please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly Suppose the demand for a particular good is given byQD=117 6P, where QD represents the quantity demanded and P is theper unit price.Suppose the supply for a particular good is given byQS = 19 + 6P, where QS represents the quantity supplied and P is the perunit price.What is the equilibrium price?Enter a number rounded to two decimal places.

Remember that equilibrium price is where the quantity supplied and quantity demanded is equal.To…

Answered: Suppose the demand for a particular…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1WNG

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Assume that demand for a commodity is represented by the equation P=20−2Qd.�=20−2��.Supply is represented by the equation P=−5+3Qs,�=−5+3��,where Qd and Qs are quantity demanded and quantity supplied, respectively, and P is price.Instructions: Round your answer for price to 2 decimal places and enter your answer for quantity as a whole number. Using the equilibrium condition Qs = Qd, solve the equations to determine equilibrium price and equilibrium quantity.
At a price of $4.65 per pound, the supply for cherries is 16,117 pounds, and the demand is 10,232 pounds. When the price drops to $4.13 per pound, the supply decreases to 10,929 pounds and the demand increases to 12,809 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price? $ per pound. Round to the nearest cent.
At a price of $4.96 per pound, the supply for cherries is 16,253 pounds, and the demand is 10,364 pounds. When the price drops to $4.16 per pound, the supply decreases to 10,501 pounds and the demand increases to 12,547 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound.
The demand for lobster is represented as follows, where Qis measured in pounds of lobster: Q, =100 – 75P+91P, – 80P. +25Y where P is the price per pound of lobster, Ps is the price per pound of shrimp, Pc is the price per dozen of corn ears, and Y is income, measured as the median hourly wage of consumers. Suppose that the price of a pound of shrimp is $10, the price of corn is $5 per dozen, and the median hourly wage for customers in this market is $25. Further, suppose that the current equilibrium price for lobster is $13 per pound. Find the equilibrium quantity demanded of lobster in this market. Now determine the following elasticities: price elasticity of demand for lobster; cross-elasticity of demand for lobster relative to shrimp; and income elasticity of demand for lobsters. Is demand for lobsters (relative to the price of shrimp) elastic, inelastic, or unit elastic? Based on the cross-elasticity of demand for shrimp you found, is shrimp a reasonably good substitute for…
Sketch the market described above and indicate the values of the equilibrium price andequilibrium quantity.
Demand theory is an economic principle relating to the relationship between consumer demand for goods and services and their prices in the market. In microeconomics, the law of demand is a fundamental principle which states that there is an inverse relationship between price and quantity demanded.An increase in the price of a good may arise from an increase in the price of its substitute, ceteris paribus.’ Explain this statement using an example from the leisure or tourism sector.
Consider the apple-juice market. Demand for apple-juice is given by: P = 66 - 4QD and supply of apple-juice is given by: P = 40 + 5Qs- i. What is the equilibrum price of a liter of apple-juice? Give your answer in two decimal places. ii. What is the equilibrum quantity of a liter of apple-juice? Give your answer in two decimal places. Suppose, the current market price for a liter of apple-juice is 62.0 in the market. iii. At this price level, which of the following options best characterize the market of apple-juice? 1 The market clears 2 Shortage in the market 3 Surplus in the market 4 The governmant has imposed tax worth around 8 per unit iv. Calculate the size of market surplus/shortage in the market at this price level. Give your answer in two decimal places. Suppose the new demand for apple-juice is: P = 56 - 4QD. vii. Calculate the new equilibrium price of apple-juice. Give your answer in two decimal places. viii. Calculate the new equilibrium quantity of apple-juice. Give your…
At a price of $4.61 per pound, the supply for cherries is 16,107 pounds, and the demand is 10,362 pounds. When the price drops to $4.18 per pound, the supply decreases to 10,789 pounds and the demand increases to 12,724 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium price?
If Qd = 30 - 2P and Qs = 5 + 3P, where Qd is the quantity demanded, Qs is quantity supplied, and P is the price. What is the equilibrium quantity?
Label each of the following scenarios with the set of symbols that best indicates the price change and quantity change that occur in the scenario. In some scenarios, it may not be possible from the information given to determine the direction of a particular price change or a particular quantity change. We will symbolize those cases as, respectively, “P?” and “Q?”. The four possible combinations of price and quantity changes are: P ↓ Q? P? Q ↓ P ↑ Q? P? Q ↑ a. On a hot day, both the demand for lemonade and the supply of lemonade increase. b. On a cold day, both the demand for ice cream and the supply of ice cream decrease. c. When Hawaii’s Mt. Kilauea erupts violently, the demand on the part of tourists for sightseeing flights increases but the supply of pilots willing to provide these dangerous flights decreases. d. In a hot area of Arizona where they generate a lot of their electricity with wind turbines, the demand for electricity falls on windy days as people switch off their air…
The 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
At a price of $4.69 per pound, the supply for cherries is 16,210 pounds, and the demand is 10,280 pounds. When the price drops to $4.22 per pound, the supply decreases to 10,940 pounds and the demand increases to 12,746 pounds. Assume that the price-supply and price-demand equations are linear. What is the equilibrium quantity? Round to the nearest pound. pounds.

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