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Exam 2: Supply and Demand

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Question 71

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The demand curve for Widgets is given by QD = 6000 - 2y - 200p + 30pG,where QD is the quantity of widgets demanded,y is the per capital income and pG is the price of Gizmos.Compute the partial derivatives with respect to y and pG.

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-2 and +30...

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Question 72

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It is appropriate to use the supply-and demand-model if,in a market,

A) everyone is a price taker with full information about the price and quality of the good.
B) firms sell identical products.
C) costs of trading are low.
D) All of the above.

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Question 73

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-The above figure shows a graph of a market for pizzas in a large town.At a price of $7,what is the amount of excess demand?

Suppose the demand curve is perfectly inelastic and the supply curve is upward sloping.The price sellers receive after a specific tax is imposed on sellers

An increase in the demand curve for orange juice would be illustrated as a

The market demand for wheat is Q = 100 - 2p + 1pb + 2Y.If the price of wheat,p,is $2,and the price of barley,pb,is $3,and income,Y,is $1000,the income elasticity of wheat is

-The above figure shows three different supply-and-demand graphs.Which graph best represents the market for vacations on Mars?

If the demand for orange juice is expressed as Q = 2000 - 500p,where Q is measured in gallons and p is measured in dollars,then at the price of $3,the demand curve

The vertical distance of the shift in supply from a specific tax of t amount on producers will

When it comes to the supply curve of janitors and accountants,

When import restrictions are placed on a good,and as a result the price of the good increases,the demand curve for that good will

An increase in the price of pork will lead to

The price for tickets of a sold-out event increase by 30% but quantity sold remains unchanged.The price elasticity of demand equals

Suppose the market for corn is given by the following equations for supply and demand: QS = 2p − 2 QD = 13 − p where Q is the quantity in millions of bushels per year and p is the price. a.Calculate the equilibrium price and quantity.Sketch the supply and demand curves on a graph indicating the equilibrium. b.If a price floor is imposed at $7 per bushel,will there be a surplus or a shortage? What is the quantity of excess supply or demand that results? Draw a graph to show this.

If the demand for oranges is written as Q = 100 - 5p,then the inverse demand function is

For the following, please answer "True" or "False" and explain why. -As the supply curve shifts to the right,the increase in quantity demanded will not depend on the shape of the demand curve.

Suppose the demand curve for movie tickets has unitary price elasticity and the supply curve is perfectly price elastic.If 3 million tickets are currently sold at a price of $5,approximately how much tax revenue could the government generate from a $1 specific tax?

A vertical supply curve exhibits

Suppose the market demand curve for pizza can be expressed as QD = 100 - 2P + 3Pb,where QD is the quantity of pizza demanded,P is the price of a pizza,and Pb is the price of a burrito.What is the slope of this demand function,and what information does the slope provide?

A specific tax on sellers will