D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X C A mtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E . . . Help | Elim Habte | Close mobius FF - ECON 1101 - F22 - Section 14 / FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:45:34 Question 10 Given the demand and supply for water dispensers: Qd = 720 - 16 P 6 points Qs = -50 + 18 P 1. The market equilibrium price is Number 2. The market equilibrium quantity is Number 3. What is the value of the demand curve's vertical intercept ? Number 4. What is the value of the supply curve's vertical intercept? Number 5. What is the Consumer's Surplus? Number 6. What is the Producer's Surplus? Number Submit Assignment Quit & Save Back Question Menu - Next 13 . C Mostly clear OLOCBERIO A ENG O 8:13 PM US 2022-10-15D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X C Amtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E .. . Help | Elim Habte | Close mobius FF - ECON 1101 - F22 - Section 14 / FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:44:32 - Question 11 Using the information below answer the following questions. 5 points If demand is :Qd = 650 - 5 P and supply is: Qs = 150 + 30 P Where: Qd = quantity of the good demanded. Qs = quantity of the good supplied. P = price of the good. Part 1: The equilibrium price is Number Part 2: The equilibrium quantity is Number Part 3: An imposed price of $10 yields an excess (enter numeric answer: Demand = 1 or Supply = 2) Number of Number units. Part 4: Is a ceiling price of $10 binding? Number (enter number from list below): 1. Yes 2. No 3. Uncertain Submit Assignment Quit & Save Back Question Menu - Next 13 . C ENG 8:14 PM Mostly clear US 2022-10-15D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X C mtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E .. . Help | Elim Habte | Close mobius FF - ECON 1101 - F22 - Section 14 / FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:42:40 Question 12 In the table below, fill in the numeric answers in the "Willingness to Pay" (WTP) blanks where indicated. WTPx, WTPy, WTPz represent three different individual's "willingness to pay". 6 points Number Help Q MC WTPx WTPy WTPz Collective WTP 1 21 20 13 16 Number 2 28 12 Number 8 27 3 30 Number 5 5 20 4 32 8 3 Number 14 5 36 7 2 2 Number What is the optimal quantity of the public good that should be provided? Click for List Submit Assignment Quit & Save Back Question Menu - Next 13 . C ENG 8:16 PM Mostly clear OLOCBRO US 2022-10-15D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X -> C mtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E . .. Help | Elim Hable | Close mobius - ECON 1101 - F22 - / FF - Assignment #1 - F22 - Due Oct 18 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:41:44 Question 13 Calculate the elasticity for the following questions (USING THE MIDPOINT (AVERAGE) FORMULA) and indicate if the goods are: 8 points 1. Inferior, 2. Normal, 3. Complements, or 4. Substitutes (Please Include The Negative signs in your answers where appropriate) A. The price of gasoline increases from 18 per barrel to 40 per barrel and as a result, the demand per month for new cars changes from 400 to 300. Part 1: The elasticity is Number Part 2: These goods are (answer using numbers, 1-4) Number B. As a result of a change in income from 1,950 to 3,350 per month motion of good X changes from 140 to 550 units. Part 3: The elasticity is Number Part 4: Good X is a(an) (answer using numbers, 1-4) Number C. As a result of a decrease in the price of good Y from 40 to 11 the demand for good X changes from 100 to 650 units. Part 5: The elasticity is Number Part 6: These goods are(answer using numbers, 1-4) Number D. As a result of an economic boom in Calgary, the average income increases from 2, 100 to 7,900 per month and as a result the demand for new houses increases from 130 to 310 units. Part 7: The elasticity is Number Part 8: New houses are a(an) (answer using numbers, 1-4) Number Submit Assignment Quit & Save Back Question Menu - Next 13 . C ENG 8:17 PM Mostly clear US 2022-10-15D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X C A mtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E . . . Help | Elim Habte | Close mobius FF - ECON 1101 - F22 - Section 14 / FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:40:27 Question 14 Price and total revenue vary in opposite directions (Click for List) (Click for List) 1 point perfectly inelastic relatively elastic relatively inelastic perfectly elastic unit elastic Submit Assignment Quit & Save Back Question Menu - Next 13 . C Mostly clear OLOCBERIO A ENG 8:18 PM US 2022-10-15D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X C A mtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E . . . Help | Elim Habte | Close mobius FF - ECON 1101 - F22 - Section 14 / FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:39:44 Question 15 For a given product, for every 1% change in its price, quantity demanded for that product changes by less than 1% (Click for List) (Click for List) 1 point unit elastic perfectly inelastic relatively elastic relatively inelastic perfectly elastic Submit Assignment Quit & Save Back Question Menu - Next 13 . C ENG O 8:19 PM Mostly clear US 2022-10-15D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X C mtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E . . . FF - ECON 1101 - F22 - Section 14 / FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:48:17 - Question 7 The demand for product X depends on the price of product X as well as the average household income (Y) according to the following relationship Qdx = 450 - 10 P + 0.001Y 6 points The supply of product X is positively related to own price of product X and negatively dependent upon W, the price of some input. This relationship is expressed as: Qsx = 70 + 30 P - 1 W Given that Y = 10,000 and W = 6, what is the: 1. Equilibrium price? Number 2. Equilibrium quantity? Number Suppose that income increases to 20,000 and W remains constant. What is the new: 3. Equilibrium price? Number 4. Equilibrium quantity? Number Assuming that income remains constant at 20,000 and W increases to 11, what is the new: 5: Equilibrium price? Number 6. Equilibrium quantity? Number Submit Assignment Quit & Save Back Question Menu - Next 13 . C OLOCBRO ENG 8:10 PM Mostly clear US 2022-10-15D2L Assignment #1 - F22 - Due Oct 1 X m Mount Royal University - FF - Ass X *Homework Help - Q&A from Onl x + V X C A mtroyal.mobius.cloud/modules/unproctoredTest.QuestionSheet E . . . Help | Elim Habte | Close mobius FF - ECON 1101 - F22 - Section 14 / FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM FF - Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:46:52 Question 8 Assuming a normal market, with a positively sloped supply and negatively sloped demand, which is initially in equilibrium. Given the situation stated below, fill in the blanks matching the effect as either: increase, decrease, no change or indeterminate (cannot determine). 4 points Market for TENNIS RACKETS A new manufacturing process is introduced that is more efficient and lowers the cost of producing tennis rackets. At the same time, more individuals prefer tennis as a leisure activity. As a result, (a) Demand will (Click for List) (b) Supply will (Click for List) (c) Equilibrium price will (Click for List) (d) Equilibrium quantity will (Click for List) Submit Assignment Quit & Save Back Question Menu - Next 13 . C OLOCBERIO ENG 8:12 PM Mostly clear A US 2022-10-15(- 9 C' i mtroyalmobius.cloud/modu|es/unproctoredTestQuestionSheet i? {Y El 0 5 FF - ECON 1101 - F22 - Section 14 FF -ASSignment#1- F22 - Due Oct 16 at 11:59PM FF -Assignment #1 - F22 - Due Oct 16 at 11:59PM Remaining Time: 27:46:16 Question 9 Assuming a normal market. with a positively sloped supply and negatively sloped demand, which is initially in equilibrium. Given the Situation stated below, fill in the blanks matching the effect as either: increase' decrease, no change or indeterminate (cannot determine). 4 points Market for Wild Salmon Fewer wild salmon remain to be caught due to over-fishing, and consumer research shows that farmed salmon provides more health benefits than wild salmon. 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