Homework Answers
1.The equilibrium quantity in this market is 320.
Explanation:
When quantity demanded and quantity supplied are equal it is equilibrium quantity.
2.An increase in the labour cost lowers the quantity supplied by 65 bushels at each price. The new equilibrium price would be 28.
Explanation:
When quantity supplied decrease by 65, at the price 28 quantity supplied will be 345-65=280. Which is equal to quantity demanded. So it will be equilibrium quantity.
3.if the quantity demanded at each price increased by 130 bushels, the new equilibrium quantity will be 365.
Explanation:
When quantity demanded increase by 130. At last price quantity demanded will be 235+130=365. Which is equal to quantity supplied. So it will be equilibrium quantity.
4. The equilibrium price in this market will be 30.
Explanation:
At quantity 365 price is 30. It will be equilibrium price.
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Choose... Use the following data to answer the questions: 365 $22 Price Quantity Demanded Quantity Supplied...
result, Calitiomia ornngs of the folowing statem (a) The supply otF the supply of Calit to...
result, Calitiomia ornngs of the folowing statem (a) The supply otF the supply of Calit to Increase. s with word processors Instead of (d) long-playing records instead of compact discs Answer Questions 17, 18, and 19 on the basis of the data in the following table. Consider the following supply and demand schedules for bushels of com (b The supply d price to ino oranges to inore )The supply the supply of C price to increa (d) The dema ing...
Option D of the question below is supposed to be the correct answer. Explain and show...
Option D of the question below is supposed to be the correct
answer. Explain and show in a simple way why D is the correct
answer.
INCORRECI Answer this Question on the basis of the data in the following table. Consider the following supply and demand schedules for bushels of corn. Quantity Quantity Price demanded supplied $20 375 320 280 345 An increase in the cost of labor lowers the quantity supplied by 65 bushels at each price. The new...
1. The table below shows the quantity demanded and supplied on barley for each price per...
1. The table below shows the quantity demanded and supplied on barley for each price per bushel. Quantity Demanded Quantity Supplied per Month (million bushels) Sate of the Market (shortage or surplus) per Month (million bushels) Price per Bushel $2.30 $2.40 $2.50 $2.60 $2.70 300 400 370 320 340 340 310 360 380 280 a. Based on the information above, plot a chart with supply and demand curves. b. What are the equilibrium price and quantity of barley? c. If...
The number 7 Use the table below to answer the following questions. Price Quantity demanded Quantity...
The number 7
Use the table below to answer the following questions. Price Quantity demanded Quantity supplied (dollars per unit) (units) (units) 1,100 50 800 200 600 420 500 500 350 640 7 8 320 300 680 700 6. Refer to the table. At a price of $3 a unit there is a 180-unit shortage and a tendency for the price to rise 7. In the table, the equilibrium price is Choose... - ✓ Choose... 7 dollars a unit 1...
Answer Questions 17, 18, and 19 on the basis of the data in the following table....
Answer Questions 17, 18, and 19 on the basis of the data in the following table. Consider the following supply and demand schedules for bushels of com Price demanded 395 200 24 26 28 30 350 290 345 865 285 17. The equilibrium price in this market is (a) $22 (b) $24 (c) $26 (d) $28
a decrease in supply and an increase in quantity demanded. O an increase in supply and...
a decrease in supply and an increase in quantity demanded. O an increase in supply and an increase in quantity demanded. QUESTION 13 Price Quantity Demanded Quantity Supplied $45 350 300 250 200 150 100 50 60 65 70 50 100 150 200 Refer to the table above. If the market is originally in equilibrium and a price ceiling of $50 is imposed, which of the following is incorrect? Net surplus in the economy will decrease. Producer surplus will decrease....
Use the table provided. Suppose the quantity demanded increased by 500 units at each price. At...
Use the table provided. Suppose the quantity demanded increased by 500 units at each price. At a price of $14 per unit, would there be a surplus or shortage of this product? How much would the surplus or shortage be? Price Quantity Demanded Quantity Supplied 4 450 250 6 400 300 8 350 350 10 300 400 12 250 450 14 200 500 16 150 550 Group of answer choices surplus = 100 shortage = 100 surplus = 600 shortage...
Suppose the quantity demanded increases by 150 tons at every price. Consider the market for strawberries...
Suppose the quantity demanded increases by 150 tons at every price. Consider the market for strawberries represented in the schedule below. What is the new equilibrium price? $ What is the new equilibrium quantity? tons 275 Do NOT press Enter after typing the answer in each cell. Use Tab or take the cursor to the next cell. Price Quantity Supplied Quantity Demanded ($/b.) (tons) (tons) $3.00 125 2.50 250 175 2.00 225 225 1.50 200 275 1.00 175 325 0.50...
5. At a price for which quantity demanded exceeds quantity supplied, a_ experienced, which pushes the...
5. At a price for which quantity demanded exceeds quantity supplied, a_ experienced, which pushes the price _ toward its equilibrium value. a. surplus; downward b. surplus; upward c. shortage; downward d. shortage; upward Exhibit 3-1 - - - Price (dollars) 350 150 250 Quantity 6. Refer to Exhibit 3-1. Equilibrium price and quantity are respectively a $2 and 250 units b. $4 and 250 units c. $2 and 150 units d. $6 and 250 units
1. Using the following data: Price in $ Quantity demanded Quantity supplied 20 a) Find equilibrium...
1. Using the following data: Price in $ Quantity demanded Quantity supplied 20 a) Find equilibrium P, Q. b) On one graph, graph both the demand and supply curves. c) If price was fixed at $10, what would be the result? d) If quantity supplied increases by 5 at every price level due to better technology and quantity demanded decreases by 5 at every price level due to lower incomes, what would be the new equilibrium P, Q?
result, Calitiomia ornngs of the folowing statem (a) The supply otF the supply of Calit to Increase. s with word processors Instead of (d) long-playing records instead of compact discs Answer Questions 17, 18, and 19 on the basis of the data in the following table. Consider the following supply and demand schedules for bushels of com (b The supply d price to ino oranges to inore )The supply the supply of C price to increa (d) The dema ing...
Option D of the question below is supposed to be the correct
answer. Explain and show in a simple way why D is the correct
answer.
INCORRECI Answer this Question on the basis of the data in the following table. Consider the following supply and demand schedules for bushels of corn. Quantity Quantity Price demanded supplied $20 375 320 280 345 An increase in the cost of labor lowers the quantity supplied by 65 bushels at each price. The new...
1. The table below shows the quantity demanded and supplied on barley for each price per bushel. Quantity Demanded Quantity Supplied per Month (million bushels) Sate of the Market (shortage or surplus) per Month (million bushels) Price per Bushel $2.30 $2.40 $2.50 $2.60 $2.70 300 400 370 320 340 340 310 360 380 280 a. Based on the information above, plot a chart with supply and demand curves. b. What are the equilibrium price and quantity of barley? c. If...
The number 7
Use the table below to answer the following questions. Price Quantity demanded Quantity supplied (dollars per unit) (units) (units) 1,100 50 800 200 600 420 500 500 350 640 7 8 320 300 680 700 6. Refer to the table. At a price of $3 a unit there is a 180-unit shortage and a tendency for the price to rise 7. In the table, the equilibrium price is Choose... - ✓ Choose... 7 dollars a unit 1...
Answer Questions 17, 18, and 19 on the basis of the data in the following table. Consider the following supply and demand schedules for bushels of com Price demanded 395 200 24 26 28 30 350 290 345 865 285 17. The equilibrium price in this market is (a) $22 (b) $24 (c) $26 (d) $28
a decrease in supply and an increase in quantity demanded. O an increase in supply and an increase in quantity demanded. QUESTION 13 Price Quantity Demanded Quantity Supplied $45 350 300 250 200 150 100 50 60 65 70 50 100 150 200 Refer to the table above. If the market is originally in equilibrium and a price ceiling of $50 is imposed, which of the following is incorrect? Net surplus in the economy will decrease. Producer surplus will decrease....
Suppose the quantity demanded increases by 150 tons at every price. Consider the market for strawberries represented in the schedule below. What is the new equilibrium price? $ What is the new equilibrium quantity? tons 275 Do NOT press Enter after typing the answer in each cell. Use Tab or take the cursor to the next cell. Price Quantity Supplied Quantity Demanded ($/b.) (tons) (tons) $3.00 125 2.50 250 175 2.00 225 225 1.50 200 275 1.00 175 325 0.50...
5. At a price for which quantity demanded exceeds quantity supplied, a_ experienced, which pushes the price _ toward its equilibrium value. a. surplus; downward b. surplus; upward c. shortage; downward d. shortage; upward Exhibit 3-1 - - - Price (dollars) 350 150 250 Quantity 6. Refer to Exhibit 3-1. Equilibrium price and quantity are respectively a $2 and 250 units b. $4 and 250 units c. $2 and 150 units d. $6 and 250 units
1. Using the following data: Price in $ Quantity demanded Quantity supplied 20 a) Find equilibrium P, Q. b) On one graph, graph both the demand and supply curves. c) If price was fixed at $10, what would be the result? d) If quantity supplied increases by 5 at every price level due to better technology and quantity demanded decreases by 5 at every price level due to lower incomes, what would be the new equilibrium P, Q?
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