Draw the supply and demand curves on the same diagram

Assignment Help Microeconomics

Reference no: EM13697655

Consider the following weekly supply and demand tables for product X:

P Qd Qs

13 10 35

12 15 30

11 20 25

10 25 20

9 30 15

8 35 10

7 40 5

6 45 0

A. Draw the supply and demand curves on the same diagram. Determine the equilibrium price and quantity and demonstrate it in your graph.

B. Demonstrate the impact of a government price control set at P = $12 also P=$8.00. Demonstrate by number and in the graph. Discuss your answer.

C. show the new equilibrium P & Q supply and demand increace %20

D. Calculate the ARC elasticity of demand when the price move from $6 to$10

Reference no: EM13697655

Questions Cloud

Face moderate and extreme muslims : What are some of the issue that face "moderate" and "extreme" Muslims? How does the idea of jihad enter into the difficulty

Is the philosophy of ubuntu : Is the philosophy of Ubuntu, or other traditional African religious philosophies in conflict with the individualistic/ materialistic societies of western thought or social thinking in the United States

What is the utility maximizing or optimization condition : Economists maintain that as more of a good or service is consumed, per unit of time, the marginal benefit ___________; therefore before buyers will purchase more and more of a good, its price must ____________. Mary is in equilibrium. The MUa =6, MUb..

State school boards and legislatures design a tax structure : How could state school boards and legislatures design a tax structure that is fair and equitable and capable of keeping abreast of changing economic conditions? What specific elements would make up this tax code?

Draw the supply and demand curves on the same diagram : Draw the supply and demand curves on the same diagram. Determine the equilibrium price and quantity and demonstrate it in your graph. Demonstrate the impact of a government price control set at P = $12 also P=$8.00. Demonstrate by number and in the g..

When opening up to trade an economy and trade hurts : Assume a specific factors economy produces two goods, cloth and food, and that when representing the output of this economy graphically, cloth is on the x-axis and food is on the y-axis. When opening up to trade, an economy. Trade hurts

Derive utility from two goods-housing and consumption goods : Suppose that people derive utility from two goods---housing (H) and all other consumption goods(C).a. Show a typical consumer's allocation of his or her income between H and C

History of the company& current status : I. Introduction to the Organization - History of the Company& Current Status - A. When was the organization founded, why and by whom? Discuss unusual history associated with the organization.

What is the private market price : A study finds that leaf blowers make too much noise, so the government imposes a $10 tax on the sale of every unit to correct for the social cost of the noise pollution. The tax completely internalizes the externality. Before the corrective tax, Blow..

User Account

All Pages