AutoSave O OFF A A ) . C G P ... ECON QUESTIONS - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Segoe UI 11.5 ~ A" A Aa Ap REEVEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEE AaBb( Paste BIUvabX X A LA . Normal No Spacing Heading 1 Heading 2 Title Styles Dictate Sensitivity Editor Pane 1. The council in a small village is deciding how many flower beds to place onto a new street boulevard. They survey the four property owners on the street and determine that they each have unique demand curves for the flower beds. The demand curves are: Elizabeth: Q = 100 - 10P Anita: Q = 50 - 2P Nic: 4Q = 100 - 20P Ankit: Q = 50 - 5P What is the market demand curve for public flower beds? 2. The marginal cost of installing flower beds is $25 per bed (MC = $25). Using the market demand curve that you calculated in the previous question, how many flower beds should be installed on the boulevard? Here are those individual demand curves again as a reminder: Elizabeth: Q = 100 - 10P Anita: Q = 50 - 2P Nic: 4Q = 100 - 20P Ankit: Q = 50 - 5P 3. The market for concrete in Regina can be described by the following demand and supply equations Demand: Q = 55,000 - 10P Supply: Q = 5000 + 40P The market is efficient, without any distortions or externalities. What is the equilibrium price in this market? Page 1 of 3 676 words x English (Canada Focus E E + 139%AutoSave O OFF A A ) . C G P ... ECON QUESTIONS - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Segoe UI 11.5 ~ A" A Aa Ap AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEE AaBb( Paste BI Ub X X A LA . Normal No Spacing Heading 1 Heading 2 Title Styles Dictate Sensitivity Editor Pane 141, 15, 1, 16, 2 17 18 4. The market for concrete in Regina can be described by the following demand and supply equations Demand: Q = 55,000 - 10P Supply: Q = 5000 + 40P The market is efficient, without any distortions or externalities. What is the equilibrium quantity in this market? (assume units are in cubic meters, but you can safely ignore units when answering the question) 5. The private demand for concrete is described by the demand equation provided: Demand: Q = 55,000 - 10P The Government of Saskatchewan plans to build a bypass that will require 50,000 cubic meters of concrete. What will the new market demand curve for concrete be with government demand included? 6. Using the new market demand curve from the previous question, what is the new equilibrium price for concrete? 7. Using the new market demand curve from the previous question, what is the new equilibrium quantity for concrete? Page 1 of 3 676 words x English (Canada Focus E + 139%AutoSave O OFF A A ) . C G P ... ECON QUESTIONS - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Segoe UI 11.5 ~ A" A Aa Ap AaBbCcDdEe AaBbCcDdEe AaBbCcDC AaBbCcDdEE AaBb( Paste BIUvabX X A LA Normal No Spacing Heading 1 Heading 2 Title Styles Dictate Sensitivity Editor Pane 8. At the new market price for concrete, what is the quantity demanded by non-government buyers? (Hint: use the original demand curve with the new price) 9. What is the proportion of the government's concrete order that is met from displaced demand? (Express percentage as a decimal. So for example, 100% would be 1.00 and 50% would be .5) 10. What is the opportunity cost of the concrete purchased by government? (Note that the equations for supply and demand are linear.) 11. The University bookstore is run as a monopoly on campus. Demand for books can be represented by the following equation: Demand: 10Q = 500 - 5P Derive the marginal revenue curve for the monopolist. Show your steps 12. If the marginal cost of producing books is $20, what is the profit-maximizing quantity of book sales for the University bookstore? Use the marginal revenue (MR) curve that you derived in the previous question to calculate the answer. (To make the numbers realistic imagine that the equilibrium quantity represents thousands of books sold) 13. What price will the monopolist charge at the profit-maximizing quantity of book sales? (Remember to return to the original demand curve here) Page 2 of 3 676 words Ox English (Canada) Focus E + 139%AutoSave O OFF A A ) . C G P ... ECON QUESTIONS - Saved to my Mac Home Insert Draw Design Layout References Mailings Review View ? Tell me Share Comments Segoe UI 11.5 ~ A" A Aa Po REEVEVEE AaBbCcDdEe AaBbCcDdEe AaBbCcDc AaBbCcDdEE AaBb( , Paste BIUvabX x A LA Normal No Spacing Heading 1 Heading 2 Title Styles Dictate Sensitivity Editor Pane 14. The University of Regina is considering opening up the textbook market to competition. This will allow the market to operate at the efficient level of production. What would the equilibrium quantity of textbooks be in this competitive market? (You can imagine that the equilibrium quantity represents thousands of books to make the numbers realistic) 15. The University of Regina is considering opening up the textbook market to competition. This will allow the market to operate at the efficient level of production. What would the equilibrium price of textbooks be in this competitive market? 16. The University of Regina is considering opening up the textbook market to competition. This will allow the market to operate at the efficient level of production. What would the equilibrium price of textbooks be in this competitive market? Page 3 of 3 676 words Ox English (Canada) Focus E E