12. Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for teapots.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Teapots6054Price(Dollars per teapot)1848SupplyQuantityDemanded(Теарots)Quantity SuppliedTeapots)1,00042042363024Demand18126100 200 300 400 500 600 700 800 900 1000QUANTITY (Teapots)The equilibrium price in this market is $per teapot, and the equilibrium quantity isteapots bought and sold per month.Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus,and whether this places upward or downward pressure on prices.PriceShortage or Surplus Amount(Dollars per teapot)Shortage or Surplus(Теаpots)Pressure1842PRICE (Dollars per teapot)

Here, demand and supply curve of teapots are given to explain the teapot market.

Answered: 12. Market equilibrium and…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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4. What's wrong with this way of thinking? "Economists argue that lower prices will result in fewer units being supplied. However, there are exceptions to this rule. For example, in 1972, a very simple 10-digit electronic calculator sold for $120. By 2000, the price of the same type of calculator had declined to less than $5. Yet business firms produced and sold many more calculators in 2000 than they did in 1972. Lower prices did not result in less production or in a decline in the number of calculators supplied." 99
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10. Market equilibrium The following table presents the annual demand and supply in the market for boots in Chicago. Price (Dollars per pair of boots) 20 40 60 80 100 of boots) 120 Quantity Demanded (Pairs of boots) 2,200 1,600 1,200 800 400 100 Quantity Supplied (Pairs of boots) 400 On the following graph, plot the demand for boots using the blue point (circle symbol). Next, plot the supply of boots using the orange point (square symbol), Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for boots. Note: Plot your points in the order in which you would like them connected, Line segments will connect the points automatically. 1,000 1,800 2,000 2,400 Demand 9 0
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A typical consumer in Lykesville has a market basket consisting of 4 strawberries, 9 grapefruits, and 5 blueberries. The data table below provides information on Lykesville's prices of strawberries, grapefruits, and blueberries from 2008 through 2010. 2008 2009 2010 unit of strawberries $1.1 $1.5 $1.2 Price per unit of grapefruits $1 Price per unit of blueberries $0.9 $1.2 Price per $1.4 $1.4 $2 What was the cost of the market basket in 2009? What was the price index in 2009, assuming 2008 is the base year?
Suppose that the relationship between price, P, and quantity, Q, is given by the equation Q = 50 - 2P. Which of the following equations correctly represents solving Q = 50-2P for P? O P = 50+ Q OP=50-20 OP=25-2Q OP=50-Q ⒸP = 25- Q Plot the relationship between P and Qon the following graph. Note: Price (P) is on the vertical axis and quantity (Q) is on the horizontal axis. PRICE 40 35 30 25 15 10 5 0 5 10 15 The slope of this line is -0.50 QUANTITY 30 A 35 Suppose that the P in this equation refers to the price Julie is willing to pay for an additional magazine, and the Q refers to the number of magazines to which Julie subscribes. Read the following statement carefully: "The more magazines Julie subscribes to, the less she is willing to pay for an additional magazine." Which of the following best summarizes the pattern of causality suggested by this statement? O A change in P causes a change in Q. O A change in Q causes a change in P. O The relationship between P and Q is not a causal…

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