4- What type of production possibility frontier is depicted in Figure 1? Explain your answer. - Use the figure below to answer the following questions. $4 40 30 20 0. 125 150 175 200 225 Q Quantity of blue jeans Figure 2 2- a) What is the equilibrium price in the market illustrated by Figure 2? b) What is the equilibrium quantity? c) Refer to Figure 1. What happen in the market when the price is $40 a unit, Explain? d) Refer to Figure1. What will happen in the market when the price is $20 a unit, Explain? 3- Price SI

4- What type of production possibility frontier is depicted in Figure 1? Explain your answer. - Use the figure below to answer the following questions. $4 40 30 20 0. 125 150 175 200 225 Q Quantity of blue jeans Figure 2 2- a) What is the equilibrium price in the market illustrated by Figure 2? b) What is the equilibrium quantity? c) Refer to Figure 1. What happen in the market when the price is $40 a unit, Explain? d) Refer to Figure1. What will happen in the market when the price is $20 a unit, Explain? 3- Price SI

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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If the price is above line equilibrium level, would you predict a surplus or a shortage? If line price is below the equilibrium level, would you predict a surplus or a shortage? Why?