Question
In: Economics
if you have the following demand schedule(15 Marks) P Q 10 0 9 3 7 11...
if you have the following demand schedule P Q 10 0 9 3 7 11 3 30 1 40 0 45 Answer the following: 1. Draw the demand curve. 2. Show that the slope of the demand curve is negative. 3. Explain why the slope of the demand curve is negative. 4. Explain the meaning of the intersection of the demand curve with the horizontal and the vertical axes. 5. If income increases from $500 to $1000 .How would that affect the demand curve? Draw? Explain?
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
A monopolist is facing the following demand schedule P=24-3Q. That is, Q=0 implies P=24, then Q=1...
A monopolist is facing the following demand schedule P=24-3Q.
That is, Q=0 implies P=24, then Q=1 implies P=21, and Q=2 implies
P=18, and so one. Fixed costs will be neglected in this analysis.
The marginal cost is constant and equal to 6 for every unit
produced. How do I find the quantity produced and the amount of
maximum profits? How do I find the Price and quantity to yield the
efficient solution? How do I find what happens if a...
The demand equation for a market is given by p(q + 3) = 15 and, for...
The demand equation for a market is given by p(q + 3) = 15 and,
for some constant α, the supply equation is q = αp − 1 where p is
the price and q is the quantity. Given that the equilibrium price
for this market is three, determine the equilibrium quantity and
the value of α. Find the consumer and producer surpluses?
11. (10 marks) Supply and Demand - Application of Simultaneous Equations (a) (7 marks) Find the...
11. Supply and Demand - Application of Simultaneous
Equations
(a) Find the equilibrium price and quantity in each of
the following markets:
(i) Qd = 6 − 2p, Qs = 3 + p;
(ii) Qd = 10 – 5/2 p, Qs = 3 + p;
(iii) Qd = 1 − p, Qs = 3 + p. Comment on the situation in market
(iii).
(b) What would be the effect of a purchase/sales tax
of 1 cent per item in (ii)...
3. Consider the following information on the production of basketballs. Demand: P = 10 – Q;...
3. Consider the following information on the production of
basketballs. Demand: P = 10 – Q; Marginal Revenue = 10 – 2Q;
Marginal Cost = 1 + Q. a. Graph Demand, Marginal Cost, and Marginal
Revenue on the same chart. b. In a competitive market, what would
the price and quantity be? c. Now assume this is a monopolistic
market. What quantity will the monopolist produce? How much will it
charge? Is the monopolist producing too much or too little...
2, 9, 15, 5, 11, 7, 11, 7, 5, 10 find the population mean, the population...
2, 9, 15, 5, 11, 7, 11, 7, 5, 10 find the population
mean, the population variance and the population standard
deviation
6: Demand: P = 15 - Q, MR = 15 - 2Q, MC = 3 What...
6: Demand: P = 15 - Q, MR = 15 - 2Q, MC = 3 What is the
monopoly's profit?
36
15
72
18
7:Demand: P = 15 - Q, MR = 15 - 2Q, MC = 3 What is the
monopoly's deadweight loss?
32
18
22
36
8:Demand: P = 15 - Q, MR = 15 - 2Q, MC = 3 What is the loss in
output moving from a perfectly competitive outcome to the monopoly
outcome?
4
6...
Suppose you have a demand curve of P = 10 - Q and a supply curve...
Suppose you have a demand curve of P = 10 - Q and a supply curve
of P = 2 + Q. If the government imposes a tax of $8 per unit of
quantity sold on the sellers in this market, then what is the
market quantity traded as a result of the tax? Then, what are the
consumer surplus, producer surplus, and deadweight loss (after the
$8 tax)?
You have estimated that the price of an ounce of unobtanium is Q(P)=110 – 9/10 ×...
You have estimated that the price of an ounce of unobtanium
is
Q(P)=110 – 9/10 × P,
where Q is the number of tons demanded. If the current price is $29
per ounce, what is elasticity of demand?
You have estimated that the price of an ounce of unobtanium is Q(P)=110 – 9/10 ×...
You
have estimated that the price of an ounce of unobtanium is Q(P)=110
– 9/10 × P, where Q is the number of tons demanded. If the current
price is $29 per ounce, what is elasticity of demand?
Consider the following supply and demand equations: Supply: p = 10 + q Demand: p =...
Consider the following supply and demand equations:
Supply: p = 10 + q
Demand: p = 100 − 2q
Show your work as your respond to the following
questions.1
(a) What is the market equilibrium price and quantity?
(5%)
(b) What is the Total Surplus at equilibrium? (5%)
(c) The government enacts a price ceiling at ¯p = 50. What is
the Total Surplus?
D）Calculate the Consumer Surplus under a price ceiling of ¯p =
20.
(e) What is the...
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