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- What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.The equation for a supply curve is 4P=Q. What is the elasticity of supply as price rises from 3 to 4? What is the elasticity of supply as the price rises from 7 to 8? Would you expect these answers to be the same?Name some farm that can cause a shift in the supply curve in markets for goods and services.
- How does one analyze a market where both demand and supply shift?Select the correct answer. A price floor will usually shift: demand supply both neither Illustrate your answer with a diagram.en hired as an economic consultant by Google and given the lollwrg derrand wedfor wh st Price of Good X (Millions) Quantity Demanded for XQuantity Demanded ta (Millions) 260 240 5. Y Mllions) 200 220 240 10 15 220 20 200 260 Your advice is needed on the following questions: A) Draw the demand and supply curves for the above market. (4 marks) B) Calculate the price elasticity of demand for software X if the price of soltware X increases tom5 millen to 10 mil p t S whether it is elastic or inelastic.(4 marks) C) Calculate the cross elasticity of demand of software Y when the price of X falls from 20 milion lo 10 Mlion hdie between X and Y. (4 marks) D) Draw diagrams for the demand of X. If other things are not constant what will be the impact on the dend D E) Calculate the equilibrium price and quantity demanded and supply of the above market Label the equilm prt be quantity, and the equilibrium price. (4 marks) O Type here to search
- Question H a Siven the table below, Calculote the average physicol product and morginol physicol produCf Heput lotal physicol Prodoct Aueroge Physicol Pineluct Marginal Physzcol Procuct 4. 24 6)Assume that demand for a commodity Maize is repiesented by the equetion R Ps10-0.2QP ond supply bythe equotion P=a+Du2@s, where Qd and @s are quantity demonded (ng) and Sopploed by Chg),respectiwoly, ond Pis price (us Dolbras) 1 Using the equilibicum Condition Os= Ad, solue the equotions to determine equilibrium price and eqailibium quantity. iJNow,assume that the gover ament intervenes by imposong a morket puce of 18 tor maize. What will be-che market Sutuotion Creadedl la tit this now morhet 19) How can you aduise the with the market situction created in f) ebove?le Chrom elearn.squ.edu.om/m Academic) of Microeconomics Spring20 fall20 A local pizzeria raised its price from $9 to $11 for each pizza and the sales of its pizza decreased from 150 to 100 per day. What is the price elasticity of demand in this case? Select one: O a. -1/2 O b. 1/2 O c. 2 O d. -2 Next page 9448AUse these graphs for the next two questions ما را وا مما نچا B D ی
- The figure belov wS supph i demand curves for bread. 45 4.0 Supply (marginal co 35 30 25 20 00 0 1 00 2.000 3,000 4000 5000 6.000 7.000 8000 9.000 10000 Quantity of loaves, Q You will not be given credit unless you provide a detailed explanation for the following questions! a) What are the equilibrium price and the equilibrium quantity in the bread market? How can you tell? Is there excess supply or excess demand in the bread market when the price of bread is 2.5 euros? Why? Explain how price, quantity demanded and quantity supplied will adjust to reach equilibrium when the price is b) 2.5 euros. Initially, the bread market is in equilibrium. Suppose that there is technological improvement in the production process of bread. Explain how supply and demand curves, equilibrium price and equilibrium quantity c) change as result.The cost of producing flat-screen TVs has fallen overthe past decade. Let’s consider some implications ofthis fact.a. Draw a supply-and-demand diagram to show theeffect of falling production costs on the price andquantity of flat-screen TVs sold.rch Use the figure below to answer the following question. Price CAB 5 2 4 1 6 0 3 0 Quantity In the past few years, the demand for donuts has decreased. This would be illustrated by a change from
