As you now know, we are considering entering the tomato sauce market. We have continued our research and now better understand consumer demand for our jars of sauce as: D(p) = -3p+25 We are prepared to supply: S(p) = 2p-4 In this question, assume that the equilibrium price and quantity are given by: P∗ and Q∗ What is the producer's surplus at $4?
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As you now know, we are considering entering the tomato sauce market. We have continued our research and now better understand consumer demand for our jars of sauce as:
D(p) = -3p+25
We are prepared to supply:
S(p) = 2p-4
In this question, assume that the
What is the
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- As you now know, we are considering entering the tomato sauce market. We have continued our research and now better understand consumer demand for our jars of sauce as: D(p) = -3p+25 We are prepared to supply: S(p) = 2p-4 In this question, assume that the equilibrium price and quantity are given by: P∗ and Q∗ What is the consumer's surplus at $4?Suppose products A and B have demand and supply equations that are related to each other If q, and qe are the quantities produced and sold of A and B. respectively, and pa and pg are their respective prices, the table below shows the demand equationsn and the supply equations. Eliminate q, and qy to get the equilibrium prices. demand equations qA =3-PA * Po e - 26 + PA "PB supply equations 4A= -5+ 4pA - 3pPg 48 = -7-3p, + 4pe The prices are Pa S and PeS (Round to the nearest cent as needed)Suppose that the market demand for Turkey is given by: Q_(T)=2-8P_(T)+2P_(C)+0.0015I Where Q_(T) is annual quantity demanded of turkey in million pounds, P_(T) is the price of turkey per pound, P_(C) is price of chicken per pound, and I is the average household income in dollars per year. a. Find the annual quantity demanded of turkey if the price turkey is $2.00 per pound, price of chicken is $1.50 per pound and the annual household income is $30,000.
- 1. The estimated demand for Canadian Processed Pork is given by Qp = 171 – 20p+ 20pB + 3pc +2Y where Qp is the quantity of pork demanded (millions of kg), p is the dollar price per kg, pB is the price of beef per kg, pc is the price of chicken per kg, and Y is average consumer income in thousands of dollars. The supply for this market is given by Qs = 178 + 40p – 60pB (a) According to the equations, what is the effect of an increase of Pc on the market for pork? Specifically, which curve will shift, in what direction does the curve shift, and how will the equilibrium price and quantity change (increase/decrease). On a corresponding graph of the supply and demand, draw the shifting curve and change in equilibrium. Note that no specific numbers are required here. Just the direction of change. (b) Use the equations to solve for the equilibrium price of pork and quan- tity of pork as functions of the exogenous variables pB, Pc, and Y. These will be linear functions. (c) Suppose pB = 1.5,…6) The quantity demanded of a certain brand of smart phone is 2000 per week when the unit price is $84. For each decrease in the unit price $5 below $84, the quantity demanded increases by 50 units. The supplier will not market any of the smartphones if the unit price is $60 or less, but the supplier will market 1800 per week if the unit price is $90. The supply and demand equations are known to be lineara) Find the demand and supply equationsb) Find the equilibrium quantity and priceFind the consumers' surplus and the producers' surplus at the equilibrium price level for the given price-demand and price-supply equations. Include a graph that identifies the consumers' surplus and the producers' surplus p=D(x)=60-0001x; p= S(x)=30+0.0001x² The consumers' surplus is approximately $ (Round to the nearest dollar as needed.) The producers' surplus is approximately $ (Round to the nearest dollar as needed.) The graph of D(x)=60-0.001x is shown as a solid curve and the graph of S(x)=30+0.0001x² is shown as a dotted curve. Choose the correct graph below. OA 100 1000 Q C OB. 100+ 1000 Q OC. 100 Q O D. 1004 1000
- The price-demand equation for a particular flashlight is given by p = 118 - 0.002x, where x is the number of flashlights demanded when the price is p dollars each. The flashlight manufacturers will produce no flashlights if the price is $79 or less, and they will market 5,500 flashlights when the price is $101 per flashlight. (Assume the price-supply equation is linear.) (a) Find the consumers' surplus for this commodity. $ (b) Find the producers' surplus for this commodity. $1. Suppose the demand for and supply of one-bedroom housing units in Nairobi’s Westlands area can be represented by the following linear functions:Qd =18,200–40P and Qs =–2,200+20PWhere Qd, Qs = Number of housing units in thousands, P = Price in US dollars.a) Determine the market equilibrium price and quantity b) Suppose the government decides to subsidize the cost of construction one-bedroom houses in the area at US$20.00 per housing unit. Determine the equilibrium outcome after the subsidy, and show how the benefit is shared between tenants and landlords. How much will the subsidy costthe government?c) Graphically show your results using well labeled demand and supply curves3. Consider the following demand and supply functions and solve for equilibrium price and quantity: D(P) = 60-0.5P S(P) = -30 + P
- Assuming an increase in Demant and decrease in Supply, which of the following statements is TRUE? The price of the good will decrease. The quantity of the good will definitely decrease. The price of this good will definitely increase. There will be a permanent shortage of this good. The new equilibrium quantity may increase, decrease, or stay the same. A surplus of this good will result from these changes in Supply and Demand. What new equiLibrium quantity will result depends on the relative magnitude of the changes and the shapes of the Demand and Supply curves. We cannot determine what will happen to price.Exercise: You study the arms market represented by the following demand function qd = 150 - p - 4pa, with p the price of an ammunition and pa the price of chromium molybdenum alloy, a steel used to make firearms. The supply function is given by q³ = -50 + 26p - 5pp, with p, the price of powder (an essential input for making ammunition) QUESTION: Compute the direct and cross-price elasticity of demand at equilibrium prices and quantities, for Pr=15 and p,=12. Consider the diagram to the right, which depicts the supply of broadband Internet service. The supply of broadband service is given by Qs = 12.5P-150, where Q is the quantity of services (in hundreds) and P is the price per month. Assume that the price of broadband service is $25 per month. Determine the following, paying particular attention to the units in which quantity is denominated: a. The total number of services providers will supply at that price b. The total amount received by producers for that service, areas D and E c. The producer surplus received by suppliers, area D Price ($/month) $25 0 D E 1 ? Quantity of broadband services (100s of subscribers) I