Homework Answers
Answer Option A
Since the supply curve remains the same, the long run equilibrium after demand shifts back to D1 is same as well at 80. The equilibrium point is achieved by taking the intersection point as shown in the figure. With supply being unchanged, this will be the long run equilibrium quantity.
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Question Oil point) 80 75 70 65 D2 S Price of TV Remote in Dollars D1...
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80 75 70 65 60 55 50 45 40 35 30 25 20 D2 S Price of TV Remote in Dollars D1 0 20 40 60 80 100 120 140 160 Quantity of TV Remotes The above graph shows the supply curve and 2 possible demand curves for a perfectly competitive, constant cost TV remote market. Assume the demand curve is initially D1 and the market is in long run equilibrium. Now assume a very popular new TV show comes...
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80 75 70 65 60 55 50 45 40 35 30 25 20 D2 S Price of TV Remote in Dollars D1 0 20 40 60 80 100 120 140 160 Quantity of TV Remotes The above graph shows the supply curve and 2 possible demand curves for a perfectly competitive, constant cost TV remote market. Assume the demand curve is initially D1 and the market is in long run equilibrium. Now assume a very popular new TV show comes...
1. If the current market demand is D1 then price will equal _ __
dollars. The individual firm’s demand
curve will be _______________________________ at a price of
______ dollars. Average revenue will be
equal to ______ dollars. Marginal revenue will be equal to
______dollars. The typical firm will produce
______ units of output. Its total revenue will equal ________
dollars. The firm will earn a profit / suffer a
loss of _______dollars.
2. Now assume that a change in consumer...
10. The diagram concerns supply adjustments to an increase in demand (D1 to D2) in the immediate market period, the short run, and the long run. Supply curves , and S3 apply to the Price Quantity A. immediate market period, long run, and short run, respectively, B. immediate market period, short run, and long run, respectively. C. long run, short run, and immediate market period, respectively. D. short run, long run, and immediate market period, respectively.
The graph below shows shows a perfectly competitive market for wheat and a typical farm in the market. The demand for wheat increases from D1 to D2. Assume that wheat production is a constant-cost industry. A typical farm The market for wheat Cost ($) Price (S per bushel) MC 10 10 9 ATC 8 7.20 715 751 D2 5 5 40 80 120 160 200 240 Quantity (thousands of bushels) 20 40 60 80 100 120 Quantity (milions of bushels)...
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Price (Dollars per TV set) Quantity Demanded Quantity Supplied 100 900 200 700 200 500 300 400 550 400 600 900 Use blue points (circle symbol) to plot Venezuela's demand curve on the following graph. Use orange points (square symbol) to plot Venezuela's supply curve. Then use the black point (cross symbol) to indicate the domestic market equilibrium. (Hint: Use all of the given points to plot the demand and supply curves.) Demand O Supply PRICE (Dollars per TV set)...
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