Draw the supply and demand curves on the same graphic. What does a supply curve show us? What does a demand curve show us? (explain)

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its a 9 question assignment. details are given in the attached doc file

Draw the supply and demand curves on the same graphic. What does a supply curve show us? What does a demand curve show us? (explain)
Find the equilibrium price and its amount in the graphic you’ve drawn. Tell us why this point is a equilibrium point.
Assume that authorities fixed the price as $5.00. Tell us what would happen according to your graph.

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Draw a graphic fort the each situation. Show us the initial equilibrium and its cost and amount. Then, Show us the changes of cost and amount as you shift the supply and/or demand. For each situation, expain the reasons that can cause such changes.

Potato market P*↑ Q*↑
Automobile market P *↓ Q*↓
Greyfruit market P*↑ Q*↓
Computer market P*↓ Q*↑

According to a market research, here are some data for the chocolate product. The equation that shows us the demand curve is 1,600 – 300P, P and is the amount that is demanded, the equation that shows us the supply curve is = 1400 + 700P, is the amount that is supplied.

What is the equilibrium price? What is the amount of chocolate produced and chocolate consumed?

Demand curve fort he salted peanuts is = 20000 – 5 P, in tons, P is the cost given for per tons. Find the price flexibility for the point of P = $800 .

Tell us if these statements are true or false, with a couple of sentences. Please avoid repetitions.

The demand curve for “Pepsi” is steeper than the demand curve for “all other soda brands”
The (short term) demand curve for “Apple” is steeper than the (long term).
If the %10 discount for pencil causes an increase of %1 demand for pencil, then the demand for pencil is elastic.
If the demand is perfectly inelastic for the medicine called AZT, the increase fort he cost would increase the total revenue.

Jennifer has mild choices. According to this, sort the baskets given in an order of choice. Explain.

Some people supports minimum wage implementation. Assume that, the labor demand is . is amount of labor (the number of people in million), and w is the wage (the hourly money given). The demand for labor is

What can be the level of employment and level of wage in free market?
Assume that the minimum wage is $4 hourly. What could be the condition of employment? Could it cause a rise in unemployment? And how much it could be if it was so.

People produce tea in Khazakstan for living. The supply and demand curves are given as (in tons) = 10 – (0.5)P and

Its election time in Khazakstan. Government offers $10 for each ton of tea in order to collect votes. In that case, how much tea should govenment buy?
Examine the effects over social welfare. (how wins and who looses?)

What is the opportunity cost of completing this homework?


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