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o HOME LTE 4:5 50% . Touch to resume FaceTime 27:29 mail-attachment.googleusercontent.com 43 Question 6: Find the equilibrium given the following demand and supply for oil (in barrels) 44 Price Demand Supply 45 S105 105 46 $9 10 90 47 S8 15 75 48 $7 20 60 49 $6 25 45 50 $5 30 30 51 $4 35 15 52 S3 40 0 53 54 Question 7: Based on your answer to 06, calculate the price elasticity of demand at the equilibrium price S5 (range is from S1 below equilibrium to $1 above equilibrium) 56 57 58 60 61 62 Question 8: Given your answer to Q7, would firms increase revenue with a cut in prices or not? Why or why not? 63 64 65 Question 9: If supply and demand increase at the same time, what happens to 66 the equilibrium quantity? 67 . 68 69 Question 10: If supply decreased and demand increased at the same time, what happens to 70 the equilibrium price? 71 72 73 Question1: A monopolist firm sees the following demand #74 * Find the Marginal Revenue (2 points) 75 Price Quantity Marginal Revenue 76 $8 1 77$7 2 78 *S6 3 80 $45 81 $3 6 82 S27 83 $18 85Question 12: Here's that firm's cost scheduleExplanation / Answer
6 P Qd Qs 10 5 105 9 10 90 8 15 75 7 20 60 6 25 45 Equilibrium at Q=30 and P = $5 5 30 30 4 35 15 3 40 0 7 e = (Q/P)*5/30 0.166667 8 Revenue with P = 5 = 5*30 =150 Revenue with P = 4 = 4*15 = 45 Reveunue will decraese because the New equilibrium will be at lower Q= Qs. 9 I this case price will stay the same(if the shift is by same quantity) and the equilibrium quantity willl rise. 10 In this case Quantity will stay the same if the shift is of equla size while the Price will price in equilibrium
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