08 R S4 2. L %23 $. MacBook Pro « Previous O $1,950. O $975. O $1,800. Refer to the above figure. If the market price increases to $130 due to an increase in demand, then producer surplus is 8 1 2 6 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ++ ++ ++++ H+++ -20- 40 09 70- 0- 06 00t 110 120 130 150 09 170-

08 R S4 2. L %23 $. MacBook Pro « Previous O $1,950. O $975. O $1,800. Refer to the above figure. If the market price increases to $130 due to an increase in demand, then producer surplus is 8 1 2 6 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 ++ ++ ++++ H+++ -20- 40 09 70- 0- 06 00t 110 120 130 150 09 170-

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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es TB MC Qu. 03-106a (Algo) Reter to the table. If... (1) Qd 70 80 90 100 110 Multiple Choice O O O O (2) Qd 40 50 60 70 80 O Refer to the table. If demand is represented by columns (1) and (2) and supply is represented by columns (4) and (5), equilibrium price and quantity will be $9 and 70 units. $9 and 60 units. $10 and 70 units. $10 and 40 units. (3) Price $10 and 80 units. $ 10 9 8 7 6 (4) Qs 70 60 50 40 30 (5) Qs 80 70 60 50 40
Price $60 40 20 0 50 100 Quantity 150 O $60, resulting in a surplus of 100 units. O $60, resulting in a shortage of 100 units. $40, resulting in equilibrium. O $20, resulting in a shortage of 100 units. 200 Supply Demand Refer to the above diagram. A price floor could be established at:
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Figure 4 170 + 160 150 140 + 130+ 120 110 8 882 88 100+ 90 80 + 70 60+ 50 0 30 30 10 40+ 30+ 20 10+ Price + + 1 2 3 4 Select one: 5 6 Oa. $200. O b. $900. OC. $450. O d. $400. 7 8 K Refer to Figure 4. At the equilibrium price, producer surplus is 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Ata S Time left 1:57:28 Quantity
Suppose that the supply and demand schedules for a local electric utility are as follows:Price 17 16 15 14 13 12 11Quantity supplied 9 7 5 3 1 - -Quantity demanded 3 4 5 6 7 8 9The price is in cents per kilowatt hour (kWh), and the quantity is millions of kilowatt hours. The utilitydoes not operate at prices less than 13 cents per kWh.(a) Using graph paper and a ruler, or a computer spreadsheet or presentation program, carefully graphand label the supply curve for electricity.(b) On the same graph, draw and label the demand curve for electricity.(c) What is the equilibrium price of electricity? The equilibrium quantity? Label this point on yourgraph.(d) At a price of 17 cents per kWh, what is the quantity supplied? What is the quantity demanded? Whatis the relationship between quantity supplied and quantity demanded? What term do economists useto describe this situation?(e) At a price of 14 cents per kWh, what is the relationship between quantity supplied and quantitydemanded? What…
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