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MICROECONOMICS 1. chore 1: Demand And Supply buy the farms in a grocery of product X are abandoned as follows: (D):Q = - 5P + 70 (S): Q = 10P + 10 a. Identify the merchandise part set and measuring rod b. Calculate the bell grab of Demand (Ed) at the Equilibrium point. What will bell strategy of a seller to maximize the revenue? c. If the presidency sets the monetary value to be P = 3$, what happens in the martplace? d. If the score supplied crucifys by 50%, what will be the rising wiz of balance expenditure? Problem 2: Demand operate on of Apple (Agricultural product) is given as: Q = 100 P/2 The quantity supplied of Apple last year was 80 tons. Unfortunately, imputable to bountiful weather, it was only 70 tons this year. a. Graphically ornament the market consider and supply curves of Apple. b. Identify the remainder price in the market. c. Calculate the price elasticity of demand at the e quilibrium price point. Compare revenue of the gardeners this year to that of the front year. d. If the political science impose a little levy of t= 5 $/ kg, what will be changes in the equilibrium price and quantity? Who pay for the tax? Problem 3.. The market of product X is in the equilibrium state. The equilibrium price and quantity are Pe = 10 and Qe = 20.

At the equilibrium point, the price elasticity of demand and supply are Ed = -1 and Es = 0.5. Assume that both demand and supply curves are honest lines. a. Identify the market demand and supply functions. b. Now the political re lation imposes a precise tax of t /unit, w! hich makes the quantity supplied reduce by 20 % at every price level, discern the new equilibrium price and quantity in the market. c. If the politics sets the price of P = 14 $ and promises to buy the unsold products, how oftentimes does it pay for this policy. Problem 4. Weekly quantity demanded of product X is given as follows: Q = 600 0.4 P a. If the price of X is P = 1200 $, what will be the...If you loss to get a all-embracing essay, order it on our website: BestEssayCheap.com

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