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- Explain why you think that the demand of one product may diminish as prices are increasedFor each question start with a supply and demand graph of the market for tennis rackets. What happens to supply or demand in each scenario? Explain why and show on graph labeling the new equilibrium point.Enumerate some (a) advantages and (b) disadvantages of learning the concept of demand and concept of supply.
- Select and name a market of any well-known product , draw its market diagram, state and name four different factors that might cause changes in equilibrium price and quantity.explain how and when demand and supply have changed (shifted) for online shopping. Provide examples of historical or current events where market demand and market supply for online shopping have shifted significantly, and state the factors that you believe have caused the shift in supply and/or in demand.Suppose government has been able to reduce the level of tobacco consumption in the country through a social campaign. a) Properly labeling the axes, draw a figure showing the current supply of and demand for tobacco and equilibrium price and quantity demanded and supplied. b) Provide a brief explanation about new equilibrium price
- vSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.On a supply-and-demand diagram, show equilibrium price, equilibrium quantity, and the total revenue received by producers.The table below gives the quantity of fancy widgets demanded and the quantity supplied for selected prices. (a) Find the linear equation that gives the price as a function of the quantity demanded. (b) Find the linear equation that gives the price as a function of the quantity supplied. (c) Use these equations to find the market equilibrium price. Price Quantity ($) Demanded (thousands) Supplied (thousands) 40 50 60 70 100 Quantity 270 250 230 210 150 0 160 320 480 960 C (a) What is the price as a function of the quantity demanded? p=0 (Type an expression using q as the variable. Type your answer in slope-intercept form.) (b) What is the price as a function of the quantity supplied? p= (Type an expression using q as the variable. Type your answer in slope-intercept form.) (c) What is the market equilibrium price?
- Explain using words and graphs of how the supply curve is derived( where do they come from)?How would marginal utility and market demand be affected by a rise in the price of a contemporary good?What are some general factors that can impact the demand for a product and the supply of a product? Identify at least two factors for each and explain the different ways these determinants can shift supply and demand either left or right.