Ans is C
At price=2, market demand=22+4+6=32
market Demand is the horizontal summation of individual demand curve
market supply=10
Thus at price=2, there is a shortage of 22 units
Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules...
Table 3.1 Individual Demand and Supply Schedules Market Quantity Demanded by Alejandro Ben Carl 8 4 2 12 4 4 20 4 6 22 4 6 Price $8.00 6.00 4.80 2.00 1 Quantity Supplied by Price Avery Brandon Cassandra $8.89604 6 56.00 42 4 4 54.00 24 4 2 $2.00 6 4 In Table 3.1. if government held the price at Multiple Choice The market would be in equilibrium The government would be setting en efective price fo < Prev...
24) Complete Table 3.1. Then answer the indicated question. NOTE: This is the same data used in question #1! Quantity Demanded by Ben Alejandro Price $8.00 6.00 4.00 2.00 Carl Market 8 4 2 12 20 22 4 4 6 6 Quantity Supplied by Avery 60 42 24 Price $8.00 $6.00 $4.00 $2.00 Brandon Cassandra 6 4 4 2 4 6 Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $2, the market will A)...
The table shows the demand and supply schedules for hot chocolate If the price is $1.40 a cup, the quantity supplied the quantity demanded and of hot chocolate exists Price (dollars per cup) 1.40 1.75 Quantity Quantity demanded supplied (cups per day] 400 340 360 2 10 360 320 380 245 400 O A. is less than a surplus OB. equals, neither a shortage nor a surplus OC. is greater than a shortage OD. is greater than a surplus O...
The table shows the demand and supply schedules for magazines. Complete the following sentences. The equilibrium price of a magazine is 4and the equilibrium quantity is 150 magazines a week. Price (dollars per Quantity demanded Quantity supplied 3.00 3.50 4.00 4.50 5.00 160 155 150 145 140 138 144 150 156 161 Now a fall in the price of a newspaper decreases the quantity demanded by 11As the market returns to equilibrium, the quantity demandedand the magazines a week at...
The table shows the demand and supply schedules for pretzels A fall in income decreases the quantity demanded by 500 bags a day at each price At the initial equilibrium price, there is a of pretzels. The price of a bag as the market moves to its new equilibrium Price (dollars per bag) 2.50 2.75 3.00 325 3.50 Quantity Quantity demanded supplied (bags of pretzels per day) 2,500 1,500 2.000 2,000 1,500 2,500 1,000 3,000 3,500 500 O A. shortage,...
The table shows the demand and supply schedules for apples Suppose that the government introduces a production quota for apples and sets it at 2,500 pounds per week. Who gains and who loses? What are the market price of apples, the producer surplus, and the deadweight loss? The market price of applsisa pound. The producer surpluas is s Quantity supplied Quantity Pricedemanded ars per 3.50 5.25 7.00 8.75 10.50 pounds per week) 5,625 5,000 4,375 3,750 3,125 2.500 1,250 2,500...
Using the Supply and Demand Schedules to answer the following questions Table 1 Quantity Quantity Supplied Demand Price 100 30 70 200 40 60 300 50 50 40 400 60 500 70 30 600 80 20 3a. Draw the Supply and Demand graph and label. Show the area for the shortage, surplus, and market equilibrium point demand curve to list inan of ft tw lis determinants of the supply curve to shift outward.
Using the Supply and Demand Schedules to...
Refer to the Table. 7 - 3 16.JPG Both the demand curve and the supply curve are straight lines. If 6 units are bought and sold, then total surplus is Group of answer choices $22 lower than it would be if the equilibrium number of units were bought and sold. $26 lower than it would be if the equilibrium number of units were bought and sold. $18 lower than it would be if the equilibrium number of units were bought...
Use the following data to draw the supply and demand curves on the accompanying graph. Price $8 Quantity denanded Quantity supplied 10 6. 6. Instructions: Use the tools provided Supply and Demand' to draw the supply curve and demand curve using the data in the table above. Include each price quantity combination e, each line should contain 8 reference points). Tools Demand Supply 3. 1. 123 10 Quantity (per time period) Pre 1 of 37 Next> e here to search...
The following data represents the weekly supply and demand schedules for “same quality” one-topping large pizzas for delivery in Madison during the summer months. Price Qsup Qdem 14 10,000 30,000 16 15,000 25,000 18 20,000 20,000 20 25,000 16,000 22 35,000 13,000 1. In the space above draw the supply and demand curves. Label the axes. 2. What is the equilibrium price __________ in a competitive market? 3. What is the equilibrium quantity ____________ in a competitive market? ...