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- Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?1. The manager of a fleet of cars currently rents them out at the market price of $49 per day,with renters paying for their own gasoline and oil. In a front-page newspaper article, themanager learns that economists expect gasoline prices to rise dramatically over the nextyear, due to increased tensions in the Middle East. What should she expect to happen to theprice of the cars her company rents?Refer to the figure and table to answer the following questions: Price (dollars per ounce) 0.50 0.45 0.40 0.35 0.30 2 0.25 0.20 0.15 0.10 0.05 ABCDEFG с H J A B с Point H to | = D E F G Price (per Ounce) $0.50 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Quantity Demanded (ounces per show) 21 Quantity Demanded (Ounces per Show) 1 2 4 6 9 12 16 20 25 30 Instructions: In part a, round your responses to one decimal place. In part b, round your responses to two decimal places. a. Compute the price elasticity between points C and D and points H and I. Point C to D = b. Compute the total revenue at points C, D, H, and I. At point C = $ At point D = $ At point H = $ At point I = $ c. If there is a price decrease, total revenue will increase when demand is (Click to select)
- Saved Refer to the table below containing the market demand schedule for canoes. Price ($ per canoe) Quantity Demanded (canoes per month) $800 250 700 300 600 350 ok 500 400 nt a. Draw a graph showing the demand curve D. Plot only the endpoints of the curve, 2 points in total, in the graph below. ences Demand for Canoes 900 Tools 800 Demand 700 600 500 400 250 300 200 50 150 350 450 100 400 500 OuantituInaneee nor manth) Mc Graw Hill MacBook Air 888 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 @ 23 $ % & 2 3 4 6. 7 8. E Y w/ Price ($ per canoe)Graph the following data on social and market demand: Im pretty sure I have the graph correct but I am unsure how to find the anwsers to the questions. Price ($) 20 18 16 14 12 10 Market quantity demanded (units per month) 10 20 30 40 50 60 Social quantity demanded (units per month) 20 30 40 50 60 70 Does this product have external benefits or external costs? How large ($) is that externalityThe graph below shows the demand for electricity in England during typical days in winter and summer. The pie chart shows how electricity is used in an average English home. Summarise the information by selecting and reporting the main features and make comparisons where relevant. Figure 1 Typical Daily Demand of Electricity 50000 40000 30000 Winter Summer 20000 10000 o hrs 3 6. 12 15 18 21 24 Different hours of a day Figure 2 What the electricity is used for I Heating room, Heating 15% water 15% 1Ovens, Kett les, Washing 52% Machines 18% ILighting, TV, Radio Vacuum cle ane rs, Food m ixers, Electric too ls Units of Eectricity
- The graph below shows the dsily demand for entry into the downtown core of a major city by commuter vehicles and shoppers' vehicles if they were required to pay a special traffic fee in order to enter. a. Draw the total demend curve. Plot only three points of the curve. Commuters Shoppers 28 Tools Total demand 20 16 12 12 24 36 48 60 72 84 Number of vehicles per day (tens of thousands) b. Assuming that there is no charge for entry, what is the total number of vehicles entering downtown? (Give your answers in tens of thousands of vehicles.) Quantity of vehicles: c. Suppose that government, in an effort to reduce the number of vehicles by 50 percent, decides to impose a traffic fee (the seme fee for both commuters and shoppers) for entry into the downtown areo. What will be the amount of the fee, and how many of each group will enter downtown? Fee: $ Number of commuter vehicles: Number of shoppers'vehicles: d. Assume that government, alternatively, decides to have a two-fee system but…A friend of yours is off to Paris to eat croissants at Laduree on Rue Royale Croissants Total value. EFTIRER ALLEZ MITS 1 2 3 4 3. Why does she eat more at lower prices? 5 6 7 8 2. How many will she eat at $10? How many at $4? $10.00 $18.50 $25.50 $31.00 $35.00 $37.50 $38.50 $38.00 1. What happens to her total happiness when she eats each additional croissant? Is it increasing/decreasing at an increasing/decreasing rate? Marginal Valuewhat are the reason/s of banning McDonald’s from other country’s?
- A company is considering building a bridge across ariver. The bridge would cost $2 million to build andnothing to maintain. The following table shows thecompany’s anticipated demand over the lifetime ofthe bridge:Price per CrossingNumber of Crossings,in Thousands$8 07 1006 2005 3004 4003 5002 6001 7000 800a. If the company were to build the bridge, whatwould be its profit-maximizing price? Would thatlevel of output be efficient? Why or why not?b. If the company is interested in maximizing profit,should it build the bridge? What would be itsprofit or loss?c. If the government were to build the bridge, whatprice should it charge?d. Should the government build the bridge?Explain.DODODO DDO 41% 7:45 PM MSA assignme.. Q Assigument 2 1. The graph below shows the demand curve of two goods by an individual, use the information in the graph to answer the questions that follows; Price GH¢30.00 GHe 25.00 D 0. 2000 2500 3000 Quantity (gallons per day) (a) Calculate the price elasticity of demand for the demand curve, Di. from point A to point C, and the price elasticity of demand for D2 from point A to point B. which demand curve is more elastic, Di or D2? Briefly explain your answer. (b) Given the expenditure function as e(p.q)=pq where p is the price and q is quantity demand. Suppose the individual was purchasing 2000 gallons per day at a price of GHe 30.00 per gallon and the price is cut to GHe25.00 per gallon. calculate tihe change in total expenditure if the demand curve of thc individual is Di? What will be the change in total expenditure if demand is D2? 2. Discuss any four factors that would cause an increase in demand of petroleum engineering program in…4. John Stain estimates that the demand curve for his PaneMaster insulated windows is given by 350-2P Q Currently, John is charging $150 per window, including installation. John is considering a sale. Find the price elasticity of demand for PaneMaster Windows and comment on the advisability of a sale. = a) EQp = -0.67 so the consequences of a sale cannot be determined b) Eqp = -0.67, so a sale would increase profits c) EQp = -6.00, so the consequences of a sale cannot be determined d) EQp = -6.00, so a sale would increase profits
