Row 1456

Row ID: 1456 | Dataset Entry | Axioma AXP Content Repository

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It’s been a while since I did supply/demand graphs but I think this will be right. For C you need to plot the functions on a graph where price is the y axis and quantity is the x axis. Each function is just a slope intercept y=mx+b. The demand slope is an inverse of the supply slope because it goes down from left to right as opposed to up. QD graph has a negative slope looking like \ while QS looks like /. So the equilibrium price is where they intersect. Plot the points for each function by substituting 0,1,2,3… for Q in each equation. In this case the equilibrium price is 18 because at Q=2 both equations come out to P=18. When you impose a 4£ tax it shifts the supply curve to the left, the new y intercept is 16 instead of 12 but the slope is the same. The new equilibrium price will 20 which makes sense because of the tax of 4. The Q at equilibrium will be 1.33.

For d - a function by definition has only 1 y output for each x output so a function can’t be a vertical line. So I think the answer is yes to both questions but honestly I’m not sure.

FieldValue
text It’s been a while since I did supply/demand graphs but I think this will be right. For C you need to plot the functions on a graph where price is the y axis and quantity is the x axis. Each function is just a slope intercept y=mx+b. The demand slope is an inverse of the supply slope because it goes down from left to right as opposed to up. QD graph has a negative slope looking like \ while QS looks like /. So the equilibrium price is where they intersect. Plot the points for each function by sub…
label r/econpapers
dataType comment
communityName r/EconPapers
datetime 2022-08-19
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{
  "text": "It’s been a while since I did supply/demand graphs but I think this will be right. For C you need to plot the functions on a graph where price is the y axis and quantity is the x axis. Each function is just a slope intercept y=mx+b. The demand slope is an inverse of the supply slope because it goes down from left to right as opposed to up. QD graph has a negative slope looking like \\ while QS looks like /. So the equilibrium price is where they intersect. Plot the points for each function by substituting 0,1,2,3… for Q in each equation. In this case the equilibrium price is 18 because at Q=2 both equations come out to P=18. When you impose a 4£ tax it shifts the supply curve to the left, the new y intercept is 16 instead of 12 but the slope is the same. The new equilibrium price will 20 which makes sense because of the tax of 4. The Q at equilibrium will be 1.33. \n\nFor d - a function by definition has only 1 y output for each x output so a function can’t be a vertical line. So I think the answer is yes to both questions but honestly I’m not sure.",
  "label": "r/econpapers",
  "dataType": "comment",
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