What is the equation for demand

Assignment Help Macroeconomics
Reference no: EM131095091

A vegetable fiber is traded in a competitive world market, and the world price is $9 per pound. Unlimited quantities are available for import into the United States at this price. The U.S. domestic supply and demand for various price levels are shown below.

Price

U.S. Supply

U.S. Demand

 

(million lbs.)

(million lbs.)

3

2

34

6

4

28

9

6

22

12

8

16

15

10

10

18

12

4

a. What is the equation for demand? What is the equation for supply?

b. At a price of $9, what is the price elasticity of demand? What is it at price of $12?

Reference no: EM131095091

Questions Cloud

The rst investment yields net wealth : An individual has to choose between two possible investments. The rst investment yields a net wealth of $100 with probability 0.5, and a net wealth of $0 with probability 0.5. The second investment yields a net wealth of $40 with probability 1.
Find out the exact ascii value : This project provides a variety of facility to the users and saves our valuable time and energy. It aims at developing the computers internal code to user readable code and find out the exact ASCII value.
Determination of shadow prices : Define the term shadow prices and outline the challenges encountered in the determination of shadow prices.
The difference in labor market earnings : Briefly explain how each of the following factors affect 17 year old Bob 's decision to go to college: his discount rate, the difference in labor market earnings in each year post-college between what Bob would earn with and without the college degre..
What is the equation for demand : a. What is the equation for demand? What is the equation for supply? b. At a price of $9, what is the price elasticity of demand? What is it at price of $12?
Two player game in which each player has only two strategies : Consider a two player game in which each player has only two strategies.
Identify the bioethical and political issues : In this unit, you will discuss two healthcare issues facing healthcare administrators. In a 2-page summary, you will identify the bioethical and political issues and discuss how you would effectively and ethically handle the situations.
Suppose that the money demand function of country : Suppose that the money demand function of country Y is (M/P)d = L(i, Y ) = L(r + Eπ, Y ). (a) Write down the equilibrium conditions of real money balances (b) What will happen to the inflation rate, if money supply goes up? (c) What will happen to th..
Discuss the likely effects on labor force participation : Assume that a state government currently provides no child-care subsidies to working single parents, but that it now wants to adopt a plan that will encourage labor force participation among single parents. Discuss the likely effects on labor force p..

Reviews

Write a Review

Macroeconomics Questions & Answers

  What is the value added by each person

A farmer grows a bushel of wheat and sells it to a miller for $1.00. The miller turns the wheat into flour and sells it to a baker for $3.00. The baker uses the flour to make bread and sells the bread to an engineer for $6.00. The engineer eats the b..

  Calculate unemployment rate with okuns law theory

Calculate the approximate unemployment rate with Okun's Law Theory that is not in your textbook. To calculate the unemployment rate with Okun's Law - Prosperity and full employment are other names for unemployment in macroeconomics.

  Assume winter sports a hypothetical french retailer

Assume Winter Sports a hypothetical French retailer of snowboards needs to order 5,000 snowboards made in the United States.

  Determine elasticity

The year is 2007, and the price elasticity of driving on Dulles Toll Road is 1.6. The owners of Dulles Toll Road raise the cost of a one way trip to $8.50.

  Factors shifting the aggregate demand curve

For each of the following events, state whether the aggregate demand curve would increase, decrease, or stay the same.

  When pay the amounts rather than receive them

At an annual compound interest of 10% per year, would you rather receive $10,000 per year for 5 years or receive $5,000 per year for 10 years What is your preference if you must pay these amounts rather than receive them

  Price and output determination in monopoly

RainAway, Inc., makes polymers used to coat the windshields of car's, planes, and boats-Complete the following table based on the RainAway product's price, output and costs per year:

  Demand analysis whereas impact of government regulations.

describing market trends with disney theme parks also supply and demand analysis whereas impact of government regulations.

  Describe what is a government budget deficit

What is a government budget deficit How does a federal budget deficit affect the economy How does it affect the level of investment and interest rates How does it affect the individual consumer

  Draw a well labeled graph of the market for paintbrushes

Draw a well labeled graph of the market for paintbrushes. In your graph indicate the equilibrium price and the equilibrium quantity. Also, identify the area that corresponds to CS and the area that corresponds to PS.

  What were carolines implicit costs in carolines new job

Caroline received a $1 million payment from a lottery ticket. She decided to use the money to purchase a cupcake business. If Caroline had invested the $1 million in a money market account, she would have made $30,000 in interest each year.

  What happens to price and output in the cournot

What happens to price and output in the Cournot, Bertrand and Stackelberg models if marginal costs increase by 10 percent if N=2, there are constant marginal costs (c), and firms face demand p = a - bq?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd