Homework Answers
7. B) Price X and quantity B
At price of X, quantity demanded is greater than quantity supplied but actual amount that is traded is B.
8. B) Shortage of 2 units
At price of $ 10, quantity demanded is greater than quantity supplied by 3 - 1 = 2 units i.e. shortage of 2 units.
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Quantity 7. In the graph above, under a legal price ceiling of I, the price and...
Price Quantity This is an example of a binding Price Ceiling . Economists expect that a...
Price Quantity This is an example of a binding Price Ceiling . Economists expect that a binding Price Floor will create a Surplus in a market. TOU $90 $80 $70 $60 $50 $40 $30 $20 100 200 300 400 500 600 700 800 900 1000 Quantity a.) A price ceiling of $30 will create a shortage b.) A price ceiling of $10 will create a shortage C.) A price floor of $60 will create a surplus of of of/ 300...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
Please answer the question, A, B, C, and D. Thank you. The following graph represents the...
Please answer the question, A, B, C, and D. Thank you.
The following graph represents the market for soya beans. Price ($) 20 40 80 100 60 Quantity a) What is the equilibrium price and quantity traded for the soya beans? [2 marks] Price: Quantity Traded: b) If the price of soybeans were $14 per unit, would there be a shortage, surplus, or neither? Circle the correct response. [1 mark] SHORTAGE SURPLUS NEITHER c) Suppose Supply increased by 30 units....
Price $30 25 20 15 10 D 0 150 Quantity 50 250 In a competitive market...
Price $30 25 20 15 10 D 0 150 Quantity 50 250 In a competitive market illustrated by the diagram above, a price ceiling of $l- per unit will result in Select one .a. a surplus of f.. units O b. a surplus of fo. units .c. a shortage ofro. units d. a shortage of r.. units Refer to the provided figure. If box A represents households, B the product market, and C businesses, and if flow (F) represents revenues,...
QUESTION 4 Suppose instead that the government places a price ceiling at $3 in the coffee...
QUESTION 4 Suppose instead that the government places a price ceiling at $3 in the coffee market (graph is replicated below). NO 20 40 60 80 100 Q The new price in the market will be and the new quantity will be . This will result in a (surplus/shortage) units
7. The following graph represents the market for baseball tickets. Assume the government places ceiling of...
7. The following graph represents the market for baseball tickets. Assume the government places ceiling of $30. (3 pts.) Price Market for Baseball Tickets $40 L - - $30 Quantity a. What benefit occurs as a result of the price ceiling? b. Is there a shortage or a surplus of tickets? Or will the market remain in equilibrium? c. Identify the area that represents the deadweight loss.
O False Figure: Price Ceiling price floor on $12 10.50 270 290 310 Reference: Ref 6.1...
O False Figure: Price Ceiling price floor on $12 10.50 270 290 310 Reference: Ref 6.1 (Refer to the figure above. If a price floor were set at $12.00, there would be a: Select one: A surplus of 40 units. B. shortage of 40 units. • C. surplus of 20 units. D. shortage of 50 units.
8. The following graph represents the market for donuts. Suppose the government implements a price ceiling...
8. The following graph represents the market for donuts. Suppose the government implements a price ceiling of $5 per box of a dozen donuts. (4 pts.) Price Market for Donuts $6.50 $5.00 ---- 361 Quantity (dozen) a. What price will suppliers sell a box a dozen donuts? b. Will the market have a shortage or surplus of donuts? Or, will the market remain in equilibrium? C. Was the price ceiling effective? d. Is the market for donuts efficient?
1. Price ($) Quantity Demanded Quantity Supplied 0 4 0 1 2 3 4 5 6...
1. Price ($) Quantity Demanded Quantity Supplied 0 4 0 1 2 3 4 5 6 7 21 18 15 12 9 6 3 0 8 12 16 20 24 28 a. If the government set a price ceiling at $2, would there be a shortage or surplus, and how large would be the shortage/surplus? b. If the government set a price ceiling at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? c....
Beginning with equilibrium in the table above, a government imposed price ceiling at $2 A. means...
Beginning with equilibrium in the table above, a government
imposed price ceiling at $2
A. means that consumption will be 48
B. cause a surplus of 36.
C. cause a shortage of 48.
D. means that consumption will be 84.
E. will lead to an increase in demand.
Price per Loaf Quantity DemandedQuantity Supplied 30 102 $5 48 84 48 84 102 30
Price Quantity This is an example of a binding Price Ceiling . Economists expect that a binding Price Floor will create a Surplus in a market. TOU $90 $80 $70 $60 $50 $40 $30 $20 100 200 300 400 500 600 700 800 900 1000 Quantity a.) A price ceiling of $30 will create a shortage b.) A price ceiling of $10 will create a shortage C.) A price floor of $60 will create a surplus of of of/ 300...
Refer to the graph below for questions 7-9: Price Supply 15 12 Demand 40 50 80 104 130 Quantity Suppose the market in the graph is originally in equilibrium at a price of $15. If the government implements a price ceiling at $20, what will be the market outcome? 7. a. Surplus of 90 units b. Surplus of 54 units c. Shortage of 90 units d. Shortage of 54 units e. Market will remain in equilibrium with a quantity of...
Please answer the question, A, B, C, and D. Thank you.
The following graph represents the market for soya beans. Price ($) 20 40 80 100 60 Quantity a) What is the equilibrium price and quantity traded for the soya beans? [2 marks] Price: Quantity Traded: b) If the price of soybeans were $14 per unit, would there be a shortage, surplus, or neither? Circle the correct response. [1 mark] SHORTAGE SURPLUS NEITHER c) Suppose Supply increased by 30 units....
Price $30 25 20 15 10 D 0 150 Quantity 50 250 In a competitive market illustrated by the diagram above, a price ceiling of $l- per unit will result in Select one .a. a surplus of f.. units O b. a surplus of fo. units .c. a shortage ofro. units d. a shortage of r.. units Refer to the provided figure. If box A represents households, B the product market, and C businesses, and if flow (F) represents revenues,...
QUESTION 4 Suppose instead that the government places a price ceiling at $3 in the coffee market (graph is replicated below). NO 20 40 60 80 100 Q The new price in the market will be and the new quantity will be . This will result in a (surplus/shortage) units
7. The following graph represents the market for baseball tickets. Assume the government places ceiling of $30. (3 pts.) Price Market for Baseball Tickets $40 L - - $30 Quantity a. What benefit occurs as a result of the price ceiling? b. Is there a shortage or a surplus of tickets? Or will the market remain in equilibrium? c. Identify the area that represents the deadweight loss.
O False Figure: Price Ceiling price floor on $12 10.50 270 290 310 Reference: Ref 6.1 (Refer to the figure above. If a price floor were set at $12.00, there would be a: Select one: A surplus of 40 units. B. shortage of 40 units. • C. surplus of 20 units. D. shortage of 50 units.
8. The following graph represents the market for donuts. Suppose the government implements a price ceiling of $5 per box of a dozen donuts. (4 pts.) Price Market for Donuts $6.50 $5.00 ---- 361 Quantity (dozen) a. What price will suppliers sell a box a dozen donuts? b. Will the market have a shortage or surplus of donuts? Or, will the market remain in equilibrium? C. Was the price ceiling effective? d. Is the market for donuts efficient?
1. Price ($) Quantity Demanded Quantity Supplied 0 4 0 1 2 3 4 5 6 7 21 18 15 12 9 6 3 0 8 12 16 20 24 28 a. If the government set a price ceiling at $2, would there be a shortage or surplus, and how large would be the shortage/surplus? b. If the government set a price ceiling at $4, would there be a shortage or surplus, and how large would be the shortage/surplus? c....
Beginning with equilibrium in the table above, a government
imposed price ceiling at $2
A. means that consumption will be 48
B. cause a surplus of 36.
C. cause a shortage of 48.
D. means that consumption will be 84.
E. will lead to an increase in demand.
Price per Loaf Quantity DemandedQuantity Supplied 30 102 $5 48 84 48 84 102 30
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