INFORMATION NEEDED TO ANSWER THE QUESTION IS BELOW, AND THE QUESTION IS AT THE END. THANK YOU! Gas = $10 per 1,000 cubic feet Price of an oil furnace = $2,000 Average annual household income = $40,000 Cost of Crude Oil = $25 per barrel Cost of Refining Oil = $15 per barrel QUESTION: The equilibrium quantity in this market is _________ thousand barrels of heating oil per day and the equilibrium price is $_________ per barrel.
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INFORMATION NEEDED TO ANSWER THE QUESTION IS BELOW, AND THE QUESTION IS AT THE END. THANK YOU!
Gas = $10 per 1,000 cubic feet
Price of an oil furnace = $2,000
Average annual household income = $40,000
Cost of Crude Oil = $25 per barrel
Cost of Refining Oil = $15 per barrel
QUESTION: The
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- Market for Gasoline Price (per litre) $5 4 3 2.50 2 1.50 1 0 ***** S1 Reference: Ref 3-4 Figure: Demand and Supply of Gasoline S2 D 100 200 300 400 500 600 Quantity of gasoline (per month) Use the graph for the market for gasoline above. A factor that may have changed supply from S₁ to S₂ is: Select one: O a. increased prices of substitutes in production for gasoline. b. lower labour productivity in gasoline production. O c. better technology in the production of gasoline. d. increased demand.Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 Quantity Demanded (Gallons per Day) Al 1 2 Betsy 1 Casey 2 Daisy Eddie Market Total 34 @ 2 H 4x 0 2 1 F2 1 $4 $3 $2 3 2 a: What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. Q Search #3 3 1 3 4 2 4 4 1 3 4 3 F3 $1 5 2 4 6 5 54 $ Price per Gallon $5 $4 $3 $2 $2 $1 Quantity Supplied (Gallons per Day) Firm A 3 3 Firm B 7 5 Firm C 6 4 Firm D 6 5 3 4 2 2 Firm E Market Total 4 F4 a DII 45 1998 % F5 PrtScn FB * > 8 Home F9 9 End F10-How has Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the “main influences” you chose had an impact on the gasoline market.
- Use the diagrams below to answer the following questions: Price per gallon ($) Milk Demand in Gallons 4.00 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.001 A B D 0 1 2 3 4 5 6 7 8 9 10 Quantity (gallons per month) K7 Price per gallon ($) Milk Demand in Quarts 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.001 A B -D 0 4 8 12 16 20 24 28 32 36 40 Quantity (quarts per month) N The diagram on the left depicts Marley's demand for milk in gallons. If price falls from $2.25 per gallon to $1.75 per gallon, gallons purchased would increase from 3 to 7 gallons (4 gallons) per month. The slope of this demand curve is (Enter your response rounded to three decimal places.) The diagram on the right depicts Marley's demand for milk in quarts. If there is an identical price decline, quarts purchased would increase from 12 to 28 (16 quarts) per month purchased. The slope of this demand curve is (Enter your response rounded to three decimal places.)The demand and supply schedule for gas is in a competitive market is shown in the Assume that you know the different prices and the different levels of quantity demanded and quantity supplied of gasoline in The Bahamas per month, other things remaining the same. a table below. NEW Quantity Supplied ('000 Gallons) Price Quantity DEMAND Demanded ($ per gallon) ($ per gallon) ('000 Gallons) 4.00 52,000 48,000 4.50 50,000 50,000 5.00 48,000 52,000 5.50 46,000 54,000 6.00 44,000 56,000. Construct the information given in the table in the space provided.Given the following data on individual gasoline demand and supply, calculate the market demand and supply, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Ali 1 2 0 1 2 2 Brianna Cole Market Total 3 1 3 $2 $1 4 1 3 5 2 4 Price per Gallon $5 $4 $3 $2 $1 Quantity Supplied (Gallons per Day) Firm A 1 Firm B 2 Firm C 2 Market Total 1 3 2 1 1. 2 0 1 1 a. What is the equilibrium price? per gallon b. Suppose the current price is $5. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 0 0 0
- The following data are taken from a United States Department of Agriculture (USDA) reportfor the wheat market. b) From the information in table 2 would you predict an increase or decrease of wheatprice for 2022? Show and explain the formulae you apply.Q8- Suppose the quantity demanded weekly of the Super Titan radical tires is related to its unit price by equation p+x^2=241, where p is measured in dollars and x is measured in units of a thousand. How fast is the quantity demanded changing when x= 13, p= 72, and the price/tire is increasing at the rate of $7/ week? Round the answer to the nearest integer. Dropping at the rate of _______ tires/wkThe table below shows how supply and demand of gasoliine vary depending on the price: Demand (million of gal.) Price ($/gal) Supply (million of gal.) 1 787 483 1.2 700 550 1.4 640 600 1.6 580 623 1.85 531 660 2.2 450 680 2.4 430 700 2.6 420 720 2.8 390 735 2.9 357 765 Note: there is some randomization in the above data to account for price fluctuations. Make sure to check that you input the correct data in your device. Perform the following work • Assume that Supply has a quadratic relationship with the price. Find this relationship (the help buttons contain an article to compute trend-lines in Excel): S(p) = Round your answer to 3 decimal places • Assume that the Demand has a quadratic relationship with the price. Find this relationship (the help button links to an article to compute trend-lines in Excel): D(p) = Round your answer to 3 decimal places Use the trendlines to find the price corresponding to the equlibrium price between supply and demand: $ per gallon Round your answer to…
- 1. Much of the demand for U.S. agricultural output comes from other countries. Suppose that the total demand for wheat in the U.S. wheat market is QDT = 3,244 – 283P, where P is the price measured in dollars per bushel and Q is the quantity of wheat expressed in millions of bushels per year. Of the total demand, total domestic demand was QD,US = 1,700 – 107P. Total supply of wheat in the U.S. market is QST = 1,944 + 207P. As a result of the ongoing trade war with China, suppose the export demand for wheat falls by 40 percent. a. U.S. farmers are concerned about this drop in export demand. How does this drop in export demand impact the market price of wheat in the U.S.? Do farmers have much reason to worry? Explain/support your answer. b. How does the reduction in export demand affect U.S. consumer surplus in the wheat market? Illustrate and explain. c. Now, suppose the U.S. government wants to buy enough wheat to raise the price to $3.50 per bushel. With the drop in export…13. The market for good B is in equilibrium. Then a technological innovation reduces costs of production of good B and, simultaneously, the price of a complement good increases. The equilibrium price of good B will either increase, decrease, or stay the same, and the equilibrium quantity will increase. decrease and the equilibrium quantity will either increase, decrease, or stay the same. increase and the equilibrium quantity will either increase, decrease, or stay the same. either increase, decrease, or stay the same, and the equilibrium quantity will decrease.What do we mean by talking about "Demand for one product" and "Supply of one product"? Could you discuss the impact of Covid-19 crisis for (people's lives) the demand and supply of retail businesses in Cambodia?