Homework Answers
Equilibrium is the point at which the demand equals supply at a given price.
In the given problem, demand equaled supply at $2.80 which is 7,500 units.
Correct option is C.
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the conditions of demand and supply are given in the table below. what is the equilibrium...
Question 11 1 pts The conditions of demand and supply are given in the table below....
Question 11 1 pts The conditions of demand and supply are given in the table below. What is the equilibrium quantity? Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8.000 6,400 $2.80 7.500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 o 7.000 6,400 7.500 A government decides to set a price ceiling on bread so that bread is affordable to the poor. The conditions of demand and supply are given in the table below. What...
The market equilibrium for taxi service is shown by point a in the diagram to the...
The market equilibrium for taxi service is shown by point a in the diagram to the right with a price of $3.00 and a quantity of 10,000 miles of service per day (100 taxis and 100 miles per taxi) Taxi Medallions 6.40 6.00- 5.60- 5.20- 4.80- 4.40- Supply w/ 80 medallions A medallion policy reduces the quantity of taxi service to less than 10,000 miles per day (80 taxis and 100 miles per taxi) A consumer who is on the...
Microeconomics: 1. EXPLAIN AND ILLUSTRATE MARKET EQUILIBRIUM USING THE FOLLOWING DATA: QUANTITY DEMANDED PrRICE QUANTITY...
Microeconomics: 1. EXPLAIN AND ILLUSTRATE MARKET EQUILIBRIUM USING THE FOLLOWING DATA: QUANTITY DEMANDED PrRICE QUANTITY SUPPLIED 3,500 P100 10,000 5,000 90 8,500 6,500 80 7,000 8,000 70 5,500 9,500 60 4,000 2. ILLUSTRATE THE EFFECTS OF CHANGES IN DETERMINANTS OF DEMAND AND SUPPLY UPON MARKET EQUILIBRIUM. Elaborate more.
Imagine that the table shows the quantity demanded of UGG boots at five different prices in...
Imagine that the table shows the quantity demanded of UGG boots at five different prices in 2018 and in 2019. Quantity Demanded Quantity Demanded Which of the following variables could cause the demand for UGG boots to change as indicated from 2018 to Price 2019? (Check all that apply.) 2018 2019 $160 8,000 7,000 O A. A decrease in the number of buyers. 6,500 170 7,500 O B. The expectation that UGG boots will rise in price. 180 7,000 6,000...
Use the following table which shows the aggregate demand and aggregate supply schedules for a hypothetical...
Use the following table which shows the aggregate demand and aggregate supply schedules for a hypothetical economy to answer the next question. Real Domestic Output Demanded (in billions) Price Level (index value) Real Domestic Output Supplied (in billions) $3,000 350 $9,000 4,000 300 8,000 5,000 250 7,000 6,000 200 6,000 7,000 150 5,000 8,000 100 4,000 The equilibrium price and output levels will be Select one: a. 200 and $5,000. b. 200 and $6,000. c. 250 and $7,000. d. 300...
E) Solve the mathematical problems below: 1. The demand and supply curves for hotdogs in California...
E) Solve the mathematical problems below: 1. The demand and supply curves for hotdogs in California are given by the following two equations QD = 8,000 - 800P QS = 2,000 + 200P Where QD represents quantity demanded, QS represents quantity supplied and P represents price. a. Find the equilibrium quantity and price: b. If students suddenly acquire a greater taste for hotdogs, which of the following would be the new demand curve? Circle the correct equation: QD = 6,500...
The demand and supply for automoblles In a certain country is given In the graph below....
The demand and supply for automoblles In a certain country is given In the graph below. The world price of automobles is $8,000. a. Assuming that the economy Is closed, find the equilibrium price and quantity of automobles. Instructions: Indicate the equilibrium price and quantity using the tool "Equilibrium* by clicking on the appropriate Intercept on the given graph. Market for Cars Price of cars (S) 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Tools...
The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home...
The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood increases by 600 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from raising the price of plywood when hurricanes threaten Market for Plywood Initial Quantity of Quantity of...
a. Given the table below, graph the demand and supply curves for flashlights. Make certain to...
a. Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. Price Quantity Demanded Per Month 6,000 8,000 Quantity Supplied Per Month 10,000 8,000 S5 $4 We were unable to transcribe this image
1. Review on demand and supply of flashlights 1) Given the table below, graph the demand...
1. Review on demand and supply of flashlights 1) Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity Price Quantity Demanded Quantity Supplied $5 $4 $3 $2 $1 Per Month 6,000 8,000 10,000 12,000 14,000 Per Month 10,000 8,000 6,000 4,000 2,000 2) What is the equilibrium price and the equilibrium quantity? 3) Suppose the price is currently $5. What problem would exist in the market? What...
Question 11 1 pts The conditions of demand and supply are given in the table below. What is the equilibrium quantity? Price Qd Qs $1.60 9,000 5,000 $2.00 8,500 5,500 $2.40 8.000 6,400 $2.80 7.500 7,500 $3.20 7,000 9,000 $3.60 6,500 11,000 $4.00 6,000 15,000 o 7.000 6,400 7.500 A government decides to set a price ceiling on bread so that bread is affordable to the poor. The conditions of demand and supply are given in the table below. What...
The market equilibrium for taxi service is shown by point a in the diagram to the right with a price of $3.00 and a quantity of 10,000 miles of service per day (100 taxis and 100 miles per taxi) Taxi Medallions 6.40 6.00- 5.60- 5.20- 4.80- 4.40- Supply w/ 80 medallions A medallion policy reduces the quantity of taxi service to less than 10,000 miles per day (80 taxis and 100 miles per taxi) A consumer who is on the...
Imagine that the table shows the quantity demanded of UGG boots at five different prices in 2018 and in 2019. Quantity Demanded Quantity Demanded Which of the following variables could cause the demand for UGG boots to change as indicated from 2018 to Price 2019? (Check all that apply.) 2018 2019 $160 8,000 7,000 O A. A decrease in the number of buyers. 6,500 170 7,500 O B. The expectation that UGG boots will rise in price. 180 7,000 6,000...
E) Solve the mathematical problems below: 1. The demand and supply curves for hotdogs in California are given by the following two equations QD = 8,000 - 800P QS = 2,000 + 200P Where QD represents quantity demanded, QS represents quantity supplied and P represents price. a. Find the equilibrium quantity and price: b. If students suddenly acquire a greater taste for hotdogs, which of the following would be the new demand curve? Circle the correct equation: QD = 6,500...
The demand and supply for automoblles In a certain country is given In the graph below. The world price of automobles is $8,000. a. Assuming that the economy Is closed, find the equilibrium price and quantity of automobles. Instructions: Indicate the equilibrium price and quantity using the tool "Equilibrium* by clicking on the appropriate Intercept on the given graph. Market for Cars Price of cars (S) 26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Tools...
The table below presents the average monthly demand and supply of 4' x 8' sheets of plywood from a typical home building supply store. In any month when coastal states such as Florida are threatened by hurricanes, the typical monthly demand for plywood increases by 600 sheets at every price. Imagine Florida passes a "price gouging" law that prevents home building supply stores from raising the price of plywood when hurricanes threaten Market for Plywood Initial Quantity of Quantity of...
a. Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity. Price Quantity Demanded Per Month 6,000 8,000 Quantity Supplied Per Month 10,000 8,000 S5 $4 We were unable to transcribe this image
1. Review on demand and supply of flashlights 1) Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity Price Quantity Demanded Quantity Supplied $5 $4 $3 $2 $1 Per Month 6,000 8,000 10,000 12,000 14,000 Per Month 10,000 8,000 6,000 4,000 2,000 2) What is the equilibrium price and the equilibrium quantity? 3) Suppose the price is currently $5. What problem would exist in the market? What...
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