Questions 1-8

1. Given the demand and supply for water dispensers : Qd = 800 - 16 P Q1= - 80 + 16p 1. The market equilibrium price is ? 2. The market equilibrium quantity is ? 3 . what is the value of the demand curve's vertical intercept ? 4. What is the value of the supply curves vertical intercept ? 5. what is the consumer's surples ? 6 . what is the Producer's surplus? 2 . If demand is: 20 = 100 - lop and supply is: Qs 2 125 + ISP. Where : Qd = quantity of the good demanded. As = quantity of the good supplies , P = price of the good . 1 . The equilibrium price is ? 2 . The equilibrium quantity is ? 3 . As Imposed price of $ 25 . 3 yields on excess center numeric answer : Demand = 1 or supply = 2 Number) of Number ) unity . 4 . is a ceiling price of 125. 3 binding ? Yes, No or uncertain 3. calculate the elasticity for the following questions ( USING THE MIDPOINT ( AVERAGE ) FORMULA ) and indicate if the goods are ! Inferior , Normal , Complements or substitutes . ( Please inchole the negative signs in your answers where appropriated A. The price of gosling increases from 10 per barrel to 36 and as a result , the demand per month for new cars changes from 350 to 300 . The elasticity is ? These goods are ? B . As a result of a change in income From 1, 215 to 3, 775 permonth, the consumption of good X changes from 300 to 450 mrits The elasticity is ? Good x is a can) ? C . As a result of a decrease in the price of good Y from 24 to 20 the demand for good X changes from 150 to 60 0 unity The elasticity is ? These goods are ? D. As a result of an economic boom in Calgary, the average income increase , from 2, 800 to 4300 permonth and as a result the demand for new housey increases from 170 to 460 whits . The elasticity is ? New houger are alan) ? 1. A firm can sell more or less output at a constant price , Unitelastic + relatively inclastic, relatively elastic , perfect elastic or perfect inclastic 5 . For given product , for every 10%% change in it's price , quantity demanded for that product changes by less than 10%% . Unit elastic , relatively inclastic , perfect yelastic , perfectly inelastic or relatively elastic 6. When marginal product is zero, total product is , constant, at it's maximum , falling, at a minimum or rising 7. When marginal cost is less than average variable cost, average product Is. constant at its matimum , falling, at a mininum or rising 8, When marginal product is negative, total product is! constant, at it, maximum, falling , at a minimum or rising