Relatively inelastic Demand Price Demand 02 01 03 Which good would most likely be illustrated with this graph? O Toilet Paper O Jewelry O Antiques O Lumber
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- 21. What happens to the demand fo gond it Leplel iE a The deanand decieasca and ths demand su sihite ngld wad b. The demand incicases and the demant e aatn ight t c There as un mpat on demant f the ged and te de ud ve does 6ot One ide imand decteases and dic demand alaifta ladQuaiton 1 The pleaing dala relede h the rconomy Xiz lacetnet Gecesmet Spodins 4000 Nut experts The noginal of the seihny Roquired Bo00 3i608 the taneny proupicty to Ye. Cenumphon Gmpule the oqulibrum lerel * the leenon of Quetin2 ) Suppose the diegyegde demand and suply echelde to shoun Kelor ecenemy s Aresd a rel demee ulput duranel, bilhon 300 800 400 ar0 g00 ROD Loo o 150 200 M sdt e dile to goph the gyegak demant and aas e en the grh ecorany d dun the ul lyet hal Splain tRge Inle ke the piloim e lerel? Nate न Cse SubeHow will each of tbe pollowing demand Supplyaffecti eqpilbrius and "equilibium queatity Lompetitive narketi Supply and demand diagsams and feice in Also se to ansuer. ) Demand inereaser and Suply is Constant
- 4. Assume that gasoline is od in competive marke in which demand is relaively inelatic and sup is relatively elsi. (a) Draw a comeclylabeled graph ofthe asoline market. On you graph show the quilibrumprce and quantity of gsoine, labeled P, ndQ. E (b) Suppose the goverment imposes a $2 per uni ax on he roducers of gasoline. On your graph from par (a),show each of he folowingaftr he tax imposed. (1) The price paid by buyer,labeled P, (i) The after-ax price eceied b sellr, abele P, (i) The quanity, abeled (c) Using the labeling on your graph, explain how tocalulae the total tax revenue collected by the government. (d) Will the tax burden fall enirely on buyers, entrely on eles, more on buyers and less on seler,more on seller and es on buyers, or eqully on buyers and seller? Explain.Question H a Siven the table below, Calculote the average physicol product and morginol physicol produCf Heput lotal physicol Prodoct Aueroge Physicol Pineluct Marginal Physzcol Procuct 4. 24 6)Assume that demand for a commodity Maize is repiesented by the equetion R Ps10-0.2QP ond supply bythe equotion P=a+Du2@s, where Qd and @s are quantity demonded (ng) and Sopploed by Chg),respectiwoly, ond Pis price (us Dolbras) 1 Using the equilibicum Condition Os= Ad, solue the equotions to determine equilibrium price and eqailibium quantity. iJNow,assume that the gover ament intervenes by imposong a morket puce of 18 tor maize. What will be-che market Sutuotion Creadedl la tit this now morhet 19) How can you aduise the with the market situction created in f) ebove?were.34.7 0 W e denerg esteyf demand for pood 12 O000
- Que stLon a Suppose thot ot Roma Masheta piice q PiodoGA tell from mso to Mus, whle quantity demonded (ose trom H to S-Lihewise, the pice of product Bfell tsom Maa to Mis, while the quontitsp demend rose trom 14 to 16. ) Colculate he price elasticity a demord q pioduct A a ènterpret it. b) You ore a chairperson of a govern ment tax Commission responsible tor establikhong a program to raive new rouonue through Consumer ta Xes. Based On the respoo se in al above, would you recomment that product A be Considered in the Comsumer tax porkage EXPlain. 9 Calculote cross elasticaty of demond, Eob. OAre Pioduct A and product B Complements or Substitutes? Exploir11. Consider public policy aimed at smoking. a. Studies indicate that the price elasticity ofdemand for cigarettes is about 0.4. If a packof cigarettes currently costs $2 and thegovernment wants to reduce smoking by20 percent, by how much should it increasethe price? b. If the government permanently increasesthe price of cigarettes, will the policy have alarger effect on smoking one year from nowor five years from now? c. Studies also find that teenagers have ahigher price elasticity than do adults. Whymight this be true?In Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per year
- vivo Y20i anci ara Plot the collowng hpothenical morko dnnd cut supply cchedulerur commad t X Quantity Demanded mite Price fero 160 300 950 G00 200 Junits 2500 20.00 16 00 10 00 000 900 800 200 /000 400 13 200How will each of the following demand and buppyaffects euelionium price and exuelibrium quantityi market: Competitive @Demand deereatee and Sepply is ConstantSay in a market we haveDemand is P = 5 – 0.005QSupply is P = 0.00125Qa-you will have a graph with price on the vertical axis and quantity on the horizontal axis formost parts of this problem. You will want to show intercept values and equilibrium values withthe specific values from the problem (when you graph the supply show it go out at least to thesame level of Q as the Q intercept for the demand curve).b-what are the equilibrium price and quantity traded in the market?c-say the government levies an excise tax in the market of 50 cents that renders the supply tonow be P = .00125Q + 0.5 (essentially the supply curve shifts up by 50 cents at each quantity).What are the new equilibrium price and quantity traded in the market with this excise tax?d-did the market price increase by as much as the 50 cent tax? (compare the market priceincrease with the amount of the tax of 50 cents)e-what is then loss in consumer surplus from the tax? Do consumers like excise taxes?f-what is the elasticity…