Homework Answers
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.
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24) Complete Table 3.1. Then answer the indicated question. NOTE: This is the same data used...
Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules...
Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules Market Price $8.00 6.00 4.00 2.00 Quantity Demanded by Alejandro Ben Carl 8 4 2 12 4 4 20 4 6 22 4 6 | Quantity Supplied by Price Avery Brandon Cassandra $8.00 60 4 6 56.00 42 4 4 54.00 24 4 2 $2.006 40 In Table 3.1. If the price is $2. the market will Mule Choice O perences surplus o 30...
Table 3.1 Individual Demand and Supply Schedules Market Quantity Demanded by Alejandro Ben Carl 8 4...
Table 3.1 Individual Demand and Supply Schedules Market Quantity Demanded by Alejandro Ben Carl 8 4 2 12 4 4 20 4 6 22 4 6 Price $8.00 6.00 4.80 2.00 1 Quantity Supplied by Price Avery Brandon Cassandra $8.89604 6 56.00 42 4 4 54.00 24 4 2 $2.00 6 4 In Table 3.1. if government held the price at Multiple Choice The market would be in equilibrium The government would be setting en efective price fo < Prev...
Table 7-16 Quantity Demanded Quantity Supplied 36 30 Price $12.00 $10.00 $ 8.00 $6.00 $ 4.00...
Table 7-16 Quantity Demanded Quantity Supplied 36 30 Price $12.00 $10.00 $ 8.00 $6.00 $ 4.00 $ 2.00 $ 0.00 10 3 6 24 18 12 6 12 15 18 0 60. Refer to Table 7-16. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be a. $21. b.$28. C. $36
show how to solve without drawing a graph Table 7-16 Quantity Demanded Quantity Supplied 36 30...
show how to solve without drawing a graph
Table 7-16 Quantity Demanded Quantity Supplied 36 30 24 Price $12.00 $10.00 $ 8.00 $ 6.00 $ 4.00 $ 2.00 $ 0.00 18 12 60. Refer to Table 7-16. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be a. $21. b. $28. c. $36. d. $42.
9. Refer to the following table, is there a surplus or shortage if the market price...
9. Refer to the following table, is there a surplus or
shortage if the market price = $6? How much is it?
Price Quantity Quantity
Demanded. Supplied
$10.00 10 100
$8.00 20 80
$6.00 30 60
$4.00 40 40
$2.00 50 20
$0.00 60 0
10. The price of raw materials for producing good A increases.
What happens to the equilibrium price of good A?
11. The economy is experiencing a recession. Suppose ramen
noodles is an inferior...
Refer to the Table. 7 - 3 16.JPG Both the demand curve and the supply curve...
Refer to the Table. 7 - 3 16.JPG Both the demand curve and the supply curve are straight lines. If 6 units are bought and sold, then total surplus is Group of answer choices $22 lower than it would be if the equilibrium number of units were bought and sold. $26 lower than it would be if the equilibrium number of units were bought and sold. $18 lower than it would be if the equilibrium number of units were bought...
The following data represents the weekly supply and demand schedules for “same quality” one-topping large pizzas...
The following data represents the weekly supply and demand schedules for “same quality” one-topping large pizzas for delivery in Madison during the summer months. Price Qsup Qdem 14 10,000 30,000 16 15,000 25,000 18 20,000 20,000 20 25,000 16,000 22 35,000 13,000 1. In the space above draw the supply and demand curves. Label the axes. 2. What is the equilibrium price __________ in a competitive market? 3. What is the equilibrium quantity ____________ in a competitive market? ...
Quantity (gallons) Total Cost ($) Average Total Marginal Cost Cost ($) ($/gallon) 0 9 1 10...
Quantity (gallons) Total Cost ($) Average Total Marginal Cost Cost ($) ($/gallon) 0 9 1 10 2 13 3 18 4 25 5 34 a. Compute each producer's marginal cost and average total cost for 1 to 5 gallons. b. The price of a gallon of milk is now $10. How many gallons are sold? How many gallons does each producer make? How many producers are there? How much profit does each producer earn? c. Is the situation described in...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: Qp = 100-3 p + 3 p + 5 + 2 Y, Os = 100 + 6 - 8 PA where Q is the quantity in million kilograms (kg) of pork per year; p is the dollar price per kg, Po is the price of beef per kg, pe is the price of chicken per kg, P,...
51 20 15 10 D2 5 D 10 20 30 40 C Assume the market in...
51 20 15 10 D2 5 D 10 20 30 40 C Assume the market in the graph shown was originally at an equilibrium with demand D and supply S. Suppose Demand shifts and becomes D>. What might have caused such a shift? 5) A) The good became more popular. B) Substitutes for this good became less expensive. 9 The good became cheaper to produce. D) People expect the price of this good to drop in the near future. 6)...
Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules Market Price $8.00 6.00 4.00 2.00 Quantity Demanded by Alejandro Ben Carl 8 4 2 12 4 4 20 4 6 22 4 6 | Quantity Supplied by Price Avery Brandon Cassandra $8.00 60 4 6 56.00 42 4 4 54.00 24 4 2 $2.006 40 In Table 3.1. If the price is $2. the market will Mule Choice O perences surplus o 30...
Table 3.1 Individual Demand and Supply Schedules Market Quantity Demanded by Alejandro Ben Carl 8 4 2 12 4 4 20 4 6 22 4 6 Price $8.00 6.00 4.80 2.00 1 Quantity Supplied by Price Avery Brandon Cassandra $8.89604 6 56.00 42 4 4 54.00 24 4 2 $2.00 6 4 In Table 3.1. if government held the price at Multiple Choice The market would be in equilibrium The government would be setting en efective price fo < Prev...
Table 7-16 Quantity Demanded Quantity Supplied 36 30 Price $12.00 $10.00 $ 8.00 $6.00 $ 4.00 $ 2.00 $ 0.00 10 3 6 24 18 12 6 12 15 18 0 60. Refer to Table 7-16. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be a. $21. b.$28. C. $36
show how to solve without drawing a graph
Table 7-16 Quantity Demanded Quantity Supplied 36 30 24 Price $12.00 $10.00 $ 8.00 $ 6.00 $ 4.00 $ 2.00 $ 0.00 18 12 60. Refer to Table 7-16. Both the demand curve and the supply curve are straight lines. If the price is $4 but only 6 units are bought and sold, consumer surplus will be a. $21. b. $28. c. $36. d. $42.
9. Refer to the following table, is there a surplus or
shortage if the market price = $6? How much is it?
Price Quantity Quantity
Demanded. Supplied
$10.00 10 100
$8.00 20 80
$6.00 30 60
$4.00 40 40
$2.00 50 20
$0.00 60 0
10. The price of raw materials for producing good A increases.
What happens to the equilibrium price of good A?
11. The economy is experiencing a recession. Suppose ramen
noodles is an inferior...
Quantity (gallons) Total Cost ($) Average Total Marginal Cost Cost ($) ($/gallon) 0 9 1 10 2 13 3 18 4 25 5 34 a. Compute each producer's marginal cost and average total cost for 1 to 5 gallons. b. The price of a gallon of milk is now $10. How many gallons are sold? How many gallons does each producer make? How many producers are there? How much profit does each producer earn? c. Is the situation described in...
Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: Qp = 100-3 p + 3 p + 5 + 2 Y, Os = 100 + 6 - 8 PA where Q is the quantity in million kilograms (kg) of pork per year; p is the dollar price per kg, Po is the price of beef per kg, pe is the price of chicken per kg, P,...
51 20 15 10 D2 5 D 10 20 30 40 C Assume the market in the graph shown was originally at an equilibrium with demand D and supply S. Suppose Demand shifts and becomes D>. What might have caused such a shift? 5) A) The good became more popular. B) Substitutes for this good became less expensive. 9 The good became cheaper to produce. D) People expect the price of this good to drop in the near future. 6)...
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