8 Suppose there are three buyers of candy in a market: Tex, Dex, and Rex. The market demand and the individual demands of Tex, Dex, and Rex for candy are given in the table below. a. Fill in the table for the missing values. Price Tex Dex Rex Total Quantity per Candy Demanded $ 19 4 3 3 18 6 4 17 17 5 11 24 16 10 15 31 15 12 7 19 b. (i) Which buyer demands the least at a price of $16? (Click to select) V (ii) Which buyer demands the most at a price of $18? (Click to select) V c. Which buyer's quantity demanded increases the most when the price is lowered from $18 to $17 (in absolute terms)? (Click to select) V d. (i) Which direction would the market demand curve shift if Tex withdrew from the market? |(Click to select) V (ii) Which direction would the market demand curve shift if Dex doubled his purchases at each possible price? (Click to select) V e. Suppose that at a price of $17, the total quantity demanded increases from 24 to 34. Is this a "change in the quantity demanded" or a "change in demand"? (Click to select) VThe demand and supply for a particular commodity are given by the following two equations: Demand: P=12 0.2 0d and Supply. P = 4 + 0.2 05 Where 0d and 05- are quantity demanded and quantity supplied, respectively, and F'is price. Using the equilibrium condition 03 = 0;; determine equilibrium price and equilibrium quantity. Equilibrium price = $ Equilibrium quantity= units Graph the two equations to substantiate your answen Instructions: 1. Use the line tools 0d and Os to draw the demand and supply curves for P = 4 and 12. 2. Use the drop line tool E to identify the equilibrium quantity and price. 6) 14 Tools 12 / / an as 10 o a I g E E 5 4 2 (\"N G 10 20 30 40 U Quantity 10 Suppose that the demand and supply schedules for rental apartments in the city of Gotham are as given in the table below. a. What is the market equilibrium rental price per month and the market equilibrium number ofapartments demanded and supplied? Market equilibrium rental price $ per month Market equilibrium quantity apartments. b. If the municipal government can enforce a rent-control law that sets the maximum monthly rent at $1.750, will there be a surplus or a shortage? {Click In select) v Of how many units? apartments per mo nth. How many units will actually be rented each month? apartments will be rented. c. Suppose that a new government wants to keep out the poor. It declares that the minimum allowable rent is $2,750 per month. If the government can enforce that price floor. will there be a surplus or a shortage? {Click to sale V Of howI many units? apartments per mo nth. How many units will actually be rented each month? apartments will be rented. 6. Start at the original (correct) equilibrium price and quantity in part {a}. Suppose that the government wishes to decrease the market equilibrium monthly rent by increasing the supply of housing. Assuming that demand remains unchanged, by how many units of housing would the government have to increase the supply of housing in order to get the market equilibrium rental price to fall to $1,750 per month? To $1,250 per month? To $750 per month? Fall to 51,750 per month: unit-.3. 1:511 to $1,250 par month: unit-.3. Fall to 5750 Per month: units