Given the demand and supply for water dispensers: Qd=720-16P Qs=-50+18P 1. The market equilibrium price is Number . The market equilibrium quantity is . What is the Consumer's Surplus? . What is the Producer's Surplus? Number . What is the value of the demand curve's vertical intercept ? Number Number Number . What is the value of the supply curve's vertical intercept? Number Using the information below answer the following questions. 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. UncertainCalculate the elasticity for the following questions (USING THE MIDPOINT (AVERAGE) FORMULA) and indicate if the goods are: 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, the consumption 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) NumberPrice and total revenue vary in opposite directions (Click for List) v (Click tor List) perfectly inelastic relatively elastic relatively inelastic perfectly elastic unit elastic For a given product, for every 1% change in its price, quantity demanded for that product changes by less than 1% (Click for List) v (Click for List) unit elastic perfectly inelastic relatively elastic relatively inelastic perfectly elastic 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). 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, la) Demand will (Clicktor List) v M Supply will (Click for List) v M Equilibrium price will (Click for List) v \"H Equilibrium quantity will 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). 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. (a) Supply will (Click for List) (b) Demand will (Click for List) (c) Equilibrium quantity will (Click for List) (d) Equilibrium price will (Click for List) V