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- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?The US government reduces the tariff on imported coffee will this affect the supply or the deman for coffeeLGlve Ust O Hint Question 15 of 24 Check Answer The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (Ib) 180 500 155 210 200 460 180 180 6. 250 410 200 160 5. 4 280 360 220 140 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? lb I quantity demanded, Cameroon: price, Cameroon: lb quantity demanded, Nigeria: price, Nigeria: %24 %24
- Which of the following causes for an increase in the supply of a product? a. An increase in the rate of tax b. An increase in the cost of production c. An increase in subsidy d. A decrease in the number of sellersThe demand equation is 4,750,000 -1700P and the supply equation is -1,250,000 + 1300P. Solve for the equilibrium price and quantity.Skii resorts have an inelastic supply, and motorcycles have an clastic supply. Suppose that a rise in population doubles the demand toboth products (that is, the quantity demanded at each price is twice what it was) a.What happens to the equilibrium price and quantity in each market?b. Which product experiences a larger change in price?c. Which product experiences a larger change in quantity?d. What happens to total consumer spending on cach product?
- Suppose an economic boom causes incomes toincrease. Explain what will happen to the demandand supply of phones, and predict the direction ofthe change in the equilibrium price and quantitySolve fo the Solve for the . Supply and demand function /equation Show your graph Supplicd Price Quantity Demanded I Quantity 127.75 So 01What is the supply and impact. demand curves of Add use8? i) When trend of gdd jeuel ry market, i When income of byyer increases price of fuel rises ivi When govermmint chatge toxeS . on intsoduces in 1) When 79
- astic and inelastic supply The following graph plots a supply curve for some hypothetical good. PRICE (Dollars per unit) 270 135 0 35 W QUANTITY (Units) Supply 112 126 ?The demand for wine in town A is actually pA=40−1/2qA; NOT 12qA. Coudl you please let me know how that changes the asnwer?In 2018, a cold front in Barbados increased both the demand for water heaters andgasolines. The usage of gasoline was 581 tonnes, an increase from 499 tonnes in theprevious year. The Petroleum Company of Barbados advised Government officials thatdemand could outweigh supply and asked companies to increase the supply. They alsoasked major gasoline users, such as power plants, to reduce demand.i. Illustrate the effect of the cold front on the demand for gasoline using a demandcurve diagram over the two years. ii. Assuming the Petroleum Company of Barbados did not issue a directive for anincrease in supply and a decrease in demand, explain the problem that would existin the economy and how would this be corrected over time. iii. Illustrate the effect of major gasoline suppliers increasing supply as well as usersreducing their demand. iv. Discuss one factor EACH that you think influence demand and supply for waterheaters. Provide examples v. Is demand for gas is price elastic or price…
