AP Macro Market Equillibrium 8$15Price$12$10$8$510 20 30 40 50 60 70SDQuantityUse the market for pizza to the left to complete the following:10. Calculate the amount of the shortage when the price is $8.11. Calculate the amount of the surplus when the price is $11.12. Identify a specific scenario that would cause the equilibrium priceto increase and the equilibrium quantity to decrease.13. Identify a specific scenario that would cause the equilibrium priceand quantity to decrease.14. Explain the difference between a change in demand and achange in quantity demanded.

Equilibrium in the market occurs at the intersection of market demand and market supply curves. It…

Answered: 10. Calculate the amount of the s 11.…

10. Calculate the amount of the s 11. Calculate the amount of the s 12. Identify a specific scenario th to increase and the equilibrium q 13. Identify a specific scenario th and quantity to decrease.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 1SCQ: Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher...

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Question

AP Macro Market Equillibrium

8$15
Price
$12
$10
$8
$5
10 20 30 40 50 60 70
S
D
Quantity
Use the market for pizza to the left to complete the following:
10. Calculate the amount of the shortage when the price is $8.
11. Calculate the amount of the surplus when the price is $11.
12. Identify a specific scenario that would cause the equilibrium price
to increase and the equilibrium quantity to decrease.
13. Identify a specific scenario that would cause the equilibrium price
and quantity to decrease.
14. Explain the difference between a change in demand and a
change in quantity demanded.

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