Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price.

Question

Question

Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price.

Price ($ per pack)	Quantity Demanded (millions of pack a week)	Quantity Supplied (millions of pack a week)
$1	70	30
$2	60	40
$3	50	50
$4	40	60
$5	30	70
$6	20	80

(a) Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price. Explain what happens in the market for candies and draw a graph to illustrate the changes.

(a) Based on your answer in (a), if, at the time as the natural disaster the teenage population increases, and the quantity of candies demanded increases 20 million packs a week at each price. What is the new market equilibrium? Draw a graph to show the changes.

microeconomic

Add a comment Improve this question Transcribed image text

Answer 1

Similar Homework Help Questions

100 The graph shows the market for gum. A fire destroys some factories that produce gum...

100 The graph shows the market for gum. A fire destroys some factories that produce gum and the quantity of gum supplied decreases by 40 million packs a week at each price. Draw a curve to show the effect of this event. Label it 1. Draw a point to show the new equilibrium price and equilibrium quantity. Label it E. At the same time the fire occurs, there is an increase in the teenage population, which increases the quantity of...
please help 20 The demand and supply schedules for gum are in the table. Quantity Quantity...

please help 20 The demand and supply schedules for gum are in the table. Quantity Quantity Price demanded supplied (cents per pack) (millions of packs a week) 180 60 30 160 80 40 140 50 120 120 100 140 80 160 80 60 180 100 60 70 a. Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts b. Suppose that the price of gum is 30€...
REALLY struggling with this question, PLEASE HELP! Check my work The market for packs of AA...

REALLY struggling with this question, PLEASE HELP! Check my work The market for packs of AA batteries during a typical week in Tulsa, Oklahoma is described in the table below. Market for AA Batteries in a Typical Week Quantity of Quantity of Batteries Supplied (packs) 150 130 110 90 70 50 30 Price (dollars) Batteries Demanded (packs) points $20 18 16 14 10 20 30 40 50 60 70 eBook 10 Ask Instructions: Enter your answers as a whole number....

Suppose you know that, at a price of $6, the quantity supplied is 25 million pounds,...

Suppose you know that, at a price of $6, the quantity supplied is 25 million pounds, and at a price of $2, the quantity supplied is 15 million pounds. What is the quantity supplied when price is at $8? Old quantity demanded New quantity demanded Price 10 15 Price per pound 0 5 10 15 20 25 30 35 40 45 Quantity (millions of pounds per month)
can you please check my answers and help with answers i dont have The market for packs of AA battenes durng a tyaic...

can you please check my answers and help with answers i dont have The market for packs of AA battenes durng a tyaicel week in Tuse. Okdshomais during a typical week in Tuisa.Oklahoma is described in the tabile below Market for AA Batteries in a Typical Week Qvantity of Quantity of Supplie 1032 Instructions: Enter your answers as a whole nomber a. During a typical week in Tulsa, Oklahoma, what are the equilibrium price and quantity in the market for...
Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200...

Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200 600 $60 800 800 $70 400 1000 $80 0 1200 Refer to the above table. Suppose the government imposes a price ceiling of $70 on this market. What will be the size of the surplus in this market? A. 0 units B. 400 units C. 600 units D. 1000 units

Using the Supply and Demand Schedules to answer the following questions Table 1 Quantity Quantity Supplied...

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...
Pretty sure that I have the equilibrium concept down. I am confused about price ceilings and...

Pretty sure that I have the equilibrium concept down. I am confused about price ceilings and how they impact markets. The market for packs of AA batteries during a typical week in Tulsa, Oklahoma is described in the table below. Market for AA Batteries Quantity of Quantity of Batteries Demanded (packs) Batteries Supplied (packs) 150 130 110 90 70 50 30 10 Price (dollars) $20 18 16 14 12 10 10 20 30 40 50 60 70 Instructions: Enter your...
Use the supply and demand schedule below to answer the following questions: Price Quantity Supplied $20...

Use the supply and demand schedule below to answer the following questions: Price Quantity Supplied $20 60 25 Quantity Demanded 100 90 80 70 30 35 70 80 90 100 40 60 es Instructions: Enter your answers as whole numbers. a. What is the market equilibrium price and quantity? Market equilibrium price: $0 Market equilibrium quantity units Next > 4 of 7 b. If there is a shortage of 20 units, what is the market price? < Prev - 35...

Supply Price 0 Demand 10 20 30 40 50 60 Quantity Demanded () & Quantity Supplied...

Supply Price 0 Demand 10 20 30 40 50 60 Quantity Demanded () & Quantity Supplied (9) 37. Refer to the above graph. Using Qs for quantity demanded and P for price, which of the following equations correctly states the demand for this product? A. P=Qs/10. B. P= 50 - P/2. C. P = 10 - .2Qd. D. P= 10 - 2Qd.

Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price.

Homework Answers

Request Answer!

Add Answer to:
Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price.

Post as a guest

Earn Coins

100 The graph shows the market for gum. A fire destroys some factories that produce gum...

please help 20 The demand and supply schedules for gum are in the table. Quantity Quantity...

REALLY struggling with this question, PLEASE HELP! Check my work The market for packs of AA...

Suppose you know that, at a price of $6, the quantity supplied is 25 million pounds,...

can you please check my answers and help with answers i dont have The market for packs of AA battenes durng a tyaic...

Price Quantity Demanded Quantity Supplied $20 2400 0 $30 2000 200 $40 1600 400 $50 1200...

Using the Supply and Demand Schedules to answer the following questions Table 1 Quantity Quantity Supplied...

Pretty sure that I have the equilibrium concept down. I am confused about price ceilings and...

Use the supply and demand schedule below to answer the following questions: Price Quantity Supplied $20...

Supply Price 0 Demand 10 20 30 40 50 60 Quantity Demanded () & Quantity Supplied...

Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price.

Homework Answers

Request Answer!

Add Answer to: Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price.

Post as a guest

Earn Coins

Add Answer to:
Assume a natural disaster has destroyed some factories that produce candies and the quantity of candies supplied decreases by 20 million packs a week at each price.