Question

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 AA batteries? -8packs In weeks when tornadoes threaten Tulsa, Oklahoma, the demand for packs of AA batteries increases as shown in the table below Market for AA Batteries with Tornado Threat Supplied b. What are the equibrium price and quantity of AA batteries in a week with a tormado threat? P S Suppose that city leaders want to prevent the price of AA battenes from rising when tormadoes threaten Tulsa, Okiahoma. They impose a price ceiling of $t0 for packages of AA batteries This price ceiling of Sto per pack tB the AA battery market during a typical week d What are quantity dermanded and quantity supplied with the price celing in effect during the weeks when tornadoes threaten Tulsa? Qd- packs os- packs Ne Prey 3 of 4 Instructions: Enter your answers as a whole number a. During a typical week in Tulsa, Oklahoma, what are the equllbrium price and quantity in the market for AA batteries? 0110 16 5 packs In weeks when tornadoes threaten Tulsa, Oklahoma, the demand for packs of AA batteries increases as shown in the table below Market for AA Batteries with Tornado Threat New Quantity New Quantity of Batteries of Batteries Price Bupplied (packs) (dollars) packs) 160 20 120 16 80 b. What are the equilibrium price and quantity of AA batteries in a week with a tornado threat? opacks Suppose that city leaders want to prevent the price of AA batteries from rising when tornadoes threaten Tulsa, Oklahoma. They impose a price ceiling of $10 for packages of AA batteries the AA battery market during a typical week. c. This price ceiling of $10 per pack [willngpact d. What are quantity demanded and quantity supplied with the price celing in effect during the weeks when tornadoes threaten Tulsa? Odpacks Qspacks e. As a result of the price ceiling week when tormadoes threaten Tulsa. O quantity supplied exceeds quantity demanded by 30 packs of AA batteries in a Oklahoma. O quantity demanded exceeds quantity supplied by 30 packs of Oklahoma. AA batteries in a week when tornadoes threaten Tulsa. batteries in a week when tornadoes threaten Tulsa, Oklahoma led equals quantay demanded for packs of AA batteries in a week when tornadoes threaten Tulsa. Oklahoma O quantity supplied exceeds quantity demanded by 40 packs of AA batteries in a week when tornadoes threaten Tulsa Oklahoma.

Answer 1

Solution:

Equilibrium occurs where the quantity demanded equals the quantity supplied.

a) From the demand and supply schedules given for market for AA batteries' packs during a typical week, it can be seen that quantity demanded = quantity supplied = 50

This occurs at price level of $10 per pack. So, correct answer is P = $10; Q = 50 packs

b) From the demand and supply schedules given for market for AA batteries' packs during a tornado week, it can be seen that quantity demanded = quantity supplied = 60

This occurs at price level of $12 per pack. So, correct answer is P = $12; Q = 60 packs

c) Whenever the price ceiling lies below the equilibrium price level, such constraint is always binding. A binding constraint always impacts the market, creating either a shortage or surplus of a good. Since price ceiling of $10 < $12, the equilibrium price level, it will affect the battery market during a tornado week. However, in the question, they're asking about the ceiling's impact on a typical week. Since price ceiling equals the equilibrium price for a typical week, the market will not be impacted.

d) During tornadoes week, at a price ceiling or price level of $10, from the second table we can see that:

Quantity demanded = 70 packs

Quantity supplied = 40 packs

e) Notice from the above part that 70 > 40, that is, quantity demanded is greater than quantity supplied or in other words, quantity demanded exceeds quantity supplied.

So, there is clearly a shortage in the market (since demand exceeds supply). Furthermore, this shortage = quantity demanded - quantity supplied

shortage = 70 - 40 = 30 packs

So, correct option is (b).