Homework Answers
Ans) the correct option is c) 8 units
Surplus = quantity supplied - quantity demanded
= 10 - 2 = 8
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Table 1 Price Quantity Quantity Demanded Supplied $0 10 12 Refer to Table 1. Suppose the...
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80...
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80 0 1200 Refer to the above table. Suppose the government imposes a price floor of $30 on this market. What will be the size of the surplus in this market? A. 0 units B. 200 units C. 1800 units D. 2000 units
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200...
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80 0 1200 Refer to the above table. Suppose the government imposes a price ceiling of $70 on this market. What will be the size of the surplus in this market? A. 0 units B. 400 units C. 600 units D. 1000 units
1. Price ($) 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....
The table below shows the market for mandarin oranges in the country of Preswar Price per Kilo Quantity Demanded Quanti...
The table below shows the market for mandarin oranges in the country of Preswar Price per Kilo Quantity Demanded Quantity Supplied 400 0.8 200 0.9 350 250 1.0 300 300 350 1.1 250 1.2 200 400 450 1.3 150 1.4 100 500 50 550 1.5 a) What are the equilibrium values of price and quantity? Round your answers to one decimal place Price Quantity: b) Suppose that government imposes a effective price floor that is $0.1 different from the present...
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...
11) Refer to the figure below, which shows the market for vitamins. Suppose the government imposes...
11) Refer to the figure below, which shows the market for vitamins. Suppose the government imposes a price ceiling of Py. How will the price ceiling affect the quantity supplied, quantity demanded and quantity exchanged? Price Supply Price ceiling Demand Quantity of vitamins 12) Refer to the figure below, which shows the market for watermelons. Suppose the government imposes a price floor of Pw. How will the price floor affect the quantity supplied, quantity demanded and quantity exchanged? Price (dollars)...
Table 4-8 Firm X's Firm Z's Firm Y's Quantity Quantity Quantity Supplied Price Supplied Supplied $0...
Table 4-8 Firm X's Firm Z's Firm Y's Quantity Quantity Quantity Supplied Price Supplied Supplied $0 $3 12 $6 14 12 18 $9 24 $12 16 $15 30 10 Refer to Table 4-8. Suppose Firm X and Firm Y are the only two sellers in the market. If the market price increases from $12 to $15, quantity supplied will a. increase by 12 units. b. decrease by 12 units. c. increase by 6 units. d. decrease by 6 units.
The table shows the demand and supply schedules for Quantity demanded Quantity supplied apples Price Suppose...
The table shows the demand and supply schedules for Quantity demanded Quantity supplied apples Price Suppose that the government introduces a production quota (pounds per week) 5,625 5,000 4,375 3,750 3,125 2,500 for apples and sets it at 3,750 pounds per week. 1.25 2.50 3.75 5.00 6.25 7.50 1,250 2,500 3,750 5,000 6,250 What are the market price of apples, the producer surplus and the deadweight loss created? The market price of apples is $a pound. The producer surplus is...
Price Quantity Demanded of muffins Quantity Supplied of muffins ($ per muffin) 20 1. Refer to...
Price Quantity Demanded of muffins Quantity Supplied of muffins ($ per muffin) 20 1. Refer to the above data for December 2019. The equilibrium price of a muffin is $ and the equilibrium quantity is muffins. At a market price of $2 per gallon there would be a (surplus, shortage) of muffins. At a market price of $5 per gallon there would be a (surplus, shortage) of muffins.
1. Price ($) 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....
The table below shows the market for mandarin oranges in the country of Preswar Price per Kilo Quantity Demanded Quantity Supplied 400 0.8 200 0.9 350 250 1.0 300 300 350 1.1 250 1.2 200 400 450 1.3 150 1.4 100 500 50 550 1.5 a) What are the equilibrium values of price and quantity? Round your answers to one decimal place Price Quantity: b) Suppose that government imposes a effective price floor that is $0.1 different from the present...
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...
11) Refer to the figure below, which shows the market for vitamins. Suppose the government imposes a price ceiling of Py. How will the price ceiling affect the quantity supplied, quantity demanded and quantity exchanged? Price Supply Price ceiling Demand Quantity of vitamins 12) Refer to the figure below, which shows the market for watermelons. Suppose the government imposes a price floor of Pw. How will the price floor affect the quantity supplied, quantity demanded and quantity exchanged? Price (dollars)...
Table 4-8 Firm X's Firm Z's Firm Y's Quantity Quantity Quantity Supplied Price Supplied Supplied $0 $3 12 $6 14 12 18 $9 24 $12 16 $15 30 10 Refer to Table 4-8. Suppose Firm X and Firm Y are the only two sellers in the market. If the market price increases from $12 to $15, quantity supplied will a. increase by 12 units. b. decrease by 12 units. c. increase by 6 units. d. decrease by 6 units.
The table shows the demand and supply schedules for Quantity demanded Quantity supplied apples Price Suppose that the government introduces a production quota (pounds per week) 5,625 5,000 4,375 3,750 3,125 2,500 for apples and sets it at 3,750 pounds per week. 1.25 2.50 3.75 5.00 6.25 7.50 1,250 2,500 3,750 5,000 6,250 What are the market price of apples, the producer surplus and the deadweight loss created? The market price of apples is $a pound. The producer surplus is...
Price Quantity Demanded of muffins Quantity Supplied of muffins ($ per muffin) 20 1. Refer to the above data for December 2019. The equilibrium price of a muffin is $ and the equilibrium quantity is muffins. At a market price of $2 per gallon there would be a (surplus, shortage) of muffins. At a market price of $5 per gallon there would be a (surplus, shortage) of muffins.
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