new equlibrium price will be $12 because at this point quantity demanded=quantity supplied=1.75, because quantity demanded has reduced by 0.5 million from 2.25 to 1.75.
the above is the answer
10 % Fullscreen Assigned as EOC 4.05 Suppose that a rise in "Buy American" sentiment in...
Plot the supply and demand curves and indicate the equilibrium price and quantity Demand Schedule Supply Schedule Quantity Quantity Demanded per year Supplied per year Price (thousands) Price (thousands) $2.25 12 $2.25 30 $2.00 16 $2.00 28 $1.75 20 $1.75 26 $1.50 24 $1.50 24 $1.25 28 $1.25 22 $1.00 32 $1.00 20
The local orange juice market in Arden-Arcade has demand and supply curves given by the following data. (All quantities are in thousands of gallons per week.) Price per gallon $1.75 $2.00 $2.25 $2.50 $2.75 $3.00 $3.25 Quantity demanded 10 9 8 7 6 5 4 Quantity supplied 0 4 8 12 16 20 24 What are the equilibrium price and quantity of orange juice? Group of answer choices $3.25 and 4 $2.25 and 8 $2.50 and 12 $1.75 and 10
1. The following are the assumed supply and demand schedules for Pepsi in Farmingdale in February 2015: Demand Schedule Supply Schedule Quantity Quantity Demanded per year Supplied per year Price $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 (thousands) (thousands) 16 20 24 28 32 Price $2.25 $2.00 $1.75 $1.50 $1.25 $1.00 30 28 26 24 20 A. Plot the supply and demand curves and indicate the equilibrium price and quantity Define: a) equilibrium price b) equilibrium quantity What effect would an...
Suppose that the United States currently both produces kumquats and imports them. The U.S. government then decides to restrict international trade in kumquats by imposing a quota that allows imports of only six million pounds of kumquats into the United States each year. The figure to the right shows the results of imposing the quota. Fill in the following table (enter all numeric responses rounded to the nearest penny for prices and as whole numbers for quantities). .Su.s With Without...
Suppose the demand and supply curves for eggs in the United States are given by the following equations: Qi = 100 – 20P Q. = 10 + 40P where Qd = millions of dozens of eggs Americans would like to buy each year; Q = millions of dozens of eggs U.S. farms would like to sell each year; and P = price per dozen eggs. a. Fill in the following table: Price (Per Dozen) Quantity Demanded (Q) Quantity Supplied (2.)...
3. Breakdown of a cartel agreement Consider a town in which only two residents, Brian and Crystal, own wells that produce water safe for drinking, Brian and Crystal can pump and sell as much water as they want at no cost. For them, total revenue equals profit. The following table shows the town's demand schedule for water Price (Dollars per gallon) 3.00 Quantity Demanded (Gallons of water) Total Revenue (Dollars) 2.75 2.50 2.25 2.00 1.75 1.50 1.25 1.00 0.75 0.50...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...