7 5 3. 3 4 5n 8. 10 11 12 Cheeseburgers Figure 3.19 Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00, there will be a. an excess supply of 3 cheeseburgers. O b. an excess demand of 6 cheeseburgers. an excess demand of 4 cheeseburgers. d. an excess supply of 6 cheeseburgers. Price ($) B.

7 5 3. 3 4 5n 8. 10 11 12 Cheeseburgers Figure 3.19 Refer to Figure 3.19. The market is initially in equilibrium at Point A. If supply shifts from S1 to S2 and the price of cheeseburgers remains constant at $5.00, there will be a. an excess supply of 3 cheeseburgers. O b. an excess demand of 6 cheeseburgers. an excess demand of 4 cheeseburgers. d. an excess supply of 6 cheeseburgers. Price ($) B.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price A) Price C) Do Quantity Quantity Di Price B) Price Panel D) shows which of the following? D) ✓ D₁ Quantity 0₁ Do Quantity O a decrease in demand and an decrease in quantity supplied O a decrease in demand an a decrease in supply O an increase in demand and a decrease in quantity supplied O an increase in quantity demanded and an increase in quantity supplied
3. Which of the following events will cause a leftward shift in the demand curve forice cream?a. The price of pie (a substitute for ice cream) increasesb. The supply of ice cream decreasesc. The price of ice cream increasesd. The price of sprinkles (complement) increases
Which of the following is true if both the demand for and supply of oranges increase? A. it is clear that prices will increase, the change in the quantity of oranges sold is ambiguous. B. it is clear that quantity sold will increase, the change in the price of oranges is ambiguous. C. it is clear that prices will decrease, the change in the quantity of oranges sold is ambiguous. O D. it is clear that quantity sold will decrease, the change in the price of oranges is ambiguous.
5. Suppose the supply of apples sharply increased because of perfect weather conditions throughout the growing season. Assuming no changes in demand, explain the effect on the equilibrium price and quantity of apples.
6. How would an increase in income for an inferior good affect demand for the good? How would an increase in income for a cheap good affect the demand curve for that good? Show graphically.
QUESTION 12 Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas? O a. Quantity of pizza would fall, and the effect on price would be ambiguous. O b. Price of pizza would rise, and the effect on quantity would be ambiguous. O. Quantity of pizza would rise, and the effect on price would be ambiguous. O d. Price of pizza would fall, and the effect on quantity would be ambiguous. QUESTION 13 Samuel owns a laundromat business in Queens, New York. He recently purchased 2 new washing machines and 2 new dryers. This will cause O a. the demand for laundromat services to increase. O b. the supply of laundromat services to decrease. O c. the demand for laundromat services to decrease. O d. the supply of laundromat services to increase. QUESTION 16 A likely example of complementary goods for most people would be O a. golf club and baseball bat. O b. tea and coffee. O c. CPA…
A change from Point B to Point C represents a(n): B E Price D Quantity O decrease in supply. O increase in quantity supplied. O increase in supply. O decrease in quantity supplied. 52 50
Figure 4-6Refer to Figure 4-6. The movement from D’ to D could be caused by a. an increase in the price of a complement. b. a decrease in income, assuming the good is inferior. c. a decrease in price. d. buyers expecting the price of the good to fall in the near future.
3. Joe Snow’s income declines as he rejoins the Black Watch, and as a result, he buys more wine. Is wine an inferior or a normal good for Jon? What happens to Jon’s demand curve for wine?
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Refer to Figure 3-2