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PilotLPTM [1.2K]
1 year ago
9

Recently, the spot market price of U.S. hot rolled steel plummeted to $400 per ton. Just one year ago, this same ton of steel co

st $700. According to Metals Monitor, the drop in price was due to falling oil prices, along with a rise in cheap imports and excess capacity. These dramatic market changes have greatly impacted the supply of raw steel.
Suppose that last year the supply for raw steel was Qsraw= 600 + 4P, but this year it has shifted to Qsraw = 4,200 + 4P.

Assuming the market for raw steel is competitive and that the current worldwide demand for steel is Qdraw = 9,000 – 8P, compute the equilibrium price and quantity for the steel market one year ago, and the equilibrium price–quantity combination for the current steel market.

Price one year ago: $ ______

Quantity one year ago: _______

Price for current market: $ ______

Quantity for current market: ______

Suppose the cost function of a representative steel producer is C(Q) = 1,200 + 15Q2.

How much raw steel does a representative firm produce when the market price is $700?________

How much raw steel does a representative firm produce when the market price is $400?________.
Business
1 answer:
nevsk [136]1 year ago
7 0

Answer:

The computation of given question is shown below:-

Explanation:

One year ago

Quantity supplied = 600 + 4P

Quantity demanded = 9,000 - 8P

600 + 4P = 9000 - 8P

Price one year ago = $700

Quantity one year ago = 3,400

Current market:-

Quantity supplied = 4200 + 4P

Quantity demanded = 9,000 - 8P

4,200 + 4P = 9,000 - 8P

Price for current market = $400

Quantity for current market = 5,800

C(Q) = 1,200 + 15Q2

A representative firm in a competitive market would produce steel where MC = P

MC = dC ÷ dQ = 30Q

The raw steel does a representative firm produce when the market price is $700

30Q = 700

Q = 23.33

The raw steel does a representative firm produce when the market price is $400

30Q = 400

Q = 13.33

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Taking into account recent technological developments what technical advances do you think are possible in the next twenty years
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Answer:

1. Automation and robotics

2. Hyperloop and autonomous vehicles

3. Smart drones

4. Virtual reality learning

5. Space vacation (tourism)

Explanation:

1. Automation and robotics: This will continue to transform the manufacturing sector in various ways with use of Internet of Things (IoT), learning though data collection and analysis, there will be a general increase in robotic integration.

2. Hyperloop and autonomous vehicles: pneumatic tube that uses a series of linear induction motors and compressors to propel vehicles at super fast speeds. Hyperloop’s technology will be the future of long distance travel in the world. Also, autonomous vehicle technology will become a safer alternative to human driving.

3. Smart drones: The use of drones for delivering parcels, Medicine, Pizza, and all types of goods is receiving large investment from Google, Amazon, Walmart and so on. Drones will be the future of delivering items in future.

4. Virtual reality classrooms and meetings: This is a technological advancement that will provide an engaging and immersive experience in learning and other virtual meetups without leaving ones current environment.

5. Space vacation (tourism): This will give opportunity to the members of the public to buy tickets(return tickets) to travel to the space and probably stay for a given period. With the help of companies like Spacex, Orbital Technologies etc, space tourism is becoming a realistic target.

5 0
1 year ago
Devin is a landscaper who needs to prepare different types of grass seed for his customers' yards. Bluegrass seed costs \$2.00$2
KiRa [710]

Answer:

7 pounds

Explanation:

Let us assume the x for the 1 pound of bluegrass seed  and y for the pound of drought resistant seed

Now the first equation would be

x + y = 25    ............................ (i)

we can write

y = 25 - x

Now the second equation would be

2x + 3y = 68  .............................. (ii)

Now put  y value in the equation 2

So

2x + 3(25 - x) = 68

2x + 75 - 3x = 68

x= 7

Therefore the bluegrass seed is 7

Now for drought-resistant it would be

7 + y = 25

y = 18

8 0
1 year ago
Tom is responsible for ordering hardware for a custom home his company is building. The contractor installing the hardware is sc
ICE Princess25 [194]

Answer:

Free slack.

Explanation:

In project management, free slack refers to the amount of time that a certain task can be delayed and not affect the completion time of the general project. Slack time can be considered "just in case" time, because even though delays should be minimized, rarely you can eliminate them completely, and slack time gives you a little extra room for managing projects.

In this case, the free slack time is 10 days, and this delay will consume 9 of them.

3 0
2 years ago
In the graph, what might explain the movement of the demand curve from D1 to D3?
sashaice [31]

Answer:

The answer is D

Explanation:

8 0
2 years ago
Read 2 more answers
Lower of Cost or Market The accountant for Murphy Company prepared the following analysis of its inventory at year end: Item Uni
Nina [5.8K]

Answer:

  $52,860

Explanation:

The computation of the ending inventory using the  lower of cost or market method is shown below:

Product                    Cost           Net realizable value Lower of cost or NRV

RSK-89013 600 × $38 = $22,800 600 × $47 = $28,800   $22,800

LKW-91247 420 × $47 = $19,740     420 × $40 = $16,800        $16,800

QEC-57429  510 × $26 = $13,260    510 × $32 = $16,320         $13,260

Carrying value of the ending inventory is                                       $52,860

7 0
1 year ago
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