Make 1 demand graph and 1 supply graph to plot the data in the table Suppose that the aggregate demand and aggregate supply schedules for a hypothetical economy are as shown below: Amount of Real GDP Demanded, Billions Price Level (Price Index) Amount of Real GDP Supplied, Billions $100 300 $450 200 250 400 300 200 300 400 150 200 500 100 100
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Make 1
Suppose that the aggregate demand and
Amount of Real |
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Amount of Real GDP Supplied, Billions |
$100 |
300 |
$450 |
200 |
250 |
400 |
300 |
200 |
300 |
400 |
150 |
200 |
500 |
100 |
100 |
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- The following graph input tool shows the daily demand for hotel rooms at the Oceans Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand FactorInitial ValueAverage American household income$50,000 per yearRoundtrip airfare from Pittsburgh (PIT) to Atlantic City (ACY)$250 per roundtripRoom rate at the Meadows Hotel and Casino, which is near the Oceans$250 per night For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $100 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans____ from rooms per night to______rooms…Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for keyboards. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. 05010015020025030035040045050080726456484032241680PRICE (Dollars per keyboard)QUANTITY (Keyboards)Demand Supply Graph Input Tool Market for Keyboards Price (Dollars per keyboard) Quantity Demanded (Keyboards) Quantity Supplied (Keyboards) The equilibrium price in this market is per keyboard, and the equilibrium quantity is keyboards bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and…The bar graph below shows the percentages of income spent on food (i.e., the portion of a consumer's budget devoted to food spending) and the elasticities of demand (in absolute value) for several countries' residents. [Click on the bar graph to open a PDF viewable version in another tab.] Malawians Haitians Bangladeshis Indians Brazilians Koreans. Greeks Italians Australians French Canadians Americans Percentage of Income spent on Food 17% 15% 14% 12% W 31% 28% 35% 40% X 56% Elasticity of Demad 66% 81% 75% According to the bar graph, which of the answer choices is correct? Malawians spend less money on food than Australians. French spend less money on food than Brazilians. Bangladeshis spend a larger percentage of their income on food than Americans. O Canadians spend a larger percentage of their income on food than Koreans
- Supply, Demand and Equilibrium Price Usually, the supply equation is modeled by a linear equation. Suppose you have done some market research for your product. How would you go about doing this research? Suppose you have found the following information about the supply base on the price: Price 1 dollar 4 dollars 6 dollars 9 dollars Supply 600 units 4200 units 6600 units 10200 units Write the linear equation that relates price and supply. What are the mathematical domain and range? What are the practical domain and range? Now the demand for a product is often inversely proportional to the price. When the price is too high, the demand for it often diminishes. Further market research gives you the following information about the demand based on the price.Discuss clearly how the following items may affects the change in demand. Population change Prices of related goods Expected future prices, income, and creditUse the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Market for Goods 250 I Quantity Demanded (Units) 225 25 200 Demand Price (Dollars per unit) 125.00 150 125 100 75 Demand 50 25 10 15 20 25 30 35 40 45 50 QUANTITY (Units) On the graph input tool, change the number found in the Quantity Demanded field to determine the prices that correspond to the production of 0, 10, 20, 25, 30, 40, and 50 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. (? 3130 2817 Total Revenue 2504 2191 1878 1565 1252 939 626 313 10 15 20 25 30 35 40 45 50 QUANTITY (Number of units) Calculate the total revenue if the firm produces 10 versus 9 units. Then, calculate the…
- Supply Demand Quantity (number of cups of coffee) Above is the supply and demand graph in the market for coffee. The makers of tea, a substitute for coffee, lower their prices, and due to better weather, the price of coffee beans also decreases. Using the graph to answer the two questions to show the effects of these new events. Equilibrium price decreases Equilibrium quantity decreases Price ($ per cup of coffee)The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 88 180180 500500 155155 210210 77 200200 460460 180180 180180 66 250250 410410 200200 160160 55 280280 360360 220220 140140 44 320320 320320 240240 125125 33 350350 280280 260260 115115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? price, Cameroon: $ quantity demanded, Cameroon: lb price, Nigeria: $ quantity demanded, Nigeria: lbeBook Print References 91°F Mostly sunny Mc Graw Hill The demand for coffee is given by the following equation, where QD stands for the quantity demanded and P stands for price. QD100 4P = The supply of coffee is given by the following equation, where QS stands for the quantity supplied and P stands for price. = -10 + 2P For parts a-d, consider a graph of the demand and supply curves with price on the vertical axis and quantity on the horizontal axis. a. What is the slope of demand? Slope = 36 b. At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)? P= 25 P= c. What is the slope of supply? Slope = d. At what price is quantity supplied equal to zero (this is, graphically, the vertical intercept of Supply)? 5 < Prev S 2 3 of 3 # Score.answe
- Need help with this. Be specific please. Here is some help for the possible answers in the empty spots, remember you can only pick 1 from the suggested ones. Your task is to take this__________(Choose one from these: supply schedule, quantity of soda supplied, law of supply or supply curve) and construct a graphical representation of the data. In doing so, you determine that as the price of soda rises, the quantity of soda supplied increases. This confirms the___________(Choose one from these: supply curve, law of supply, quantity of soda supplied or supply schedule) .Suppose the following information is available for the Coffee market in Finland for breakfast. Given the data answer the following questions and solve sub-parts as well: Price (Rupees per Coffee) Quantity demanded (Coffee cup per month) Quantity Supplied (Coffee cup per month) 1400 5000 15000 1200 7500 12000 1000 10000 10000 800 12500 7500 600 15000 6000 400 17500 3000 Plot the demand and supply curves and show the equilibrium price and quantity. Also, briefly explain if law of demand and supply holds true in this case. If the government fix the market price at 800 explain the impact it is going to create on the coffee market. Use the diagram to support your answer. Suppose if the price of tea decreases, elucidate the change it might cause on the coffee market given the consumption behavior and also illustrates the same through using 2-dimensional space.…You must: -Name your curves - Give a title to your Graph -Name and plot the equilibrium point (E1) - Name and plot the equilibrium Price (EP1) - Name and plot equilibrium quantity (EQ1) Please take a picture of your answer and upload the answer to this question. Quantity demanded (pizzas per week) Quantity supplied (pizzas per week) Price (dollars per pizza) 5 750 300 700 400 7 650 500 8 600 600 9. 550 700 10 500 800 11 450 900 12 400 1,000