Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. How many units is the quantity demanded when product ABC is for free? A one peso increase in the price of the product would _ quantity supplied by _ units. How many units is the equilibrium quantity?
Consider the market for product ABC, when the price is at Php 12, quantity demanded is 6 units and quantity supplied is 3 units. An eight pesos increase in the price would change quantity demanded by 2 units and quantity supplied by 4 units. How many units is the quantity demanded when product ABC is for free? A one peso increase in the price of the product would _ quantity supplied by _ units. How many units is the equilibrium quantity?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Consider the market for product ABC, when the
How many units is the quantity demanded when product ABC is for free?
A one peso increase in the price of the product would _ quantity supplied by _ units.
How many units is the
shortage ; 3.75
6
decrease ; 0.25
shortage ; 1.5
36
increase ; 0.5
-3
9
increase ; 0.25
5
decrease ; 0.5
surplus ; 1.5
16
surplus ; 3.75
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