Find the equilibrium prices and quantities for the two good market demand and supply equations. Qai = 263 - 33P + 263 P Qan = 169 + 19P - 37P %3D Q,1 = -71 + 45P %3D Q,2 = -68 + 35 P2 %3D
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- 1. Given the estimated market demand and supply functions for coffee as: Qxd= 85.6 –10Px –3Ps +Y and Qs= 96 + 5Px - 2Pc, respectively, where Qd is the quantity demand, Qs is the quantity supplied, Px= price of coffee, Ps= price of sugar =$0.20; Y= $55,000 (note: Y is income measured in thousands, so the value to use here is $55), and Pc= price of cream=$5. a. Find the demand function at the given values for Ps, Y, and Pc.b. Find the supply function at given value of the price of cream (Pc). c. Based on your answers to questions (a) and (b), what is the market equilibrium price and quantity for coffee. d. List the factors which affect the demand and supply sides of the market for coffee.(c) The demand for watches is given by p = 7000 -2q dollars, and the supply of watches is given by p where q is the number of watches demanded and supplied when the price per watch is p dollars. Based on the information provided, calculate the equilibrium quantity and the equilibrium price for watches. 0.01q? + 2q + 1000 dollars,Homework No1 Given the following equations: • Qdx = 71- 4Px • Qx = 2Px + 5 %3D Submit. Date: Required: a) Find demand and supply tables. b) Find demand and supply curves c) Find the equilibrium price and quantity mathematically. d) Draw the equilibrium graphically 18
- 1. Suppose that a small, tropical country produces mangoes for domestic consumption and possibly for export. The national demand and supply curves for mangoes in this country are given by the following: P = 50 - M P = 25 + M (national demand) (national supply) where P denotes the relative price of mangoes and M denotes the quantity of mangoes (in metric tons). (a) Illustrate these relationships geometrically. What is the autarky price and quantity (b) exchanged? (c) Suppose that the world price of mangoes is 45. Will this small country export mangoes? If so, how many tons?Suppose that the demand curve for corn has the equation p= -0.22q +7.774 and the supply curve for corn has the equation p = 0.2q +3.7, where p is the price per bushel in dollars and q is the quantity (demanded or produced) in billions of bushels. (a) Find the quantities supplied and demanded when the price of corn is $4.60 per bushel. (b) Determine the quantity of corn that will be produced and the price at which it will sell. (a) The quantity supplied when the price of corn is $4.60 is (Round to the nearest whole number as needed.) billion bushels.Q3Use a matrix method to find the equilibrium prices and quantities where the supply and demand functionsfor Good 1, Good 2 and Good 3 are asQd1 = 50 − 2P1 + 5P2 − 3P3, Qs1 = 8P1 − 5Qd2 = 22 + 7P1 − 2P2 + 5P3, Qs2 = 12P2 − 5Qd3 = 17 + P1 + 5P2 − 3P3, Qs3 = 4P3 − 1
- QXd = 14 - 0.5PX and QXs = 0.25PX - 1 a. Determine the equilibrium price and quantity. Show the equilibrium graphically. b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium price and quantity (see video on inverse functions).Assumed that the demand (D) for potato given by demand: Q = 1500 − 15P, where Q isquantity per month measured in kilos and P is price per kilo. 1. Supply is equals to 900 kilos one day, what will the price be?2. Supply were to fall to 300 kilos, what would the price be?3. The D for Potato shifts outward to Q = 2100 − 15P, what will be answer in part 1 and 2 change?4. Graph the results1. The weekly demand (Qd) and supply (Qs) functions for a good X are given by:-Qd = 1000 – 5pQs = -400 + 15p, where P = Price per unit (R)(i) Draw the demand and supply curves on a graph and find the equilibrium priceand quantity (ii) If the demand function changes to 1200 – 5P, show the changes to part (i)above. (iii) Suppose a subsidy of R40 per unit is subsequently granted to producers ofgood X. Determine the new equilibrium price and quantity. (b) Use suitable examples to explain the likely effects of a price ceiling. (c) What do you understand by the ‘Substitution and Income effects’ of a change inprice of a good. (d) Elaborate on the factors influencing Price Elasticity of Demand (PED) and PriceElasticity of Supply (PES) of a good. 2. (a) Explain the concepts of Price Elasticity of Demand (PED), IncomeElasticity of Demand (YED) and Cross Elasticity of Demand (CED)(b) To what extent can PED be important to:-(i) a government, (ii) managers of hypermarkets ‘3. (a) Compare the…
- answer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…A certain product has supply and demand functions given by p=40q+400 and p=5400-60q respectively. (a) If the price p is $1200, how many units q are supplied and how many are demanded? (b) What price gives market equilibrium, and how many units are demanded and supplied at this price? (A) When the price p is $1200, there are ____ units supplied and ____ units demanded. (Simplify your answer) (B) The market equilibrium price is $___ and ___ units are supplied and demanded. (Simplofy your answer)f. The demand and supply functions for two related commodities A and B in two different markets are defined below: Qda= 410-5PA-2PB Qda= 295-PA-3P. QsA= -60+3PA Qss= -120+2P i. Find the equilibrium conditions in the two markets ii. How are goods A and B related? Explain your answer.
