Econ 102 Homework Chapter 4-2

docx

School

Great Basin College *

*We aren’t endorsed by this school

Course

102

Subject

Economics

Date

Feb 20, 2024

Type

docx

Pages

Uploaded by CaptainInternet9899

1 Econ 102 Module 4 Assignment General Instructions: Please provide your answers to the following in the spaces provided, and then upload your finished document to WebCampus. Don’t forget to save a copy of your document before turning it in. Technical Instructions: ● If you need to draw a straight line: Click Insert, Shapes, select the straight downward sloping line. At this point, the cursor should change to a + sign. Position the plus sign over the point where you want to start the line, click and hold the left mouse button, then drag the line to the point where you want the line to end. Release the mouse. Then you can move the line around by clicking on the line and adjusting it in various ways. ● If you need to draw a curved line: Click Insert, Shapes, select the shape called "arc." At this point, the cursor should change to a + sign. Position the plus sign over the point where you want to start the curved line, click and hold the left mouse button, then drag the line to the point where you want the line to end. Release the mouse. Then you can move the line around by clicking on the line and adjusting it in various ways. Clicking on the green handle at the top of the curve allows you to rotate the curve. ● If you need to draw a label of any kind: Click Insert, Text Box, Simple Text Box. You can then type inside the box, and move it around by clicking on the handles on the perimeter of the box. ● If you need to color a line or curve: Right click on the line, select Format Auto Shape, Color. You can also change the line to a dotted line from this screen as well. If you are using Open Office or some other word processor, the steps will be quite similar, but not exactly the same. In any case, do some experimenting and get some help if necessary; and you will do fine. This is not an art class, and I don’t expect perfection in these matters. Each question on this assignment will be assigned point values, for a total of 10 points for this assignment. Student Name: Ian Williams

2 1. In the table below, information on the conditions of demand and supply for baseball bats, where quantities of baseball bats are measured in thousands. (5 points) Price Quantity Demanded in thousands Quantity Supplied in Thousands $50 70 30 $80 60 34 $110 52 42 $140 48 50 $170 44 64 A) What is the quantity demanded and the quantity supplied at a price of $140? At $140, the quantity demanded for baseball bats is 48,000 bats, and the quantity supplied for baseball bats is 50,000 bats. B) At what price is the quantity supplied equal to 42,000? The price where the quantity supplied is equal to 42,000 is at $110. C) Does the quantity demanded rise or fall as price increases? Explain. As the price increases, the quantity demanded decreases because as the price per baseball bat rises, the less that someone will demand due to them not being able to buy as many baseball bats with their money. D) Does the quantity supplied rise or fall as price increases? Explain. Graph the demand and supply curves for baseball bats. The quantity supplied rises as the price increases because more businesses are willing to sell baseball bats as the price per bat increases. --- -- Quantity Demanded __ -- Quantity Supplied E) How can you determine the equilibrium price and quantity from the graph? Quantity Price 20 40 60 80 100 20 60 100 140 180

3 To find the equilibrium price and quantity from the graph, find the point where the Quantity Demanded and Quantity Supplied lines intersect. F) How can you determine the equilibrium price and quantity from the table? To determine the equilibrium price and quantity from the table, use the equations Qd = x + yP and Qs = x + yP to set them equal to each other and solve for either x, which represents the equilibrium quantity, or solve for P, which represents the equilibrium price. G) What is the equilibrium point? The equilibrium point is (120, 46). H) Considering the market for baseball bats. If the price was $50, would a situation of excess demand or excess supply exist? This would be a situation of excess demand because there was a higher demand for baseball bats than there was a supply of baseball bats. I) Describe the forces that will tend to move the price of $50 toward the equilibrium price. The forces that will tend to move the price of $50 toward the equilibrium price would be a decrease in the quantity demanded of baseball bats and an increase in the supply of baseball bats. 2. In the table below, information on the conditions of demand and supply for DVDs. (5 points) Price Quantity Demanded in thousands Quantity Supplied in Thousands $5 1200 250 $5.50 1150 550 $6 1000 850 $6.50 900 1100 $7 750 1250 J) What is the quantity demanded and the quantity supplied at a price of $6? At a price of $6, the quantity demanded is 1,000,000 DVDs, and the quantity supplied is 850,000 DVDs. K) At what price is the quantity demanded equal to 850 (estimate)? The price that the quantity demanded is equal to 850 is about $6.25. L) Does the quantity demanded rise or fall as price increases? Explain. As the price increases, the quantity demanded falls because the more expensive each DVD is, the less amount of DVDs a person can buy at a certain price. M) Does the quantity supplied rise or fall as price increases? Explain. Graph the demand and supply curves for DVDs.

Your preview ends here

Eager to read complete document? Join bartleby learn and gain access to the full version

Access to all documents
Unlimited textbook solutions
24/7 expert homework help

4 As the price increases, the quantity supplied rises because as DVDs get more expensive, more people will want to supply DVDs at a certain price to get more money. ___ - Quantity Demanded ___ - Quantity Supplied N) How can you determine the equilibrium price and quantity from the graph? You can determine the equilibrium price and quantity from the graph by finding the point on the graph where the Quantity Demanded and Quantity Supplied lines intersect. O) How can you determine the equilibrium price and quantity from the table? You can determine the equilibrium price and quantity from the table by equalling the equations Qs and Qd to each other, solving for P, and then solving for x. P) Considering the market for DVD. If the price was $4, would a situation of excess demand or excess supply exist? If the price was $4, excess demand would exist because the lower the price is for a good/service, the more demand there will be for that good/service and the less supply there will be for it. Q) Describe the forces that will tend to move the price of $4 toward the equilibrium price. The forces that will tend to move the price of $4 toward the equilibrium price is a change in the quantity of DVD’s available by making more DVDs, and also causing a decrease in demand, such as a decrease in the average household income. Quantity Price 250 450 650 850 1050 1250 2 4 6 8

Related Documents

Week 6 Assignment (ch. 12 & 13) FIN600.docx

Full Employment.docx

The Multiplier.docx

Fast Food.docx

Target Canada Case Study.pdf

Chapter 11 Quiz Name.docx

unit 1 review economics .docx

HSA 319 Quiz 5.b.docx

Midterm1_2022_Fall-v3-Solutions.pdf

ECN221- Homework1.docx

Exam IRE339H1F 2021.docx

Exam IRE339H1F 2022.docx

Recommended textbooks for you

Microeconomic Theory

Economics

ISBN:9781337517942

Author:NICHOLSON

Publisher:Cengage

Managerial Economics: A Problem Solving Approach

Economics

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Cengage Learning

Economics:

Economics

ISBN:9781285859460

Author:BOYES, William

Publisher:Cengage Learning

Microeconomics

Economics

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Cengage Learning

Economics (MindTap Course List)

Economics

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Cengage Learning

Macroeconomics

Economics

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Cengage Learning

SEE MORE TEXTBOOKS

Recommended textbooks for you

Microeconomic Theory
Economics
ISBN:9781337517942
Author:NICHOLSON
Publisher:Cengage
Managerial Economics: A Problem Solving Approach
Economics
ISBN:9781337106665
Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:Cengage Learning
Economics:
Economics
ISBN:9781285859460
Author:BOYES, William
Publisher:Cengage Learning
Microeconomics
Economics
ISBN:9781337617406
Author:Roger A. Arnold
Publisher:Cengage Learning
Economics (MindTap Course List)
Economics
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Cengage Learning
Macroeconomics
Economics
ISBN:9781337617390
Author:Roger A. Arnold
Publisher:Cengage Learning