Answer:
See Explanation
Explanation:
The question is incomplete as the value of s(t) is missing;
However, the following explanation will guide you;
I'll continue my explanation with the following assumption that:
Required
Determine the velocity at t = 8
To do this; first calculate s(t) by substituting 8 for t in
Next, is to calculate the velocity by dividing s(t) by t where t = 8
i.e.
Substitute 8 for t
Substitute 72 for s(8)
<em>So: all you need to do is first calculate s(8), then divide the resulting value by 8 to get your result</em>
The question asks which of the following, but there are no choices. I don't know if it is supposed to be answered in context to a specific situation, so I'll just explain what happens with price ceilings in general.
Assuming the government sets the ceiling below the equilibrium price (where supply and demand cross), demand will be higher while supply will be lower. This is due to the fact that consumers want to buy more since the drinks are cheaper, and producers want to produce fewer bottles since they are not making as much money. This creates a shortage.
The new quantity supplied will be where the supply curve crosses the horizontal price ceiling line, and the new quantity demanded will be where the demand curve crosses the price ceiling.
If we were to draw the graph of supply and demand, the area to the left of the equilibrium point and between the supply and demand curves represents total surplus. The area above the equilibrium price (NOT the price ceiling) and below demand is consumer surplus because there is extra value that consumers are willing to pay, however they don't have to because the price is lower. The area below the equilibrium price and above supply is producer surplus because The price is higher than the minimum value the producer has for the product.
That being said, with a price ceiling in place, the new price is lower and the quantity supplied is less. That means that there is less total surplus. This results in deadweight loss.
Hey there!
For your first question, consider the difference between emergency care and elective surgery. Elective surgery is planned out in advance and is considered a luxury to those who can pay for it only. In some situations, people can opt out of treating something with surgery, especially if it's expensive, and may try other methods of treating what they have if other options exist. Also, as the price of a surgery procedure gets higher, less people will be able to pay for it, decreasing the demand. On the contrary, when it's an emergency, people will often value the life of the urgent patient above all else, including money. Therefore, it can be assumed that urgent care will always be demanded regardless of its price fluctuation.
For your second question, consider the general consensus of people who purchase health care (in general). These people likely think about the possibility of falling ill and needing the health care in the first place. These people also likely think of all that could happen on vacation, especially to foreign countries where immunities and illnesses could be very different, and would like to minimize the possibility of getting ill as much as possible. So, it would make sense that someone who buys more health care would spend less on vacationing and vice versa.
Hope this helped you out! :-)
