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You are given the following equations that represent a market: P=400-4Qd P= 100+Qs what is the market
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- The city of Cedar Rapids has a large number of video poker arcades. The demand by patrons for the games (in thousands per week) is Qd = 180 - 4P and the supply is Qs = 2P - 30 where P is the price in cents charged to play a game. What is the equilibrium number (quantity) of games played? What is the equilibrium price? Draw a diagram depicting the equilibrium in this market.The following table represents the market for solar wireless keyboards. Plot this data on a supply and demand graph and identify the equilibrium price and quantity. Explain what would happen if the market price is set at $60, and show this on the graph. Explain what would happen if the market price is set at $30, and show this on the graph. Price $ 10.00 20.00 30.00 40.00 50.00 60.00 70.00 Quantity Demanded 28 24 20 16 12 8 4 Quantity Supplied 0 3 6 9 12 15 18 जीConsider the market for gasoline, illustrated in the figure to the right. The equilibrium quantity of gasoline is 15 million gallons (enter a numeric response using a real number rounded to two decimal places) and the equilibrium price is $2.50 per gallon. If instead the market price were $3.25, then there would be a of million gallons. Price of Gasoline (per gallon) 5.00 4.50- 4.00 3.50- 3.00 2.50- 2.00 1.50- 1.00 0.50- 0.00- S D 3 6 9 12 15 18 21 24 27 Quantity of Gasoline (gallons in millions) 30 + O
- The following graph plots the supply and demand curves in the market for polaroid cameras. Use the black point (plus symbol) to indicate the equilibrium price and quantity of polaroid cameras. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) PRICE (Dollars per camera) 400 360 320 280 240 200 160 120 80 40 0 0 Demand Supply 75 150 225 300 375 450 525 600 675 QUANTITY (Millions of cameras) Total surplus in this market is $ 750 million. * Equilibrium A Consumer Surplus Producer SurplusConsider the market for gasoline. Suppose the market demand and supply curves are as given below. In each case, quantity refers to millions of litres of gasoline per month; price is the price per litre (in cents). Demand: P = 300-24Qº Supply: P = 120+8Q² Compute the equilibrium price and quantity. The equilibrium quantity is million litres. (Enter your response rounded to one decimal place.) The equilibrium price is cents per litre. (Enter your response rounded to the nearest cent.)Consider the market for newspapers shown below. Online news options have caused the demand for newspapers to decrease by 100 newspapers at each price. What is the new equilibrium quantity of newpapers in the market? Market for Newspapers Pre $7.00 $5.00 $4.00 $200 $1.00 150 100 50
- The Figure below; shows the market for Wines. Suppose the market is operating at equilibrium point E. Suppose that a lack of rain during the year has caused the grape harvest to be smaller than usual (grapes are an input for making wine). How will this impact the market for wine? Price ($) 12 10 8 00 I I 1 I T T 1 1 1 E1 Eo E2 10 15 18 Quantity of Wine ('000 bottles) S1 Do 8 S2Suppose the market price of facial masks $1.50 is set above the above the equilibrium price of $1. With the aid of a diagram, explain what would happen to the market of facial masksSuppose that the market for milk can be represented by the following equations: Demand: P = 12 – 0.5QD Supply: P = 0.1QS where P is the price per gallon, and Q represents quantity of milk, represented in millions of gallons of milk consumed per day. a) Calculate the equilibrium price and quantity of milk. b) To help dairy farmers, the government sets a minimum price of K2.50 per gallon of milk. What is the new quantity of milk sold in the marketplace?
- Consider the market for gasoline, illustrated in the figure to the right. 5.00- The equilibrium quantity of gasoline is million gallons (enter a numeric 4.50- response using a real number rounded to two decimal places) and the equilibrium 4.00– price is $ per gallon. 3.50- If instead the market price were $3.25, then there would be a of 3.00- million gallons. 2.50- 2.00- 1.50- 1.00- 0.50- 0.00- 3.5 7 10.5 14 17.5 21 24.5 28 31.5 35 Quantity of Gasoline (gallons in millions) Price of Gasoline (per gallon)The following diagram shows supply and demand in the market for smartphones. Use the black point (plus symbol) to indicate the equilibrium price and quantity of smartphones. Then use the green point (triangle symbol) to fill the area representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. (?) Demand 300 270 Equilibrium 240 210 180 Consumer Surplus 150 120 Producer Surplus 90 60 30 Supply 30 60 90 120 150 180 210 240 270 300 QUANTITY (Millions of phones) Total surplus in this market is $ million. PRICE (Dollars per phone)A drought decreases the quantity of milk supplied by 60 cartons a day at each price. What is the new market equilibrium? The new equilibrium price is $ enter your response here a carton and the new equilibrium quantity is enter your response here cartons of milk a day.