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- A. Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3Qp Ps = 5+ 20s Assume that there is an advancement in technology that causes the input cost of the good to decrease. Thi cause the supply curve to shift rightwards by 2 units. 1. Find the new demand price elasticities at the equilibrium 2. Find the new supply price elasticities at the equilibrium 3. Find the new Consumer Surplus 4. Find the new Producer SurplusPleaseAn increase in the price of Office 365 subscriptions above the equilibrium will a. Shift the Office 365 subscriptions’ supply curve to the right.b. Shift the Office 365 subscriptions’ demand curve to the right.c. Cause a surplus of Office 365 subscriptions.d. Cause a shortage of Office 365 subscriptions.
- A change in the price of a product will cause: Select one: a. a shift in the supply curve b. a change in quantity supplied c. a change in demand for a product d. a change in consumer preferences Which of the following products is most likely to have an elastic demand? Select one: a. cigarettes b. toothpicks c. automobiles d. insulin Refer to the below information. Equilibrium price will be Select one: a. $2 b. $1 c. $4 d. $36. Demand and supply for a product are given as Q = 100 - 2P, Q = 10 + P, respectively. a. Graph demand and supply on the same coordinate system. b. Find the equilibrium price and quantity. c. What is the surplus quantity when P = $35? d. What is the shortage quantity when P =$20? e. Find the price elasticity at the equilibrium point?A. Assume a market of a specific good. The demand and supply equation is as shown below: Pp = 70 – 3Qp Ps = 5+ 20s Assume that there is an advancement in technology that causes the input cost of the good to decrease. Thi cause the supply curve to shift rightwards by 2 units. 1. Find the new equilibrium price 2. Find the new equilibrium quantity 3. Find the new demand price elasticities at the equilibrium 4. Find the new supply price elasticities at the equilibrium 5. Find the new Consumer Surplus 6. Find the new Producer Surplus
- Buyers as a group determine supply, and sellers as a group determine the demand of the product a. True b. False1) If supply increases and demand also decreases, we can conclude that the new equilibrium: a. Quantity must increase but market price may fall, stay the same or even increase. b. Price must fall but market quantity may fall, stay the same or even increase. c. Price must increase but market quantity may fall, stay the same or even increase. d. Quantity must decrease but market price may fall, stay the same or even increase. e. Both market quantity and market price must increase. f. Market quantity must increase and market price must decrease. 2.) One of the following equations represents a supply curve and the other a demand curve. You have to decide which is which. Circle the answer for question three that is the closest to being correct. The equations are: Q = 150 - 10P Q = 100 + 5.6P What quantity will be demanded if the market price is forced to be $9? 3.2 60.0 111.0 118.0 130.0…help me tutors (choose answer correctly) not neccessarily to explan. 1. Evaluate the movement from point A to point B on the graph shows. a. decrease in demand. b. decrease in quantity demanded.c. an increase in quantity demanded.d. an increase in demand. 2. According to the graph, what are equilibrium price and quantity. a. $7, 20 b. $5, 40c. $7, 60 d. $3, 60
- 1.4 If the price is set at R10, the market will A. experience a surplus (excess supply) of 50. B. experience a surplus (excess supply) of 40. C. experience a shortage (excess demand) of 40. D. experience a shortage (excess demand) of 10. E. still be in equilibrium. 1.5 If the price elasticity of demand is 1.6 and a firm increases the price of its product by 10%, it would expect its total revenue to A. decrease by 16%. B. increase by 16%. C. increase by 6%. D. remain constant. E. decrease by 6%. 1.6 Nash equilibrium can be defined as the competitive outcome where A. all firms set prices equal to average cost and all firms make economic profit. B. each firm sets a price equal to marginal cost and each firm makes economic profit. C. each firm sets a price higher than marginal cost and each firm makes economic profit. D. each firm sets a price lower than marginal cost and each firm makes economic profit. E. firms set a price lower than average cost and all firms make economic profit. 1.7…Researchers find that drinking beer has positive health effects. What impact will this have on the price of beer and producer surplus? Select one: a. they both decrease b. the equilibrium market price increases, and producer surplus decreases c. they both increase d. the equilibrium market price decreases, and producer surplus increases. Suppose the price elasticity of supply for a product is zero. This means that: a. There is a shortage. b. The firm makes the same amount of product even if the price changes some. c. The firm makes the same amount of revenue even if the price changes some. d. No one wants to buy the good. e. The supply curve is horizontal.