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25. What do you understand by demand function? Explain
Linear demand function
Non-linear demand function
Shift in demand curve
Demand function relates the quantity of commodities in a given economy which consumers buy in consideration of the prices of alternative commodities,prices and levels of income of consumers in...
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Improvement in technology calls for?
a. shift the demand curve to the left
b. shift the supply curve to the right
c. shift the supply curve to the left
d. move along the supply curve
An improvement in technology shifts the supply curve outward (to the right) because the cost to produce the good decreases, so they can make more products at a lower cost...
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Question 1
1-calculate the market equilibrium if the equation for a market demand curve is Qd=100-0,5P and the equestion for a market supply curve is Qs= -20 +P . (6 marks)
In equilibrium, Qd = Qs - 20+P=100-0,5 1,5P=120 P = 80 Therefore equilibrium quantity , Q = Qd = Qs = 100 - 0,5х80 = 60 unit Equilibrium price is 80 unit and quantity...
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Using appropriate tables and diagrams,distinguish clearly between demand, individual demand schedule and demand curve, and market demand schedule and market demand curve
Demand is the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time.Individual demand schedule is a set of...
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What are the individual Supply and Market Supply? schedule and the demand curve, and how are they related? Why does the demand curve slope downward?
a.Individual supply refers to the amount supplied by a single seller, whereas market supply refers to the total amount supplied by all market sellers.b.A demand schedule is a table that...
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Market demand is given as Qd = 300 – 2P. Market supply is given as Qs = 2P + 100. In a perfectly competitive equilibrium, what will be price and quantity?
Price will be $50 and quantity will be 200.
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Given market equilibrium of demand and supply of sugar, what happens to the level of equilibrium price and quantity if market demand increases by 50% while its supply increases by 40%?
Equilibrium price and Equilibrium quantity will increase. If market demand increases by 50% while supply increases by 40% it means that there would be shortage of product. Demand is higher...
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The demand of a good is D=100-9.4P; the supply of it is S=9.2P-35. At the current market price, there is a surplus of a 9.0 units on the market. Please find the current market price.
If there is a surplus on the market then S>D, and the surplus is calculated, as supply subtracting demand: S-D= 9.9.2P-35-100+9.4P=918.6P=144P=7.74 - is the current market price
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Given market demand Qd=50-p and market supply P=Qs+5
Find the market equilibrium price and quality
If market supply is P = Qs + 5, then: Qs = P - 5At market equilibrium: Qd = Qs 50 - P = P - 5 50 + 5 = P...
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1 In a competitive market, the industry demand and supply curves are P= 200 - .2Qd and P = 100 + .3Qs, respectively. Find the market’s equilibrium price and output
If in a competitive market, the industry demand and supply curves are P = 200 - 0.2Qd and P = 100 + 0.3Qs, respectively, then the market’s equilibrium price and...
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