Homework Answers
It can be mentioned that when there is a decrease in price, there would be a movement along the supply curve downwards and because supply is directly proportional to that of price there is a decrease in the quantity supplied on the whole.
Therefore (e) is the answer to this question
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Assume there are 100 suppliers of widgets in the widget market. Half of these suppliers supply...
Enlarge image 1) Assume that a product-the plumbus is released to the market that does the...
Enlarge image 1) Assume that a product-the plumbus is released to the market that does the work of a widget in 35% of the time with increased efficiency. If the demand for widgets had been at D2 last month, what would an accurate development this month? Price A) The demand for widgets would increase. D B) The demand for widgets would decrease. 9 The demand for plumbuses would increase by 35% Quantity of Widgets D) The demand for plumbuses would...
The following problem applies to a perfectly competitive producer of widgets. A typical producer, say Widget Enterpri...
The following problem applies to a perfectly competitive producer of widgets. A typical producer, say Widget Enterprises Inc., can sell widgets at a constant price of $30/pound. Widget Enterprises has the following costs in the short-run. Its total fixed costs are $45. Quantity Total Cost (pounds) $ 0 45 1 65 2 80 3 90 4 105 5 125 6 150 7 180 8 215 9 255 a. What does it mean to say that Widget Enterprises is a price taker? What does it say about the widgets it makes...
1. If demand deceases and supply remains constant, what happens to the market equilibrium? A. Quantity...
1. If demand deceases and supply remains constant, what happens to the market equilibrium? A. Quantity and price both rise. B. neither price or quantity will change C. Quantity and price both fall. D. Quantity rises and price falls. 2. A positive statement is A. an opinion B. a value judgement. C. can be shown to be correct or incorrect. D. based upon what can be demonstrated to be true. 3. If a technology change reduces a company's production costs,...
The market for cantaloupe has the following demand and supply schedules a. Graph the demand and...
The market for cantaloupe has the following demand and supply schedules a. Graph the demand and supply curves. What is the equilibrium price and quantity in this market? b. What happens, if the price of cantaloupe is $12/t? c. What happens if the price of cantaloupe is $22? Price Quantity demanded Quantity supplied 5 105 25 10 90 50 15 75 75 20 60 100 25 45 125 30 30 150 d. Derive equations for demand and supply curves
7. Market equilibrium occurs when: A) there is no incentive for prices to change in the...
7. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) there is no incentive for prices to change in the market, quantity demanded equals quantity supplied, and the market clears. in equilibrium 8. An increase in supply with no change in demand will lead to quantity and in equilibrium price. A) an increase; an increase B) an increase; a decrease C) a...
3. This question is about the labor market for workers who produce widgets. A. Sketch this...
3. This question is about the labor market for workers who produce widgets. A. Sketch this supply and demand model of the labor market for workers who produce widgets. Label the axes and the equilibrium wage and level of employment - B. Explain why the demand curve is downward sloping. -C. Explain why the supply curve is upward sloping - D. List one ceteris paribus factor in the supply curve. - E. List one ceteris paribus factor in the demand...
2. (03) Consider the following Widget class declaration class Widget private int widgets; private Widget (int...
2. (03) Consider the following Widget class declaration class Widget private int widgets; private Widget (int w) widgets = w; public int getwidgets() { return widgets; } What is the problem with the Widget class declaration? (A) The syntax of the Widget class is wrong. It will not compile. (B) The constructor parameter should not be w. It must be named widgets. (C) There is no outside access to the Widget constructor. A Widget object cannot be constructed. (D) A...
Refer to the figure below: Market demand Market supply Price (per organ) da 95 ad Quantity...
Refer to the figure below: Market demand Market supply Price (per organ) da 95 ad Quantity (organs per year) Instructions: Any changes should be based on the initial equilibrium as the start point. When a price ceiling of zero is imposed on the organ market, by how much does a. The quantity of organs demanded increase? The quantity of organs demanded increases from qa to qe The quantity of organs demanded doesn't change with the imposition of a zero price...
Assume that there is both a demand side and supply side change in the market for apples
Assume that there is both a demand side and supply side change in the market for apples. On the demand side, the price of bananas decreases. Bananas and apples are substitutes. On the supply side, there is a technological advance in apple production. What happens to equilibrium price and quantity. a the equilibrium price of apples rises, and the equilibrium quantity of apples falls b. the equilibrium price of apples rises, and the equilibrium quantity of apples rises. c. the equilibrium price of...
Problem Setup Analyze the following three scenarios (A, B, and C) describing the market for widgets....
Problem Setup Analyze the following three scenarios (A, B, and C) describing the market for widgets. Think of Scenario A as the baseline situation, with B and C representing possible changes in the market. Scenario A ● The market (aggregate) demand for widgets is P = 100 – 4Q, where Q is the quantity of widgets demanded. ● The market (aggregate) supply of widgets is P = 10 + 5Q, where Q is the quantity of widgets supplied. Scenario B...
Enlarge image 1) Assume that a product-the plumbus is released to the market that does the work of a widget in 35% of the time with increased efficiency. If the demand for widgets had been at D2 last month, what would an accurate development this month? Price A) The demand for widgets would increase. D B) The demand for widgets would decrease. 9 The demand for plumbuses would increase by 35% Quantity of Widgets D) The demand for plumbuses would...
7. Market equilibrium occurs when: A) there is no incentive for prices to change in the market. B) quantity demanded equals quantity supplied. C) the market clears. D) there is no incentive for prices to change in the market, quantity demanded equals quantity supplied, and the market clears. in equilibrium 8. An increase in supply with no change in demand will lead to quantity and in equilibrium price. A) an increase; an increase B) an increase; a decrease C) a...
3. This question is about the labor market for workers who produce widgets. A. Sketch this supply and demand model of the labor market for workers who produce widgets. Label the axes and the equilibrium wage and level of employment - B. Explain why the demand curve is downward sloping. -C. Explain why the supply curve is upward sloping - D. List one ceteris paribus factor in the supply curve. - E. List one ceteris paribus factor in the demand...
2. (03) Consider the following Widget class declaration class Widget private int widgets; private Widget (int w) widgets = w; public int getwidgets() { return widgets; } What is the problem with the Widget class declaration? (A) The syntax of the Widget class is wrong. It will not compile. (B) The constructor parameter should not be w. It must be named widgets. (C) There is no outside access to the Widget constructor. A Widget object cannot be constructed. (D) A...
Refer to the figure below: Market demand Market supply Price (per organ) da 95 ad Quantity (organs per year) Instructions: Any changes should be based on the initial equilibrium as the start point. When a price ceiling of zero is imposed on the organ market, by how much does a. The quantity of organs demanded increase? The quantity of organs demanded increases from qa to qe The quantity of organs demanded doesn't change with the imposition of a zero price...
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