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Supply and Demand

Supply and demand of park admission

The problem is this: d. Suppose there is a series of snow storms, what does it do to the supply and demand curves? What about if the wages for park rangers increased? Show direction of change on your graph, e. Suppose the prices increases from $2 from the equilibrium price. Use your supply and demand curves to determine th

Demand and Supply curves

The supply and demand for the paper firm is given by: QS=100P-5000 and QD=0.5 i + 0.2A-100P+5000 where Q is the quantity per year, P is price, I is income per household, and A is advertising expenditure. a. If A=$10,000 and I =$25,000, what is the demand curve? b. Plot the demand curve found in part A wit

Economic short answer

A limousine service is located on the north side of Indianapolis. It specializes in transporting people to and from the Indianapolis airport, although it will deliver people anywhere in the Indianapolis area. It competes with taxis and public transportation as well as people deciding to drive their own cars. The demand for the f

Perfect Competition

Use the following data for the exercises below. Price Quantity Supplied Quantity Demanded $20 30 0 $18 25 5 $16 20 10 $14 15 15 $12 10 20

Need help understanding demand and supply factors

4. â??Competition in quality and service may be just as effective as price competition in giving buyers more for their money.â? Do you agree? Why? Explain why monopolistically competitive firms frequently prefer nonprice competition to price competition. 9. Why is there so much advertising in monopolistic competition

supply and demand curves

1. Please explain. What do you think will occur to the price of marijuana if its purchase and sale are legalized? Be specific as to changes in the supply and demand curves. Personal opinion welcome. 2. Please explain How can we use the price elasticity of demand to predict the effects of public policies? Please give two

Discount Rate in the Banking System

(a) Third National Bank is fully loaned up with reserves of $20,000 and demand deposits equal to $100,000. The reserve ratio is 20%. Households deposit $5,000 in currency into the bank. How much excess reserves does the bank now have, and what is the maximum amount of new money that can be created in the banking system as a resu

PERFECTLY COMPETITIVE MARKETS RESOURCES

Efficiency is a hot topic in the media regarding transportation, energy, and many other industries. Explain how perfectly competitive markets use or do not use resources efficiently. PLEASE USE ANY CITATION, EXCEPT WIKIPEDIA, ENCARTA, OR WORLD BOOK

Determining consumer surplus

The following graph illustrates the market for a breast cancer fighting drug without which breast cancer patients cannot survive. What is the consumer surplus in this market? How is it different from normal markets? l l / l l / l l /(supply curve) l l / l l/

Ecomomics: Demand and Supply

Demand function Qd + 20 â?" P Supply Function: Qs = -10 + 2P Q1. Find the equilibrium price and quantity. Show your work Q2. Assume demand function has changed t0o Qd2 = 14-P. What is the new equilibrium price and quantity? Show your work Show all your work i.e. excel spread sheet, graphs and formulas used

Problem Questions

Q1. The average total cost of operating a clinic is $800 per patient if the volume is 100 patients, and $790 per patient if the volume is 110 patients. What is the total cost at each of these two volumes? What is the marginal cost of another case within this range? Q2. Extended care facilities are paid on a per diem basis,

Market for kidneys

Kidney's (transplant) are not allocated through markets. What are the pros and cons of switching to a market for kidneys? (Note: Currently, people can volunteer to donate one of their two kidneys, and getting a kidney is dependent upon your need and prognosis (and sometimes having a relative who is a "match" donate theirs.) Plea

optimal amount of chocolate production

Amityville has a competitive chocolate industry with the (inverse) supply curve Ps =440+Q. While the market demand for chocolate is Pd=1200-Q, there are external benefits that the citizens of Amityville derive from having a chocolate odor wafting through town. The marginal external benefit schedule is MEB =6-0.05 Q. a) Withou

Distinguish between the resource market and the producer market

Exercises 1. Distinguish between the resource market and the producer market in a circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model? Application 1. The famous Swedish economist Assar Lindbeck remarked in his book on ren

Government involvement in the market place

Discuss in detail ONE factor of how government involvement in the marketplace can impact or not impact the economy. Give a real life example of this factor at work. Be sure to concentrate on just this one factor and do not discuss others in your initial post.

Elasticity

Research the elasticity of beef and eggs in regards to price changes. How do supply, demand, and price controls interact to affect equilibrium price of eggs? Why do customers have a more elastic buying response to beef than to eggs?

marginal benefit curves

When negative (or positive) externalities exist economists say that the market has failed to produce the right amount of the good at the right price. What do economist mean by this? How do they determine what the right amount of the good is?

Monopolist graph (supply and demand)

The following cost and demand curves represent a monopolist (view attached graph to answer) How much profit will the monopolist earn at the profit maximizing level of output? What is the firm's Total Revenue at the profit maximizing level of output? What is the Total Cost at the profit maximizing level of output? Wha

Supply and demand

1. Industry supply and demand are given by QD = 1000 - 2P and QS = 3P. What is the equilibrium price and quantity? At a price of $100.00, what will the quantity be? 2. The demand equation for the Widget Company has been estimated to be : Qd= 20,000 + 10 i - 50P + 20 PC Q=monthly # of widgets sold, I= average mon

Equilibrium in a monopolistically competitive industry

Carefully explain what will happen as we move from the short run to a long run equilibrium in a monopolistically competitive industry if firms are making a positive profit in the short run. Your explanation should clearly state what will happen to the demand curve facing an individual firm and the reason why this happens.

Perfectly Competitive Market

Suppose that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost. Carefully explain what will happen to the number of firms, the market supply and the price of the good as we move from the short run to the long run.

4 Question about Aggregate Demand Curve

1. What is the effect of an increase in the quantity of money? What is the difference between real variables and nominal variables? Are these variables affected by the quantity of money? If so, how? 2. What is the difference between the real exchange rate and the nominal exchange rate? If the nominal exchange rate goes from

Factors that affect the supply and demand

Select a good or service in which you are familiar. What are the factors that affect the supply and demand of the good or service? (50 word count) Any help is appreciated. Thank you

Market Supply.

I do not know how to work the answers for part b or c of the attached file.