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Quantity of coffee bought and sold at equilibrium

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Reference no: EM132631636

1.) D = 150 - 5P, S = 30 + 2P Where P is the price of coffee, what is the quantity of coffee bought and sold at equilibrium?

2. Pork supplies are sharply reduced because of ASF desease in the pork-raising provinces, and consumers turn to chicken as a substitute for pork. How would you illustrate this change in the pork market in supply-and-demand terms?

3. In December, the price of Christmas trees rises and the number of trees sold also rises. Is this a violation of the law of demand?

4. Which of the following factors will cause the demand curve for labor to shift to the right? why?

(a) the demand for the product by labor declines.

(b) the prices of substitute inputs fall.

(c) the productivity of labor increases.

(d) the wage rate declines.

(e) None of the above.

5.) What is the values of QD and QS given the following: QS = -5 + 3P QD = 10 -2P

6. Given the following set of simultaneous equations for two related markets, beef (B) and pork (P), What the equilibrium conditions for each market, using the substitution method.

1. QD(B) = 82 -3P(B) +P(P) QS(B) = -5 + 15P(B)

2. QD(P) = 92 + 2P(B) -4P? QS? = -6 + 32P(P)

7. Using the midpoint method of computing elasticity of demand and supply, explain the meaning of possible resulting elasticity values and support your answers with graphs.

Reference no: EM132631636

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