The market supply is MC = 10 + 3Q but the suppliers can only supply 5 units in total! The Market Demand is MWTP = 100 - 6Q. What is the total surplus at equilibrium?
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- The demand for corn (measured in billions of bushels) is given by Con = 5 - 2Pom + 4Ppotutoes - 0.25Putter + 0.0003M. The supply of corn is given by O=9+ 5Pun - 2Puet -1.25Pybeans a. If potatoes cost $0.75 per pound, butter costs $8.00 per pound, diesel fuel costs $3.00 per gallon, soybeans cost $16.00 per bushel, and average income, M, is $40,000 per year, what is the equilibrium price of corn as determined by the demand and supply functions? Instructions: Round your answer to 1 decimal place, b. How much corn is bought and sold (equilibrium quantity? Instructions: Round your answer to 1 decimal place. Obillion bushels. c. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium price? Instructions: Round your answers to 2 decimal places. If the price of diesel fuel increases to $4.50 per gallon, what is the new equilibrium quantity? billion bushels,The price of oil is currently over $80 per barrel and has been as high as $90 per barrel after Saudi Arabia and a couple of oter OPEC countries reduced output this year. The demand for oil is expected to increase by 1 million barely per day over the next year according to the International Energy Agency but OPEC+ has been unclear about its intentions of increasing oil supplies. a. If OPEC+ increases its production by million barrels per day, we can unambiguously say that the equilibrium price will fall, and the equilibrium quantity will rise.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
- What impact do policy interventions have on the supply and demand equilibrium for a product?Does supply increase/decrease? No, the change in the price of landline phoneservice does not affect any of the nonprice determinants of supply. The supplycurve stays where it is.I would like to know just part d,e, and f. Thank you Suppose that the supply of tomato soup in a city is represented byQS = 100P – 10PT − 50where P is the price of tomato soup and PT is price of tomato needed to produce tomato soup. All prices are indollars and quantity is in liters.Assume that the current tomato price is $15.Suppose that the demand for the tomato soup is QD = 1000−60P + 0.3Iwhere P is the price of the tomato soup and I is a representative household’s income.Assume that at the equilibrium, income is $12000.a) What are the current equilibrium price and quantity of the tomato soup? Show the equilibrium on a detailedgraph.b) Suppose that income decreases to $10400. What is the new equation for the demand for tomato soup? Doesthis correspond to an increase or decrease in the demand for tomato soup? Show the effect of this event onthe equilibrium and the diagram you used in part (a)c) Start from the equilibrium in part a) and now suppose that the price of the tomato…
- According to the Italian economist Pareto, if I have 200 suppliers, how many suppliers can I expect will represent the majority of my spend?What happen if Demand of petrol is higher than Supply. Make answer in 1 paragraphdiagrammatically show and explain what happened to the oil market if the price remained unchanged despite the concerns over the fuel demand
- How will the market for melons be affected after Hurricane Dean?You are screen sharing Stop Share 由 Supply and Mouse Select Text Draw Stamp Spotlight Eraser Format Undo Redo Clear Save Homework Sovyl 9. An increase in Demand = a decrease in Supply 62 will lead to ...... 10. An increase in Demand = an increase in Supply will lead to ...... C E 11. A decrease in Demand = a decrease in Supply will lead to ... C 2 12. A decrease in Demand = an increase in Supply 1 will lead to ....Consumers in Carlandia are willing to purchase up to 100,000 cars each year. Suppose the accompanying graph represents the long-run average cost curve for auto producers in Carlandia. Costs ($/unit) $40,000 30,000 20,000 10,000 · LAC Quantity '(thousands) 10 20 30 40 50 60 70 80 90 100 Goolsbee et al., Microeconomics, 3e, © 2020 Worth Publishers a. If the supply side of Carlandia’s auto market has 10 b. If the supply side of Carlandia's auto market is identical firms operating, what is the lowest potential served by a monopolist, what is the lowest potential price that consumers might be able to purchase a car price that consumers might be able to purchase a car for? for? $20,000 $30,000 $10,000 $40,000 $30,000 $10,000 $40,000 $20,000
