User Account

All Pages

homework, Microeconomics

Assignment Help:
Do not submit more than 1 file in the Canvas submission link.
A few years ago peanut farmers in India experienced a super-bumper crop due
to favorable weather conditions. Initially, the equilibrium price was $3 and the
equilibrium quantity was 500 tons. After the favorable weather conditions the
price of peanuts fell and the quantity increased. The new equilibrium price fell to
$1 and the new equilibrium quantity increased to 700 tons.
i. Draw a relatively inelastic demand curve and a relatively elastic supply curve for
peanuts.
ii. Label the original equilibrium price and equilibrium quantity on your graph.
iii. Label the demand curve, supply curve, the vertical axis, and the horizontal axis.
iv. On your graph show the impact of favorable weather conditions. Use arrows and
label the new curve(s) wherever appropriate.
v. Label the new equilibrium price and equilibrium quantity on your graph.
vi. What is the formula for calculating total revenue? Calculate the total revenue at
the old equilibrium. Now calculate the total revenue at the new equilibrium.
vii. Is the total revenue under the new equilibrium larger or smaller than under the
old equilibrium? Using the concept of price elasticity of demand, explain the
reason for the change in total revenue.

Related Discussions:- homework

Assignment, is south africa''s economic system now more allocative efficien...

is south africa''s economic system now more allocative efficient

Economics of scale, give a detailed discussion on the term economics of sca...

give a detailed discussion on the term economics of scale as applied to economics, highting examples,limitation,and original of economics of scale.

Multiplant monopoly, #suppose EEPCO is amultiplant monopolist with two pla...

#suppose EEPCO is amultiplant monopolist with two plants: Gibe plant and Fincha plant. The operating costs of the two plants are: Gibe plant Tc1=10Q^2 and Fincha plant TC2=20Q^2.

Assignement, need help for my micro assignment

need help for my micro assignment

Income elasticity coefficient, significance of income elasticity coefficien...

significance of income elasticity coefficient

Macroeconomics, What is inflation gap

What is inflation gap

Exchange, China had to convert its yuan into dollars. Does that cause the ...

China had to convert its yuan into dollars. Does that cause the dollar to appreciate or depreciate?

Explain capital intensive goods and primary products, What is main differen...

What is main difference between capital intensive goods and primary products?  Primary product means the major product in which the firm is dealing. Capital intensive good mea

.redox, how to write an half equation

how to write an half equation

Welfare economics, Prove the theory of second best with the help of a diagr...

Prove the theory of second best with the help of a diagram

Write Your Message!

Captcha
Order Assignment

Featured Services

Order Now

Popular Subjects

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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