Refer to the information provided in Figure 4.6 below to answer the question(s) that follow. Equilibrium in this market occurs at the intersection of curves S and D. Price/unit
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![QUESTION 3
Refer to the information provided in Figure 4.6 below to answer the question(s) that follow.
Equilibrium in this market occurs at the intersection of curves S and D.
Price/unit
P3
P2
P1
Figure 4.6
A
G
B
E F
IC
S
D
Quantity/time
Refer to Figure 4.6. The deadweight loss due to underproduction is area [C+F] if price is
P1.
P2.
P3.
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- Give typing answer with explanation and conclusion Suppose the cost of petrol is Rs. 100 per litre. There are two consumers who wish to purchase petrol for their cars: A and B. Consumer A goes to the petrol pump and asks for 10 litres of petrol. Consumer B goes to the petrol pump and asks for petrol worth Rs. 1000. (i) Find the equilibrium quantity demanded by each consumer. (ii) Draw the demand curves for each consumer. Are the two consumers identical? What is the price elasticity of demand for each consumer?Refer to the information provided in Figure 3.18 below to answer the question(s) that follow. 6 B S A 4 3 1.50 100 150 250 350 400 Q Millions of pounds of buritos Figure 3.18 Refer to Figure 3.18. The market is initially in equilibrium at Point A. If demand shifts from D1 to D2 and there is an excess demand of 150 million pounds of burritos, the price of burritos would be a. $1.50. - b. $3.00. Correct1) Starting from point E, which point is the most likely outcome of an increase in the price of soda pop? $₂ Oood a) A b) B c) C d) D Submit Price ($) B Quantity A So
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- The following data reveal how much each consumer is willing to pay for an Alaskan Cruise. Ed- $2000 Hugo-$1800 Isabel-$1500 Carol -$1500 Gigi-$1300 Bob-$1100 Amy-$900 Eduardo-$400 a. Draw the Market Demand Curve For these 8 consumers (Want to check this is correct)Table 2.1 - Demand schedules Price Abby’sQuantityDemanded Brandi’sQuantityDemanded Carrie’sQuantityDemanded DeeDee’sQuantityDemanded $12 2 1 3 4 $10 4 4 4 5 $8 6 7 5 6 $6 8 8 4 7 $4 10 9 3 8 $2 12 10 2 9 Refer to Table 2-1. Whose demand does not obey the law of demand? Group of answer choices Abby's Brandi's Carrie's DeeDee'sSuppose 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) 100
- The price of milk falls.this causes an increase in the price of good cheese. therefoe, milk and cheese are complementsFigure 4.2 P3 P2 P1 B A Q Q2 Q Q Qs Qe Q7 Refer to Figure 4.2. The demand curve E is most likely to represent the O demand for a particular brand of breakfast cercal. O demand for air conditioning during a hot summer. O demand for onc orchard's apples. market demand for whcat.Price £/unit 'D3 D1 D2 Quantity Figure 4 Supply and demand curves for a normal good Figure 4 shows a supply (S,) and demand curve (D;) for a normal good – illustrated by the continuous lines. Both curves may shift left or right depending on the situation described below, as illustrated by the dotted and dashed lines. The market is initially in equilibrium at point E given by the intersection of the supply curve S, and demand curve D1. Consider the situation below and select the letter that corresponds to the new point of equilibrium that would arise in the market from the list provided. A major natural disaster disrupts production