Question

24) Complete Table 3.1. Then answer the indicated question. NOTE: This is the same data used in question #1! Quantity Demanded by Ben Alejandro Price $8.00 6.00 4.00 2.00 Carl Market 8 4 2 12 20 22 4 4 6 6 Quantity Supplied by Avery 60 42 24 Price $8.00 $6.00 $4.00 $2.00 Brandon Cassandra 6 4 4 2 4 6 Table 3.1 Individual Demand and Supply Schedules In Table 3.1, if the price is $2, the market will A) Be in equilibrium. B) Experience a surplus of 30 units. 9Experience a surplus of 56 units. D) Experience a shortage of 22 units. 25) Firms in Colorado dump waste into the Colorado River and as a result, people in California cannot use the water. What type of market failure is most likely involved? A) Market power. Inequity. and Mexico B) Public goods D) Externalities. Sec 1 Pages o of 1488 6 of 8 Words L5 ? PX0C .. PA F3 FS Fé F7 F8 F9 F10 6 7 8 5 A4

Answer 1

ANSWER:

According to HomeworkLib q and a policy i can answer 4 subparts at a time and so i am answering 24 which has many subparts in terms of fill in the blanks and 25 and so please ask rest of the questions separately.

24)

quantity demanded at price of $8 = alexandro + ben + carl = 8 + 4 + 2 = 14

quantity supplied at price of $8 = alexandro + ben + carl = 60 + 4 + 6 = 70

quantity demanded at price of $6 = alexandro + ben + carl = 12 + 4 + 4 = 20

quantity supplied at price of $6 = alexandro + ben + carl = 42 + 4 + 4 = 50

quantity demanded at price of $4 = alexandro + ben + carl = 20 + 4 + 6 = 30

quantity supplied at price of $4 = alexandro + ben + carl = 24 + 4 + 2 = 30

quantity demanded at price of $2 = alexandro + ben + carl = 22 + 4 + 6 = 32

quantity supplied at price of $2 = alexandro + ben + carl = 6 + 4 + 0 = 10

so there is a shortage of 22 units. (32 - 10)

so the correct answer is option d.

25) The correct answer is option d that is externalities as this is an example of an externality.