Consider a hypothetical market for copper (q), where q is measured in 1000 tons. Suppose the supply of virgin copper is Sv = 10+5q. Suppose that the supply for recycled copper is Sr = 15+2.5q. Demand for copper is P = 65 - 1.5q. Note, buyers don't distinguish between recycled and virgin copper. The equilibrium price and output for copper is (hint: draw a graph) q=8.46, p = $52.31. q=0, p = $65. q=12.50, p = $46.25.
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- Consider a hypothetical market for copper (q), where q is measured in 1000 tons. Suppose the supply of virgin copper is Sv = 10+5q. Suppose that the supply for recycled copper is Sr = 15+2.5q. Demand for copper is P = 65 – 1.5q. Note, buyers don’t distinguish between recycled and virgin copper. a. Draw a graph that illustrates these supply and demand conditions. b. What will the equilibrium output level of copper be in this market? What will the equilibrium price be? How much of this copper will be recycled? Label these values on your graph in part a. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Consider the market for gasoline. Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of litres of gasoline per month; price is the price per litre (in cents). Demand: P = 300-24Qº Supply: P = 120+8Q² Compute the equilibrium price and quantity. The equilibrium quantity is million litres. (Enter your response rounded to one decimal place.) The equilibrium price is cents per litre. (Enter your response rounded to the nearest cent.)A baker will supply 17 jumbo cinnamon rolls to a cafe at a price of $3.91 each. If she is offered $3.15, then she will supply 4 fewer rolls to the cafe. The cafe's demand for jumbo cinnamon rolls is given by p = D(x) = -0.48x + 8.05. What is the equilibrium point? ___ rolls at a price of $ ___ each
- What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.The marginal price for a weekly demand of x bottles of shampoo in a drugstore is given by the function shown below. Find the price-demand equation if the weekly demand is 150 when the price of a bottle of shampoo is $2. What is the weekly demand when the price is $4.50? - 9,000 p'(x) = (3x + 50)? 2 Find the price-demand equation. (Type an equation.)Consider the demand function for processed pork in Canada, Q. = 590.00 – 36p + 20p, + 3p. + 0.002Y The supply function for processed pork in Canada is: Q. = 442.00 + 52p - 60p, p is the price of pork Pn is the price of beef = $4 per kg Q is the quantity of pork demanded Po is the price of chicken = $3 per kg (measured in millions of kg per year) Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $and the equilibrium quantity of pork is million kg per year. (Enter numeric responses using real numbers rounded to two decimal places.) étv MacBook Air DII DD 80 F8 F9 F10 F2 F3 F4 F5 F6 F7
- Your research department estimates that the supply function for high definition televisions (HDTVs) is given by Qxs = 2,000 + 3 Px − 4 Pt − Pw where Px is the price of HDTVs, Pt represents the price of a tablet, and Pw is the price of an input used to make HDTVs. Suppose HDTVs are sold for $400 per unit, tablets are sold for $250 per unit, and the price of an input is $1,400. How many HDTVs are produced?The market demand function for ice cream cones is 3D19.5-3.5P. The market supply function for ice cream cones is = = 10P - 17 %3D a. What is the equilibrium price in the market for ice cream cones? InstructionsS: Round your answer to 2 decimal places. S. b. What is the equilibrium quantity in the market for ice cream cones? Instructions: Round your anşwer to the nearest whole number.Your research department estimates that the supply function for high definition televisions (HDTVs)is given byQ = 2,000 + 3 Px − 4 Pt − Pwwhere Px is the price of HDTVs, Pt represents the price of a tablet, and Pw is the price of an inputused to make HDTVs. Suppose HDTVs are sold for $400 per unit, tablets are sold for $250 per unit,and the price of an input is $1,400. How many HDTVs are produced?
- Suppose the estimated supply function for avocados is given by QS = 48 + 15p – 10pf , where pf is the price of fertilizer. The estimated demand for avocados is given by Qd = 233 - 40p + 5pt , where pt is the price of tomatoes per pound. Solve for the initial equilibrium price and quantity of avocados if the price of fertilizer, pf ,is equal to $0.35 per lb. and price of tomatoes, pt, is equal to $0.80 per lb. Solve for the new equilibrium price and quantity of avocados if the price of fertilizer, pf , increases to $0.90 per lb. and price of tomatoes, pt, remains $0.80 per lb. Use these equilibrium values from parts a. and b. to solve for the price elasticity of demand for avocados. Given your calculations, are avocados elastic, inelastic or unit-elastic? Have total expenditures on avocados increased, decreased, or not changed as a result of the change in the price of fertilizer?Consider the demand ftunction for processed pork in Canada, Q, = 796.00 - 37p • 20p, + 3p. + 0.002Y %3D The supply function for processed pork in Canada is: Q = 363.00 + 54p - 60ph pis the price of pork Pp is the price of beof = $4 per kg Q is the quantity of pork demanded Pe is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is S and the equilibrium quantity of pork is milion kg per year. (Enter numeric responses using real numbers rounded up to two decimal places.)Consider the demand function for processed pork in Canada, Qd = = 270.00 - 12p +20p + 3pc +0.002Y The supply function for processed pork in Canada is: Qs p is the price of pork Q is the quantity of pork demanded (measured in millions of kg per year) Solve for the equilibrium price and quantity for pork. The equilibrium price of pork is $ rounded to two decimal places.) = 234.00 + 36p - 60ph Pp is the price of beef = $4 per kg Pc is the price of chicken = $3 per kg Y is the income of consumers = $12,500 Ph is the price of a hog = $1.50 per kg and the equilibrium quantity of pork is million kg per year. (Enter numeric responses using real numbers