Homework Answers
a) "C"
If there is an increase in the number of companies producing motorcycle the supply curve will shift to the right and the new equilibrium will be at A, then from there the income decrease will shift the demand curve to the left and the new equilibrium will be at C. The answer is "C".
b) When the price of the hard drives fall then in that case the supply curve will shift to the right, and the new equilibrium will be at a lower price and higher output. The answer is panel A. "A".
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Price S2 S1 Quantity Refer to Figure 3-8. The graph in this figure illustrates an initial...
Figure 14-14 (a) MC (b) SOS1 D1 DO Q2 Q3 Quantity QW Q YOX Q2 Quantity...
Figure 14-14 (a) MC (b) SOS1 D1 DO Q2 Q3 Quantity QW Q YOX Q2 Quantity Refer to Figure 14-14. Assume that the market starts in equilibrium at point W in panel (b) and that panel (a) illustrates the cost curves facing individual firms. Suppose that demand increases from DO to D1. Which of the following statements is not correct? a. Point W is a long-run equilibrium point. O b. Points W, Y, and Z are short-run equilibria points. O...
Panel() Panel() Price Price GRY Quantity Panel) Pasel $ x Quantity Quantity Refer to Figure 3-7....
Panel() Panel() Price Price GRY Quantity Panel) Pasel $ x Quantity Quantity Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for coffee. What happens in this market If buyers expect the price of coffee to rise? Panela) Panel (b) O Panello Panello n 12 14 D f5 f6 CD f7 CD f8 19 19 VO 2 # 8 19
Refer to the figure below. Suppose D1 and S1 indicate the initial conditions in the market...
Refer to the figure below. Suppose D1 and S1 indicate the
initial conditions in the market for ice cream. Which of the
following changes would tend to cause the shift from D1 to D2 in
the market for ice cream? a. abnormally cold weather that decreased
consumer desire for ice cream b. an increase in the price of milk,
an ingredient used to produce ice cream c. decrease in the price of
sugar, an ingredient used to produce ice cream...
Figure 3-2 Price Supply. S Quantity Refer to Figure 3-2. A decrease in the number of...
Figure 3-2 Price Supply. S Quantity Refer to Figure 3-2. A decrease in the number of firms in the market would be represented by a movement from O A) A to B. OB) B to A. OC) S1 to 52 OD) S2 to 51.
Price $5.00 - 2.00 25 45 60 75 Quantity Refer to Figure 6-7. If the government...
Price $5.00 - 2.00 25 45 60 75 Quantity Refer to Figure 6-7. If the government imposes a binding price floor of $5.00 in this market, what is the result? a surplus of 15 units a surplus of 20 units a surplus of 35 units a shortage of 20 units Figure 8-5 Price Quantity Refer to Figure 8-5. Assume the tax was levied on the consumer. Which area represents the reduction in producer surplus? ОА Ов+с OD+E+F ODE
Figure 14-14 Price Price MC SO S1 ATC P3 P3 w 22 P2 P1 P1 D1...
Figure 14-14 Price Price MC SO S1 ATC P3 P3 w 22 P2 P1 P1 D1 DO Q2 03 Duextity QW QYQX QZ Quantity Refer to Figure 14-14. Assume that the market starts in equilibrium at point W in panel (b) and that panel (a) illustrates the cost curves facing individual firms. Suppose that demand increases from DO to D1. Which of the following statements is correct? Points W. Y, and Z represent long-run equilibria. Points W, Y, Z, and...
40. S1 D1 Quantity Refer to the diagram, in which SI and DI represent the original...
40. S1 D1 Quantity Refer to the diagram, in which SI and DI represent the original supply and demand curves and $2 and D2 the new curves. In this market increase in demand has been more than offset by an increase in supply point M shows the new equilibrium position. C) the new equilibrium price and quantity are both greater than originally D) the equilibrium position has shifted from M to K 41. Producer surplus is the difference between A)...
S1 S2 S3 elett D2 Assume initially the market in the figure above is at the...
S1 S2 S3 elett D2 Assume initially the market in the figure above is at the equilibrium point E. If the price of a compliment for this good increases while at the same time the price of an input in the production of this good increases, the new equilibrium will be ОА OOOO
Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this...
Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this product is in equilibrium at the intersection of D2 and S. The shift in supply from S to Sz is due to an excise tax imposed on the product. The incidence of the tax is: $1 from the buyers and $3 from the sellers $3 from the buyers and $3 from the sellers $1 from the buyers and $1 from the sellers $4 from...
Question 28 (1 point) The demand for a good or service is determined by a) both...
Question 28 (1 point) The demand for a good or service is determined by a) both those who buy and those who sell the good or service. Ob) those who sell the good or service. Oc) the government. Od) those who buy the good or service. Question 29 (1 point) If the supply of a product increases, then we would expect equilibrium price Oa) and equilibrium quantity to both increase. Ob) and equilibrium quantity to both decrease. O c) to...
Figure 14-14 (a) MC (b) SOS1 D1 DO Q2 Q3 Quantity QW Q YOX Q2 Quantity Refer to Figure 14-14. Assume that the market starts in equilibrium at point W in panel (b) and that panel (a) illustrates the cost curves facing individual firms. Suppose that demand increases from DO to D1. Which of the following statements is not correct? a. Point W is a long-run equilibrium point. O b. Points W, Y, and Z are short-run equilibria points. O...
Panel() Panel() Price Price GRY Quantity Panel) Pasel $ x Quantity Quantity Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for coffee. What happens in this market If buyers expect the price of coffee to rise? Panela) Panel (b) O Panello Panello n 12 14 D f5 f6 CD f7 CD f8 19 19 VO 2 # 8 19
Refer to the figure below. Suppose D1 and S1 indicate the
initial conditions in the market for ice cream. Which of the
following changes would tend to cause the shift from D1 to D2 in
the market for ice cream? a. abnormally cold weather that decreased
consumer desire for ice cream b. an increase in the price of milk,
an ingredient used to produce ice cream c. decrease in the price of
sugar, an ingredient used to produce ice cream...
Figure 3-2 Price Supply. S Quantity Refer to Figure 3-2. A decrease in the number of firms in the market would be represented by a movement from O A) A to B. OB) B to A. OC) S1 to 52 OD) S2 to 51.
Price $5.00 - 2.00 25 45 60 75 Quantity Refer to Figure 6-7. If the government imposes a binding price floor of $5.00 in this market, what is the result? a surplus of 15 units a surplus of 20 units a surplus of 35 units a shortage of 20 units Figure 8-5 Price Quantity Refer to Figure 8-5. Assume the tax was levied on the consumer. Which area represents the reduction in producer surplus? ОА Ов+с OD+E+F ODE
Figure 14-14 Price Price MC SO S1 ATC P3 P3 w 22 P2 P1 P1 D1 DO Q2 03 Duextity QW QYQX QZ Quantity Refer to Figure 14-14. Assume that the market starts in equilibrium at point W in panel (b) and that panel (a) illustrates the cost curves facing individual firms. Suppose that demand increases from DO to D1. Which of the following statements is correct? Points W. Y, and Z represent long-run equilibria. Points W, Y, Z, and...
40. S1 D1 Quantity Refer to the diagram, in which SI and DI represent the original supply and demand curves and $2 and D2 the new curves. In this market increase in demand has been more than offset by an increase in supply point M shows the new equilibrium position. C) the new equilibrium price and quantity are both greater than originally D) the equilibrium position has shifted from M to K 41. Producer surplus is the difference between A)...
S1 S2 S3 elett D2 Assume initially the market in the figure above is at the equilibrium point E. If the price of a compliment for this good increases while at the same time the price of an input in the production of this good increases, the new equilibrium will be ОА OOOO
Price D 6 8 Quantity 8. Refer to the above graph. Assume the market for this product is in equilibrium at the intersection of D2 and S. The shift in supply from S to Sz is due to an excise tax imposed on the product. The incidence of the tax is: $1 from the buyers and $3 from the sellers $3 from the buyers and $3 from the sellers $1 from the buyers and $1 from the sellers $4 from...
Question 28 (1 point) The demand for a good or service is determined by a) both those who buy and those who sell the good or service. Ob) those who sell the good or service. Oc) the government. Od) those who buy the good or service. Question 29 (1 point) If the supply of a product increases, then we would expect equilibrium price Oa) and equilibrium quantity to both increase. Ob) and equilibrium quantity to both decrease. O c) to...
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