Consider a market given by the following supply and demand equation: MC=1+5Q WTP=97-3Q If the government were to impose a price floor resulting in a quantity exchanged of 4, calculate the price at which the price floor is set.
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- Calculate the effect of a price floor on the equilibrium priceand quantity.What I Can Do I Can Task 3 Direction: Determine the price and quantity equilibrium in the market of the given equation: Qu = 68 – 6P Qs = 33 + 10PThe annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collected
- Predict how each of the following economic changes will affect the equilibrium price and quantity in the financial market for home loans. Sketch a demand and supply diagram to support your answers. The number of people at the most common ages for home-buying increases. People gain confidence that the economy is growing and that their jobs are secure. Banks that have made home loans find that a larger number of people than they expected are not repaying these loans. Because of a threat of a war, people become uncertain about their economic future. The overall level of saving, in the economy diminishes. The federal government changes its bank regulations in a way that makes it cheaper and easier for banks to make home loans.What is meant by a price floor?what happen to equilibrium price and quantity in the following situation? in the market for coca-cola, the price of pepsi, as subtitute, increase at the same time wages paid to worker at coca-cola increase. in the market for lectture, the goverment raises the current market price above equilibrium, and it cannot change meaning the price adjust without a shift in either curve.
- © Macmillan Learning Suppose the accompanying graph depicts a market for one pound bags of candy. Place the line labe! Shortage at a price that would generate a shortage and then, determine its size. Price per bag 10 9 8 7 5 4 3 2 1 2 Market for Candy Shortage 3 4 5 6 7 Quantity (millions of bags) S 8 D 9 10 Shortage= 3 million bagswhat is the effect of a price floor in market of the goods in economicsConsider the following equations for supply and demand: At a price of $75 what is the quantity demanded? Record your unitless answer to two decimal places Your Answer: P=135-5Q P=5+4Q Answer
- The Rise in quantity demanded to do the fall in the prices of the commodity is known as ______??Suppose that the demand for a concert is represented by the following equation, where P is the price of concert tickets and QD is the quantity of tickets demanded:QD = 2200 - 24PThe supply of tickets is represented by the equation where P is the price of the tickets and QS is the quantity of tickets supplied:QS = -500 +79PGive all answers to two decimals. 1. Find the equilibrium price and quantity of tickets sold. 2. Calculate the consumer surplus and producer surplus at the equilibrium price and quantity. Use the formula for the area of a triangle, (½ × base × height), to calculate each value.Calculate the effect of a price ceiling on the equilibrium priceand quantity.
