**Market for AA Batteries in a Typical Week**The market for packs of AA batteries during a typical week in Tulsa, Oklahoma, is described in the table below:| Price (dollars) | Quantity of Batteries Demanded (packs) | Quantity of Batteries Supplied (packs) ||-----------------|---------------------------------------|---------------------------------------|| 20 | 40 | 150 || 18 | 80 | 130 || 16 | 120 | 110 || 14 | 160 | 90 || 12 | 200 | 70 || 10 | 240 | 50 || 8 | 280 | 30 |**Instructions:** Enter your answers as a whole number.a. During a typical week in Tulsa, Oklahoma, what are the equilibrium price and quantity in the market for AA batteries? P = $ ___ Q = ___ packsIn weeks when tornadoes threaten Tulsa, Oklahoma, the demand for packs of AA batteries increases as shown in the table below.**Market for AA Batteries with Tornado Threat**| Price (dollars) | New Quantity of Batteries Demanded (packs) | New Quantity of Batteries Supplied (packs) ||-----------------|--------------------------------------------|--------------------------------------------|| 20 | 140 | 150 || 18 | 180 | 130 || 16 | 220 | 110 || 14 | 260 | 90 || 12 | 300 | 70 || 10 | 340 | 50 || 8 | 380 | 30 |b. What are the equilibrium price and quantity of AA batteries in a week with a tornado threat? P = $ ___ Q = ___ packsSuppose that city leaders want to prevent the price of AA batteries from rising when tornadoes threaten Tulsa, Oklahoma. They impose a price ceiling of $12 for packages of AA batteries.c. This price ceiling of $12 per pack ___ the AA battery market during a typical week.d. What are quantity demanded and quantity supplied with the price ceiling in effect during the weeks when tornadoes threaten Tulsa? Qd = ___ packs Qs = ___ packse. As a result of the price ceiling

The equilibrium price is the price at which the quantity of a product demanded by consumers equals…

a. During a typical week In Tulsa, Oklahoma, what are the equilibrium price and quantity in the market for AA batteries? P= $ Q= packs In weeks when tornadoes threaten Tuisa, Oklahoma, the demand for packs of AA batteries increases as shown in the table below. Market for AA Batteries with Tornado Threat Price (dollars) $24 22 20 18 16 14 12 10 a Now Quantity of Batteries Demanded (packs) 30 48 Q= 58 69 70 80 90 100 110 120 New Quantity of Batteries b. What are the equilibrium price and quantity of AA batteries in a week with a tornado threat? P=S packs Suppliad (packs) 170 160 140 120 100 80 60 40X 20 Suppose that city leaders want to prevent the price of AA batteries from rising when tornadoes threaten Tulsa, Oklahoma. They Impose a price celling of $12 for packages of AA batteries. c. This price celling of $12 per pack [Click to select) the AA battery market during a typical week.

a. During a typical week In Tulsa, Oklahoma, what are the equilibrium price and quantity in the market for AA batteries? P= $ Q= packs In weeks when tornadoes threaten Tuisa, Oklahoma, the demand for packs of AA batteries increases as shown in the table below. Market for AA Batteries with Tornado Threat Price (dollars) $24 22 20 18 16 14 12 10 a Now Quantity of Batteries Demanded (packs) 30 48 Q= 58 69 70 80 90 100 110 120 New Quantity of Batteries b. What are the equilibrium price and quantity of AA batteries in a week with a tornado threat? P=S packs Suppliad (packs) 170 160 140 120 100 80 60 40X 20 Suppose that city leaders want to prevent the price of AA batteries from rising when tornadoes threaten Tulsa, Oklahoma. They Impose a price celling of $12 for packages of AA batteries. c. This price celling of $12 per pack [Click to select) the AA battery market during a typical week.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

**Market for AA Batteries in a Typical Week**

The market for packs of AA batteries during a typical week in Tulsa, Oklahoma, is described in the table below:

| Price (dollars) | Quantity of Batteries Demanded (packs) | Quantity of Batteries Supplied (packs) |
|-----------------|---------------------------------------|---------------------------------------|
| 20 | 40 | 150 |
| 18 | 80 | 130 |
| 16 | 120 | 110 |
| 14 | 160 | 90 |
| 12 | 200 | 70 |
| 10 | 240 | 50 |
| 8 | 280 | 30 |

**Instructions:** Enter your answers as a whole number.

a. During a typical week in Tulsa, Oklahoma, what are the equilibrium price and quantity in the market for AA batteries?
P = $ ___
Q = ___ packs

In weeks when tornadoes threaten Tulsa, Oklahoma, the demand for packs of AA batteries increases as shown in the table below.

**Market for AA Batteries with Tornado Threat**

| Price (dollars) | New Quantity of Batteries Demanded (packs) | New Quantity of Batteries Supplied (packs) |
|-----------------|--------------------------------------------|--------------------------------------------|
| 20 | 140 | 150 |
| 18 | 180 | 130 |
| 16 | 220 | 110 |
| 14 | 260 | 90 |
| 12 | 300 | 70 |
| 10 | 340 | 50 |
| 8 | 380 | 30 |

b. What are the equilibrium price and quantity of AA batteries in a week with a tornado threat?
P = $ ___
Q = ___ packs

Suppose that city leaders want to prevent the price of AA batteries from rising when tornadoes threaten Tulsa, Oklahoma. They impose a price ceiling of $12 for packages of AA batteries.

c. This price ceiling of $12 per pack ___ the AA battery market during a typical week.

d. What are quantity demanded and quantity supplied with the price ceiling in effect during the weeks when tornadoes threaten Tulsa?
Qd = ___ packs
Qs = ___ packs

e. As a result of the price ceiling

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Step 1: Introduce the concept of equilibrium price and quantity.

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Step 2: a. Determine what are the initial equilibrium price and quantity in the market.

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Step 3: b. Determine the equilibrium price and quantity of AA batteries in a week with a tornado threat.

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Step 4: c. Determine the impact of price ceiling on AA battery market.

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