Microeconomics Answers

1.what are the equilibrium price and quantity?
2. If Y = 35000 and Pr=20. Draw the precise demand curve for product x
3. What are the equilibrium price and quantity if other aspects remain the same, the income and the price of the related product are at their original levels and the supply curve shifts to Qs=-360+10Px?.

what is tripoly?tripoly long description and also example

Explain why the cooperative model of organization has emerged.

Explain that overall levels of income, employment, and prices are determined by the spending and production decisions of households, businesses, government, and net exports

The demand function for product X is: Qd = 600 – 20Px + 0.02Y – 5Pr The supply function is: Qs = –300 + 10Px
Where:
Qd = the quantity of X demanded Qs = the quantity of X supplied Px = the price of product X Y = the average consumer income Pr = the price of the related product

If Y=35000 and Pr is R20, draw the demand curve

The following table represents three firms, the amount they pollute, and the cost to reduce their pollution by one ton. Use the information to answer the following questions.
Firm Pollution(tons) Cost/ton
A 50 $20
B 100 $25
C 60 $10
5. Environmental Economists have estimated that the firms are polluting too much. To
achieve the socially optimal level of pollution we need to reduce pollution by 60 tons. If
we use a command and control policy that forces each firm to reduce by the same
amount, what will be the cost of 60 tons of pollution reduction?
6. Being a student of Professor Hayes’ Econ course, you suggest that using tradeable
permits can achieve the same goal at a lower cost. How many permits should be issued to
each firm to reduce pollution by 60 tons?
7. Using tradeable permits, assume that B buys permits from C for $10 each. What is the
cost of pollution reduction after they permits are traded?

The demand function for product X is: Qd = 600 – 20Px + 0.02Y – 5Pr The supply function is: Qs = –300 + 10Px
Where:
Qd = the quantity of X demanded Qs = the quantity of X supplied Px = the price of product X Y = the average consumer income Pr = the price of the related product

Is product X a normal or an inferior good? Explain.
Are products X and R substitutes or complements? Explain.

If Y = R35 000 and Pr = R20, draw the precise demand curve for product X.

Suppose that as a result of the listeriosis outbreak, the department of health has warned against the consumption of Viennas. Explain using a properly labelled diagram, the effect of this in the market for Viennas, ceteris paribus

Given the following inverse demand and supply curves
P=8-Qd/2
P=2+Qs
and assuming the price is fixed below the equilibrium price at $5, what is the loss in producer surplus due to the price ceiling

The answer is $3.50
But how did they get to this ? Please explain.