Price (Dollars) 700 500 200 о South Korea (Less Elastic Submarket) Canada (More Elastic Submarket) Price (Dollars) 500 400 De MC-- --200- MRSK 25 35 888 Price (Dollars) 300 500 MC- -200- MRC 0 10 20 30 Steel (Tons) Steel (Tons) What is the equilibrium price for Canada and South Korea after discrimination? O a 500$, 500$ db 700$, 400$ Ос 400$, 700$ Od 700$, 500$ Total Market MC ATC DSK C MASKic 0 15 30 45 60 Steel (Tons)
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- -x 230. If the demand Curve is the form of P= 10e ? where P is the price and x is the demand, what is the Price elasticity of Demand? (a) Kx (b) 는 (c) 5x (d) None1. The American Mining Company is interested in obtaining quick estimates of the supply and demand curves for coal. The firm's research department informs you that the elasticity of supply is approxi- mately 1.7, the elasticity of demand is approximately -0.85, and the current price and quantity are $41 and $1,206, respectively. Price is measured in dollars per ton, quantity is captured as number of tons per week. (a) Is demand elastic, inelastic or unit elastic? Explain (b) Write down the linear supply and demand curves at the current price and quantity. (c) Using Excel, provide a graph of the demand and supply curves. Is the market in equilibrium? (d) Calculate the Total Revenue, Average Revenue, and Marginal Revenue of the American Mining Company at the equilibrium price and quantity.PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some
- The following graph shows the market for pianos in 2007. Between 2007 and 2008, the equilibrium price of pianos remained constant, but the and equilibrium quantity of pianos increased. From this, you can conclude that between 2007 and 2008, the supply of pianos the demand for planos Adjust the graph to illustrate your answer by showing the positions of the supply and demand curves in 2008. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. ? Supply CE (Dollars per plano) oming F2 0- F3 F4 F5 a F6 Demand 1 Supply I' F7 F8 C F9 F10 F11 Fn LockThe quantity demanded each month of russo Espresso Makers is 250 when the unit price is $140; the quantity demanded each month is 1000 when th e unit price is $110. the suppliers will market 750 expresso makers if the unit price is $60 or higher. At a unit price of $80 they are willing to market 2250 units Both the demand and supply equations are known to be liniear. A: Find the demand equation. B: Find the supply equation. C: Find the equilibrium quantity and the equilibrium price.Can you think of an industry (or product) with near infinite elasticity of supply in the short term? That is, what is an industry that could increase Qs almost without limit in response to an increase in the price?
- e. Perform the follow tasks and calculations as they pertain to the graph. a. Show points A and B on curve D1 in the form of ordered pairs. b. Calculate the Slope for flights moving from point A to point B on the curve. c. Explain in “economic terms" your results. Please show all work as you will receive partial points.img' (a If po increases, what happens to the demand and supply of public transportation (shifts left/shifts right/doesn’t change) What happens to the equilibrium quantity and price for public transportation? (increase/decrease) (b)At a given price p, as oil becomes more expensive (po increases), does the (own) price elasticity of demand for public transportation increase / decrease / stay the same? (c) Calculate the cross-price elasticity of public transportation demand with respect to the oil price po, at the point p = 1 and po = 2. Are the two goods (public transportation and oil) substitutes or complements, or unrelated?What is the state of elasticity of demand if it has demand curve that is parallel to horizontal axis and it as a horizontal demand curve? (a) Zero (b) Infinite (c) Equal to one (d) Greater than zero but less than infinity
- 6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50A vegetable fiber is traded in the US, has the following domestic supply and demand for various price levels as shown: Price US Supply (Million kilograms) US Demand (Million kilograms) 3 2 34 6 4 28 9 6 22 12 8 16 15 10 10 18 12 4 (a) What is the equation for demand? What is the equation for supply? (b) At a price of $9, what is the price elasticity of demand? What is it at a price of $12? (c) Do you think the product demand is elastic or inelastic at $9 and $12 respectively?The elasticity of demand for apples is estimated to be-1.75, If the price of apples falls by 10%, how large do we expect the quantity of apples demanded to rise? A-10% B-175% C. 17.3% D. 35% OA OB OC OD