Homework Answers
1. By entering a price of 100
Demand curve - no change
Supply curve - no change
Green line - shift upwards
Quantity Demanded = Zero (0) Change
Quantity Supplied = 200, change
Surplus = 200, change
Shortage = 0
2. Entering 5 in the price of leather field
Demand - no change
Supply - will shift leftward
Green line - change
Quantity Demanded- change
Quantity Supplied- change
Surplus = no
Shortage = no
3. Entering 15 in the price of sneakers field
Demand - change (Due to shift in demand curve)
Supply - No change
Green line - change
Quantity Demanded - change
Quantity Supplied - change
Surplus = no
Shortage = change
| DC | SC | GL | QD | QS | SURPLUS | SHORTAGE | |
| 1 | T | T | T | T | |||
| 2 | T | T | T | T | T | ||
| 3 | T | T | T | T | T |
Since I cannot access the interactive tool so I cannot answer this question. You can test by dragging the green line or changing the demand and supply curve on the graph.
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anch-0057&quiz action takeluzqu Experiment with entering different values in the editable fields. Observe what changes take...
Graph Input Tool Market for Wine 60 Price (Dollars per bottle) 54 Supp 12.00 48 Quantit...
Graph Input Tool Market for Wine 60 Price (Dollars per bottle) 54 Supp 12.00 48 Quantit Demanded 48 Quantity Supplied ttles) Shortage ttles) 12 (Thousands of E42 D 38 30 24 O 18 usands of ttles) Surplus ttles) 36 Thousands of usands of cr and Demand Shifter Supply Shifter Price of Champagne (Dollars per bottle) Price of Grapes (Dollars per pound) 50.00 6.00 0 12 18 24 30 38 42 48 54 60 QUANTITY (Thousands of bottles of wine) Reset...
The graph input tool Some questions alow you to interact Indirectly with a graph by manipulating...
The graph input tool Some questions alow you to interact Indirectly with a graph by manipulating a corresponding table of entries. In this type of question, you will not be graded on the final appearance of the graph, but rather you will use the graph to help you answer the questions that follow. white backgrounds. Once you have selected a field, you can either enter a new existing value by selecting the arrows(+to increase and - to decrease). You can...
4. Understanding changes In equillbrium price and quantity Aa Aa Suppose you are an analyst in...
4. Understanding changes In equillbrium price and quantity Aa Aa Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and quantity of home heating oil. To do so, you must consider factors that can affect the supply of and demand for heating oil. Determinants of the demand for heating oll include household income, the price of an oil furnace (a complement to heating oil), and the price of natural gas (a...
graph shows the labor market for research assistants in the fictional country of Universalia. The equilbrium...
graph shows the labor market for research assistants in the fictional country of Universalia. The equilbrium wage is $10 per hour, and the equilibrium number of research assistants is 200. Suppose the government has decided to institute a $4-per-hour payroll be levied on the employer, the workers, or both (such that half the tax is collected from each side). tax on research assistants and is trying to determine whether the tax should Use the graph input tool to evaluate these...
Suppose the market for apple pie is a perfectly competitive market—that is, sellers take the market...
Suppose the market for apple pie is a perfectly competitive
market—that is, sellers take the market price as given. Yvette owns
a restaurant where she sells apple pie. The following graph shows
Yvette's weekly supply curve, represented by the orange line. Point
A represents a point along her supply curve. The price of apple pie
is $3.00 per slice, as shown by the horizontal black line.
Yvette's Weekly
Supply024681012141618205.004.504.003.503.002.502.001.501.000.500PRICE
(Dollars per slice)QUANTITY (Slices of apple pie)SupplyPriceA
From the previous graph,...
6. Producer surplus and price changes The following graph shows the supply curve for a group...
6. Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone. (? 480 400 DO Neha 320 0 Lorenzo PRICE(Dollars...
Suppose the market for apple pie is a perfectly competitive market-that is, sellers take the market...
Suppose the market for apple pie is a perfectly competitive market-that is, sellers take the market price as given. Dmitri owns a restaurant where he curve. The price of apple pie is $3.00 per slice, as shown by the horizontal black line. Dmitri's Weekly Supply 6.73 PRICE (Dollars per slice) Supply 0 2 4 16 18 20 6 8 10 12 14 QUANTITY (Slices of apple pie) From the previous graph, you can tell that Dmitri is willing to supply...
In the market for televisions, the price of a television falls and nothing else changes. Price...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
I have the answers for A, B, C, D, and E. Please answer F): F) What...
I have the answers for A, B, C, D, and E. Please answer F):
F) What is the new equilibrium price and quantity? (1 mark)
Thank you.
4. T he following table shows the market for wool in the economy of Odessa (quantities are in tonnes per year). Price (S) Price($ Quantity Demanded 100-200 300-400-500-T600-700 160 140 1020- 100-180-60-40 1800170011 60 40 Quantity Supplied 10 20 30 40 50 60 70 a) Plot the demand and supply curves on the...
The following graph shows the supply curve for a group of students looking to sel used...
The following graph shows the supply curve for a group of students looking to sel used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the cost,' or minimum acceptable price for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator Beth Andrew I . PRICE (Dolars per used calculator) . Teresa Lorenzo QUANTITY (Used...
Graph Input Tool Market for Wine 60 Price (Dollars per bottle) 54 Supp 12.00 48 Quantit Demanded 48 Quantity Supplied ttles) Shortage ttles) 12 (Thousands of E42 D 38 30 24 O 18 usands of ttles) Surplus ttles) 36 Thousands of usands of cr and Demand Shifter Supply Shifter Price of Champagne (Dollars per bottle) Price of Grapes (Dollars per pound) 50.00 6.00 0 12 18 24 30 38 42 48 54 60 QUANTITY (Thousands of bottles of wine) Reset...
The graph input tool Some questions alow you to interact Indirectly with a graph by manipulating a corresponding table of entries. In this type of question, you will not be graded on the final appearance of the graph, but rather you will use the graph to help you answer the questions that follow. white backgrounds. Once you have selected a field, you can either enter a new existing value by selecting the arrows(+to increase and - to decrease). You can...
4. Understanding changes In equillbrium price and quantity Aa Aa Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and quantity of home heating oil. To do so, you must consider factors that can affect the supply of and demand for heating oil. Determinants of the demand for heating oll include household income, the price of an oil furnace (a complement to heating oil), and the price of natural gas (a...
graph shows the labor market for research assistants in the fictional country of Universalia. The equilbrium wage is $10 per hour, and the equilibrium number of research assistants is 200. Suppose the government has decided to institute a $4-per-hour payroll be levied on the employer, the workers, or both (such that half the tax is collected from each side). tax on research assistants and is trying to determine whether the tax should Use the graph input tool to evaluate these...
Suppose the market for apple pie is a perfectly competitive
market—that is, sellers take the market price as given. Yvette owns
a restaurant where she sells apple pie. The following graph shows
Yvette's weekly supply curve, represented by the orange line. Point
A represents a point along her supply curve. The price of apple pie
is $3.00 per slice, as shown by the horizontal black line.
Yvette's Weekly
Supply024681012141618205.004.504.003.503.002.502.001.501.000.500PRICE
(Dollars per slice)QUANTITY (Slices of apple pie)SupplyPriceA
From the previous graph,...
6. Producer surplus and price changes The following graph shows the supply curve for a group of students looking to sell used smartphones. Each student has only one used smartphone to sell. Each rectangular segment under the supply curve represents the "cost," or minimum acceptable price, for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used smartphone. (? 480 400 DO Neha 320 0 Lorenzo PRICE(Dollars...
Suppose the market for apple pie is a perfectly competitive market-that is, sellers take the market price as given. Dmitri owns a restaurant where he curve. The price of apple pie is $3.00 per slice, as shown by the horizontal black line. Dmitri's Weekly Supply 6.73 PRICE (Dollars per slice) Supply 0 2 4 16 18 20 6 8 10 12 14 QUANTITY (Slices of apple pie) From the previous graph, you can tell that Dmitri is willing to supply...
In the market for televisions, the price of a television falls and nothing else changes. Price (dollars per television) Show the effect of this change o os Choose between the following Use the single arrow tool to draw an arrow on the demand curve showing the direction of movement along the line OR Use the line tool to draw a new demand curve Only one of the effects is correct, and you must determine which is the appropriate one to...
I have the answers for A, B, C, D, and E. Please answer F):
F) What is the new equilibrium price and quantity? (1 mark)
Thank you.
4. T he following table shows the market for wool in the economy of Odessa (quantities are in tonnes per year). Price (S) Price($ Quantity Demanded 100-200 300-400-500-T600-700 160 140 1020- 100-180-60-40 1800170011 60 40 Quantity Supplied 10 20 30 40 50 60 70 a) Plot the demand and supply curves on the...
The following graph shows the supply curve for a group of students looking to sel used graphing calculators. Each student has only one used calculator to sell. Each rectangular segment under the supply curve represents the cost,' or minimum acceptable price for one student. Assume that anyone who has a cost just equal to the market price is willing to sell his or her used calculator Beth Andrew I . PRICE (Dolars per used calculator) . Teresa Lorenzo QUANTITY (Used...
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