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- You own Naughty Pine lumber and sell fence panels in a competitive market. Right now, your selling price is $130 for a fence panel, and you sell 8 panels a day. You are considering changing your price. You estimate that if you raise your price to $152 a panel, you would sell 7 panels a day. On the other hand, if you lower your price to $108 a panel, you would sell 12 panels a day. (a) Draw a graph of the above information. Label your axes, and the curve. Be sure your work is clear. (b) Use the MIDPOINT FORMULA to calculate Ed over the ranges below. Use TWO decimals in your answers. (i)Calculate the price elasticity of demand for a price change from $130 to $152 and daily Total Revenue if you change your price to $152 a panel (ii)Calculate the price elasticity of demand for a price change from $130 to $108 and daily Total Revenue if you change your price to $108 a panel Should you keep your current price, or raise the price, or lower the price?What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $ (Enter your response as an integer.) (D) Price (dollars per unit) 100- 90- 80- 70- 65 60- 50- 40- 30- 20- 10- 0- 39 :25 51 10 20 30 40 50 60 70 80 90 Quantity (1,000s of units per unit of time)
- PLEASE SUBMIT AN IMAGE OF THE REQUESTED ILLUSTRATION DISCUSSED BELOW. (PLEASE MAKE SURE YOU LABEL ALL APPROPRIATE COMPONENTS AND USE CORRECT NUMERICAL SCALES FOR YOUR GRAPH). The table below illustrates the linear supply and demand curves for the high-end electric car market in Yakima. Now, if we assume the market for electric cars in Yakima is an efficient market, please illustrate (graph) this market and label the resulting functions and surpluses (yes, do not forget about labeling the surpluses) Quantity Supplied (In units) 0 40 80 120 160 200 240 Price $0.00 $15,000.00 $30,000.00 $45,000.00 $60,000.00 $75,000.00 $90,000.00 Quantity Demanded (In units) 480 400 320 240 160 80 0The following graph shows the monthly demand and supply curves in the market for jackets. 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. PRICE (Dollars per jacket) 100 90 80 70 60 50 40 30 20 10 0 0 ==++ Supply Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Jackets) The equilibrium price in this market is $ Graph Input Tool Market for Jackets Price (Dollars per jacket) Quantity Demanded (Jackets) per jacket, and the equilibrium quantity is 30 500 Quantity Supplied (Jackets) jackets per month. ? 2103. Determinants of demand The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a subway ride is $2.00 per ride. 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. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a sedan (Thousand of dollars) 20 Quantity Demanded 450 30 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand 10 Price of Subway (Dollars per ride) 2 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) PRICE (Thousands of dollars per…
- Graphically illustrate how the demand curve for electric vehicles will be affected in each of these cases below.(a) A major climate change awareness campaign is instituted which teaches consumers about clean energy vehicles. (b) The price of gas-powered vehicles falls significantly, due to lower costs of production. (c) Gas prices experience a significant and long-standing increase.(d) The price of electric vehicles falls due to a fall in the cost of production.Think of a relevant example in your own life of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Summarize the article and its findings, then include the URL in your discussion post. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.The following graph shows the monthly demand and supply curves in the market for notebooks. 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. PRICE (Dollars per notebook) 88 2288 22 220 100 90 80 70 60 50 40 30 Supply Demand 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Notebooks) The equilibrium price in this market is Graph Input Tool Market for Notebooks Price (Dollars per notebook) Quantity Demanded (Notebooks) per notebook, and the equilibrium quantity is 20 310 Quantity Supplied. (Notebooks) notebooks per month. 190
- Describe a microeconomic variable for Dairy products?3. Determinants of demand The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a gallon of gas is $4.00 per gallon. 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. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a sedan 15 (Thousand of dollars) Quantity Demanded 563 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand 10 Price of Gas 4 (Dollars per gallon) 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) PRICE (Thousands of dollars per…how will the market reach equilibrium according to this graph shown below?