Homework Answers
a) Equilibrium occurs when demand equals supply
or demand curve intersects supply curve. It occurs at point E when
price is $4 and quantity traded is 3 units.
b) New Equilibrium occurs when demand equals
new supply or demand curve intersects new supply curve. It occurs
at point E1 when price is $2 and quantity traded is 4
units.
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Question 1 15 pts Price (dollars per unit) 1 2 3 4 5 Quantity (units per...
solution please Q(5): Price Quantity Quantity (dollars per supplied demanded pound) (pounds) (pounds) 3 1 7...
solution please
Q(5): Price Quantity Quantity (dollars per supplied demanded pound) (pounds) (pounds) 3 1 7 4 2 5 5 4 4 6 5 2 7 6 1 The above table shows the demand schedule and supply schedule for chocolate chip cookies. Use the Demand function and Supply function to find the equilibrium quantity and equilibrium price for chocolate chip cookies? Equilibrium quantity= 4 Equilibrium Price= 5 Q(6): Personal computers are becoming less expensive as new technology reduces the cost...
Question 16 1 pts Quantity Demanded Price Quantity Supplied per month 700 per Pizza per month...
Question 16 1 pts Quantity Demanded Price Quantity Supplied per month 700 per Pizza per month 100 600 300 500 500 400 300 900 The accompanying table shows the demand and supply of pizza at Tarantino's local pizza joint. If the price of pizza is $10, there is: surplus of pizzas and the price will fall as the market moves to equilibrium. shortage of pizzas and the price will fall as the market moves to equilibrium shortage of pizzas and...
Graph A Graph B Price . (dollars) P Price (dollars) N: D HT Quantity (units per...
Graph A Graph B Price . (dollars) P Price (dollars) N: D HT Quantity (units per time period) Quantity (units per time period) Graph C Graph D P1-11 Price (dollars) Price (dollars) - --- QQ Quantity (units per time period) Q Q Quantity (units per time period) 5) Refer to the above diagrams. Which of the graphs depicts the effect of a decrease in the price of domestic cars on the demand for foreign cars? A) Graph D. B) Graph...
Figure 4-15 Price (dollars per case) Supply Supply 5090 Quantity (thousands of cases) a. What is...
Figure 4-15 Price (dollars per case) Supply Supply 5090 Quantity (thousands of cases) a. What is the equilibrium market price and quantity in this market if no tax is imposed? b. Now suppose a per-unit tax is imposed. What is the size of the tax proposed in this diagram? c. What is the price buyers pay? How much of the per-unit tax is paid by consumers! d. For each unit sold, what is the price sellers receive? How much of...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
Suppose that the supply of x units of a product at price p dollars per unit...
Suppose that the supply of x units of a product at price p dollars per unit is given by the following. p = 30 + 60 In(8x + 2) (a) Find the rate of change of supply price with respect to the number of units supplied. dp dx = (b) Find the rate of change of supply price when the number of units is 31. $ (c) Approximate the price increase associated with the number of units supplied changing from...
Evens only Part 4. Economic Equations and Graphs 1. Price is $10, the quantity supplied is...
Evens only
Part 4. Economic Equations and Graphs 1. Price is $10, the quantity supplied is 50 units, and the quantity demanded is 100 units. For every $ 1 rise in price, the quantity supplied rises by 5 units and the quantity demanded falls by 5 units What is the equilibrium price and quantity? 4. In the following figure, can the movement from point 1 to point 2 be explained by a combination of an increase in the price of...
Refer to the graph below: Price or Cost (dollars per unit) Demand ML 2 4 6...
Refer to the graph below: Price or Cost (dollars per unit) Demand ML 2 4 6 8 10 12 14 16 18 Quantity (units per period) Instructions: Enter your responses as a whole number a. b. Identify the short-run equilibrium of a monopolistically competitive firm. (Hint Think about the difference between "initial' and later' demand.) At that equilibrium, what is: Price? (ii) Output? D units Cili) Total Profit? $ profit c, d. Identify the long-run equilibrium of the same firm....
Exhibit 3-16 Supply and demand curves for chairs 20.00 Price 15.00 per chair (dollars 10.00 5.00...
Exhibit 3-16 Supply and demand curves for chairs 20.00 Price 15.00 per chair (dollars 10.00 5.00 D 5 0 1 2 3 4 Quantity of chairs (thousands per week) In Exhibit 3-16, assume that the market price of chairs is $15 each. This price is an equilibrium price. not an equilibrium price, since there is an excess demand at a price of $10 an equilibrium price, since suppliers can store inventories in their warehouses not an equilibrium price, since the...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 Quantity (thousands of units) 7) In the above figure, the amount...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00. C) $1.50. D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000. B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles of...
solution please
Q(5): Price Quantity Quantity (dollars per supplied demanded pound) (pounds) (pounds) 3 1 7 4 2 5 5 4 4 6 5 2 7 6 1 The above table shows the demand schedule and supply schedule for chocolate chip cookies. Use the Demand function and Supply function to find the equilibrium quantity and equilibrium price for chocolate chip cookies? Equilibrium quantity= 4 Equilibrium Price= 5 Q(6): Personal computers are becoming less expensive as new technology reduces the cost...
Question 16 1 pts Quantity Demanded Price Quantity Supplied per month 700 per Pizza per month 100 600 300 500 500 400 300 900 The accompanying table shows the demand and supply of pizza at Tarantino's local pizza joint. If the price of pizza is $10, there is: surplus of pizzas and the price will fall as the market moves to equilibrium. shortage of pizzas and the price will fall as the market moves to equilibrium shortage of pizzas and...
Graph A Graph B Price . (dollars) P Price (dollars) N: D HT Quantity (units per time period) Quantity (units per time period) Graph C Graph D P1-11 Price (dollars) Price (dollars) - --- QQ Quantity (units per time period) Q Q Quantity (units per time period) 5) Refer to the above diagrams. Which of the graphs depicts the effect of a decrease in the price of domestic cars on the demand for foreign cars? A) Graph D. B) Graph...
Figure 4-15 Price (dollars per case) Supply Supply 5090 Quantity (thousands of cases) a. What is the equilibrium market price and quantity in this market if no tax is imposed? b. Now suppose a per-unit tax is imposed. What is the size of the tax proposed in this diagram? c. What is the price buyers pay? How much of the per-unit tax is paid by consumers! d. For each unit sold, what is the price sellers receive? How much of...
Question 9 1 pts Costs per unit (dollars per unit) o 20 40 60 80 Quantity (units per day) In the figure above, when 40 units are produced the average fixed cost is $8 O $12 $20 ОО $4 Question 10 1 pts When marginal cost is greater than average total cost, O average total cost is falling. O average total cost is rising. O marginal cost must be falling. O average variable cost must be falling. Question 11 1...
Suppose that the supply of x units of a product at price p dollars per unit is given by the following. p = 30 + 60 In(8x + 2) (a) Find the rate of change of supply price with respect to the number of units supplied. dp dx = (b) Find the rate of change of supply price when the number of units is 31. $ (c) Approximate the price increase associated with the number of units supplied changing from...
Evens only
Part 4. Economic Equations and Graphs 1. Price is $10, the quantity supplied is 50 units, and the quantity demanded is 100 units. For every $ 1 rise in price, the quantity supplied rises by 5 units and the quantity demanded falls by 5 units What is the equilibrium price and quantity? 4. In the following figure, can the movement from point 1 to point 2 be explained by a combination of an increase in the price of...
Refer to the graph below: Price or Cost (dollars per unit) Demand ML 2 4 6 8 10 12 14 16 18 Quantity (units per period) Instructions: Enter your responses as a whole number a. b. Identify the short-run equilibrium of a monopolistically competitive firm. (Hint Think about the difference between "initial' and later' demand.) At that equilibrium, what is: Price? (ii) Output? D units Cili) Total Profit? $ profit c, d. Identify the long-run equilibrium of the same firm....
Exhibit 3-16 Supply and demand curves for chairs 20.00 Price 15.00 per chair (dollars 10.00 5.00 D 5 0 1 2 3 4 Quantity of chairs (thousands per week) In Exhibit 3-16, assume that the market price of chairs is $15 each. This price is an equilibrium price. not an equilibrium price, since there is an excess demand at a price of $10 an equilibrium price, since suppliers can store inventories in their warehouses not an equilibrium price, since the...
S + tax on seller Price (dollars per unit) 0 1 2 3 4 5 Quantity (thousands of units) 7) In the above figure, the amount of the tax per unit imposed on the sellers is A) $0.50. B) $1.00. C) $1.50. D) $2.00. 8) In the above figure, the deadweight loss due to the tax is A) $1,000. B) $2,000. C) $4,000. D) $8,000. 9) Suppose Jill's consumption bundle is made up of 2 goods, apples and bottles of...
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