25. Based on the information given in the diagram below draw the Offer Curve for the nation. You must show all the calculations (e.g. consumption, production, and offer at each price). Y 120 85 60 45 40 0 40 65 IC₁ IC₂ P₁=1 PA4 IC₁ 80 85 100 X
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- What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?½ 1.CQLPrecalc.2 The monthly supply S(p) and demand D(p) for a video game console is given by the graphs. Complete parts a-e below. Quantity, q S(p) = D(p) = (Type expressions using p as the variable.) 5000- 4500- 4000- 3500- 3000- 2500 2000-€ 1500- 1000- 500-S(p) 0+ 0 (p) 200 400 600 800 1000 Selling price per unit, p a) Describe how the increased selling price of an item affects the consumer demand and producer supply. If the selling price of an item is higher than it should be, the consumer demand for the item will decrease and the producer's willingness to supply it will increase. b) Find formulas for the functions q = D(p) and q = S(p).2. Complete the demand schedule below for the given equation Qd 750 -10P at given prices P12.00, PI5.00, P18.00, P21.00, and P24.00. Price (x) In Php Quantity Demanded ty) 12.00 15.00 18.00 21.00 24.00 Required: a. Complete the table b. Plot the schedule on a graph c. Determine the alope d. Interpret the slope e. Answer the following questions: 1. What is the maximum amount people would want product? 2. If the price rises to P30.00 from an original price o P24.00, what would be the change in the quantity demanded by consumers? 3. IE the quantity demanded of the product changed by 60 units, how much was the change in price? 4. If the price is expected to increase by P25.00, what would be the expected impact to the quantity demanded of the product? eant for this
- The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100A D D2 Do Quantity Refer to the figure. Using the graph above, a movement from point A to point C indicates a(n): a) increase in quantity demanded b) decrease in quantity demanded O c) increase in demand d) decrease in demand 888 2# %24 Price
- Which of the following equations correctly represents solving Q = 140 - 4P for P? O P 35-4Q O P = 140 - Q OP 140 - 4Q OP=35-1Q O P = 140+ Q Plot the relationship between P and Q on the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis. PRICE 40 35 30 25 20 15 л 10 ?Along demand curve Do,what is the quantity demanded when the price is $8? 10 8 4 Do D2 10 30 40 50 Quantity (gaming apps) 04 O 10 Price ($) 20%24 林 Figure 63 Price E of O$ estion D2 Quantity 63. Refer to Figure 63. What kind of shift in demand does this graph show? Select one: O a. A movement in demand Ob. A decrease in demand None of the above O d. An increase in demand Type here to search っ近 0 米 23 3. 4. 2.
- Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demandhe quantity demanded each month of Russo Espresso Makers is 250 when the unit price is $136. The quantity demanded ach month is 1000 when the unit price is $106. The suppliers will market 750 espresso makers when the unit price is $80 er higher. At a unit price of $100, they are willing to market 2250 units. Both the supply and demand equations are known o be linear. (a) Find the demand equation. -1 -x + 146 25 p = (b) Find the supply equation. 1 x+ 70 p = 75* (c) Find the equilibrium quantity and the equilibrium price. |× unitsCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demand