income of the consumers in USD. Calculate the equilibrium quantity and income.
- Solve a Consumers' or Producers' Surplus Problem. A sports watch has a price-demand equation given by p= D(z) = 40-2-0174176a dollars, which gives the price per watch when a watches are demanded. The price-supply equation for the watch is given by p= S(x) = 0.6z+4 dollars, which gives the price per watch when z watches are supplied. If the equilibrium quantity is 11, find the consumers' surplus and the producers' surplus. The consumers' surplus is. (Your answer must begin with S.) The producers' surplus is Your answer must begin with $.)Suppose that the market for milk can be represented by the following equation: Demand: P=12-0.5Qd Supply: P=0.1Qs Where P is the price per gallon and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. Calculate the equilibrium price and quantity of milk. To help dairy farmers the government sets a minimum price of $2.50 per gallon of milk. What is the new quantity of milk sold in the market? Illustrate your answers to a and b on a graph, using this graph, calculate how the consumer surplus and producer surplus change after the price support are enacted. Also calculate any dead weight loss that resultsThe market for tomatoes is competitive and characterized by a demand function of the form QD = 60000 - 4000p and a supply function of the form Qs = 6000p -30000, where quantity is measured in kilograms and p is the price per kilogram. %3D Suppose the government starts to charge sales tax on tomatoes. The tax is at 5% for every dollar a consumer spends on on tomatoes. 1. Calculate the equilibrium prices and quantity under the value tax 2. Calculate the government tax revenue, and the deadweight loss of the tax.
- Consider a market where the equilibrium price for a good is $17 and the equilibrium quantity is 350 units. Assume that the quantity supplied at an above - equilibrium price is 5 times the equilibrium quantity, and the quantity demanded at the above - equilibrium price is 1/3 the equilibrium quantity. Calculate the surplus in the market at the above - equilibrium price. If necessary, round any intermediate calculations to one decimal place and your final answer to the nearest whole number.Suppose you are given the following information: Qs = 100 + 3P Qd = 400 – 2P where Qsis the quantity supplied, Qdis the quantity demanded and P is price. 1. Now suppose that a tax is placed on buyers so that Qd = 400 – (2P + T) where T istaxes. If T = 15, solve for the new equilibrium price and quantity. (Note: You aresolving for the equilibrium price for sellers and buyers)If demand is :Qd = 850 - 10 P and supply is: Qs = 50 + 20 P Where: Qd = quantity of the good demanded. Qs = quantity of the good supplied. P = price of the good. Part 1: The equilibrium price is Part 2: The equilibrium quantity is Part 3: An imposed price of 16 yields an excess of units. Part 4: Assuming a change in costs shifts the supply curve to Qs'= 40 + 20 P, the new equilibrium price is Part 5: With the new supply in part 4, the new equilibrium quantity is
