53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70
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- 53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8 a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000? c. Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What are the equilibrium price and equilibrium quantity? d. If the price was $120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?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 ValueDODODO 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…
- 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?Refer to the figure, Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles S 10 20 30 40 50 60 70 80 90 100110 Quantity Toola DL 0 O Use the graph to show the area representing the deadweight loss, and then determine the deadweight loss created as a result of setting the price at $150. Instructions: Use the tool provided "DL to illustrate this area on the graph. Deadweight loss: $img' (a If po increases, what happens to the demand and supply of public transportation (shifts left/shifts right/doesn’t change) What happens to the equilibrium quantity and price for public transportation? (increase/decrease) (b)At a given price p, as oil becomes more expensive (po increases), does the (own) price elasticity of demand for public transportation increase / decrease / stay the same? (c) Calculate the cross-price elasticity of public transportation demand with respect to the oil price po, at the point p = 1 and po = 2. Are the two goods (public transportation and oil) substitutes or complements, or unrelated?
- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 10012LGjjfiV9KIUa7A14QC7gvvPrKFtW6ZwP60WrVE/edit AP 100% PRICE Dolars perp Answer Price ($) 10. Using the graph below, determine the equilibrium price and quantity of pens. 0000 5000- 3000 2000- Normal text Answer: RUBRIC Worksheet 2 Scenario 11. Using the graph below, determine the approximate equilibrium price and quantity of soap. Supety 3 QUANTITY ons of pens) Demand Curve Arial Supply Curve Cartoon P Quantity Supplied Price determination AND PRICE 11 Demand + B I UA AThe figure below represents the weekly demand for GPS units. Price (dollars) 220 200- 180- 160 140 120 100- 80 60 40 20 0 Demand for GPS Units 40 80 120 160 200 240 280 320 360 400 440 Quantity (GPS units) < Prev ***Y 3 of 18 +++ www Next Maternit
- What would the gasoline price elasticity of supply mean to UPS or FedEx?Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?Review Figure 3.4. Suppose the government decided that, since gasoline is a necessity, its price should be legally capped at 1.30 per gallon. What do you anticipate would be the outcome in the gasoline market? Figure 3.4 Demand and Supply of Gasoline