1.1. The following data represent five points on the suppldurve for orange juice:PRICE(S PER GALLON)1234512345and these data represent 5 points on the demand curvefor orange juice:PRICEQUANTITY(S PER GALLON) (MILLIONS OF GALLONS)QUANTITY(MILLIONS OF GALLONS)100300500700900700600500400300 a. Graph the points of these supply and demand curvesfor orange juice. Be sure to put price on the verticalaxis and quantity on the horizontal axis.b. Do these points seem to lie along two straight lines?If so, figure out the precise algebraic equation ofthese lines. (Hint: If the points do lie on straightlines, you need only consider two points on eachof them to calculate the lines.)c. Use your solutions from part b to calculate the"excess demand" for orange juice if the marketprice is zero.d. Use your solutions from part b to calculate the"excess supply" of orange juice if the orange juiceprice is $6 per gallon.

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. The following data represent five points on the supp durve for orange juice: PRICE QUANTITY (S PER GALLON) (MILLIONS OF GALLONS) 100 1 2 3 1 2 3 4 5 4 5 and these data represent 5 points on the demand curve for orange juice: 300 PRICE QUANTITY $ PER GALLON) (MILLIONS OF GALLONS) 500 700 900 700 600 500 400 300

. The following data represent five points on the supp durve for orange juice: PRICE QUANTITY (S PER GALLON) (MILLIONS OF GALLONS) 100 1 2 3 1 2 3 4 5 4 5 and these data represent 5 points on the demand curve for orange juice: 300 PRICE QUANTITY $ PER GALLON) (MILLIONS OF GALLONS) 500 700 900 700 600 500 400 300

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter5: Markets In Motion And Price Controls

Section: Chapter Questions

Problem 10P

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