A) Use the following data to construct the graph for the market for milk. Price ($) 10 12 14 16 18 20 22 24 Demand 400 375 350 325 300 275 250 225 Supply 200 300 400 500 600 700 800 900 Milk $26 $24 $22 $20 $18 $16 $14 $12 $10 100 200 300 400 s00 600 700 800 900 1000 Quantity of Hundredweights (millions) B) At equilibrium, what are the following? a) Price: b) Quantity: ($) ad
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- The table below shows how supply and demand of gasoliine vary depending on the price: Demand (million of gal.) Price ($/gal) Supply (million of gal.) 1 787 483 1.2 700 550 1.4 640 600 1.6 580 623 1.85 531 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 2.9 357 765 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = Round your answer to 3 decimal places Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to…A recent study found that the demand and supply schedules for financial calculators are as follows: Price/calculators Quantity Demanded Quantity Supplied 20 160 40 40 140 60 60 120 80 80 100 100 100 80 120 120 100 Co an Coll 80 60 40 D. 20 40 60 80 100 120 140 160 a) Determine: Price of Equilibrium_ and Quantity of Equilibrium b) Determine the effect of $60 Price Ceiling. Is it binding? Why? Will it cause Shortage or Surplus? And by how much? c) Determine the effect of $120 Price Floor. Is it binding? Why? Will it cause Shortage or Surplus? And by how much?The following data is about the market for alcohol spray during the COVID outbreak. Quantity Demanded (in Quantity Supplied (in mn) Price mn) 9. 120 160 8 148 174 7 150 150 6. 240 130 To control price gauging, the government is imposing a Price Ceiling on alcohol spray for $8 per bottle. With the Price Celling, will the market have a shortage or surplus of alcohol spray and what will be the surplus amount (positive indicates surplus, negative indicates shortage)?
- PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 + 0 Supply In this market, the equilibrium price is s Brico Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) million boxes. 210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Quantity Domandod Quantity SuppliedThe market for fitness trackers is made up of five firms, and the data in the following table represents each firm's quantity supplied at various prices. Fill in the column for the quantity supplied in the market. Firm Price A 5 $25 50 75 m 7 9 100 11 Quantity supplied by: Firm Firm Firm B C D 0 3 5 7 10 2 5 8 11 3 co c 6 9 Firm E Market 5 6 7 8 Price of fitness trackers ($) 150- 125- 100- 75- 50- 25- 0 5 10 15 20 25 30 35 40 45 50 55 60 Quantity of fitness trackersComplete the table by calculating the "New Market Quantity Supplied" if Ann decided to stop tutoring, and then answer one question. Instructions: Enter your responses as a whole number. Price (per Hour) $50 45 40 35 30 25 20 15 10 Quantity Supplied by Ann 94 383882882 81 50 20 10 Quantity Supplied by Bob 35 38782TOO 33 30 20 12 Quantity Supplied by Carlos 19 14 10 6 2 0 0. 0 Market Quantity Suppiled (= Ann + Bob +Carlos) 148 140 130 114 90 62 39 20 10 New Market Quantity Supplied Market Quantity Demanded 5 4 8 11 16 22 30 39 47 57 What would the new equilibrium price of tutoring services be if Ann decided to stop tutoring? per hour
- The following graph shows the supply curve for a group of students looking to sell used statistics textbooks. Each student has only one used textbook to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used textbook. (?) 430 190 Eleen ancy Susan 70 Raphael 1. QUANTITY (Ued lebeoka) Region A (the purple shaded area) represents the total producer surplus when the market price is , while Region B (the grey shaded area) represents * when the market price In the following table, indicate which statements are true or false based on the information provided on the previous graph. Statement True False Producer surplus is smaller when the price is $245 than when it is $175. Assuming each student receives a positive surplus, Susan will always receive more producer surplus than Alex. In order for Eileen to earn a producer surplus…Based on Table 1, in order to help the consumer, the government imposes a price control of RM0.60 per liter: Give the name of this price control and how much petrol will be demanded by consumer at this price?. How much petrol will be offered for sale by suppliers, and how much petrol will actually be sold? Calculate the excess quantity of petrol demanded. Price (RM) Quantity demanded (liter per day) Quantity supplied (liter per day) 0.80 8 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 141) Listen After weather system Derecho produccrs were accused of pricé gouging because bottled water skyrocketed in price. Consumers clamored for price controls to be implemented to keep the price of bottled water at pre- Derecho levels. What are the economic conscquences of the government placing a price ceiling on bottled water at the previqus price? Please explain.
- The table shows the demand and supply schedules for tacos. If the quantity demanded of tacos decreases by 140 per hour at each price, the new price of a taco is $ Total surplus by $ decreases increases C M Price (dollars per taco) 0 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 Quantity demanded (tacos per hour) 560 Quantity supplied 490 420 350 280 210 140 70 0 0 70 140 210 280 350 420 490 560 NextThe following graph shows intra-industry trade in the United States for two types of yogurts: Yoplait (a famous French brand) and Dannon (a famoud American brand): -1 13 12 11 10 A 9 8G 7 2 Price 1. 0 0 2 US Market for Yoplait (Y) Supply of Yoplait 5 6 7 Loss of LQM. Gain of LQM. Loss of KLMR. Demand for Yoplait Gain of KLMR. Yoplak 9 10 11 12 13 14 12 Price 11 10 A US Market for Dannon (D) 2 3 4 5 7 Supply of Dannon Refer to the above graph. At the price of $6 for D, intra-industry trade leads to which of the following for the United States: 8 Demand for Dannon Dannon 9 10 11 12 13-How has Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the “main influences” you chose had an impact on the gasoline market.