Jim WhitneyEconomics 101Market equilibrium worksheetIn the diagram to the right, plot the following hypothetical supply and demandinformation for personal computers (PCs):1.Price3000Quantity Demanded(Qd - millions)Price($)Quantity Supplied(Qs - millions)250020002$3,000172,5002,00041615007141000111,50011161,000750022500212 16 20 24Personal computers (millions)48The equilibrium price "clears the market," in that quantity demanded equals quantity supplied.The equilibrium price =2.3.At a price of $2,500...At a price of $1,000...(1) Is there excess demand or excess supply?(2) How many million units?(3) Are PC inventories rising or falling?(4) Is the incentive to raise or lower price?4. Indicate whether equilibrium price (P) and quantity (Q) will rise (+) or fall (-) if ...PriceQuantityDemand shifts right(1)Demand shifts left(2)Supply shifts right(3)(4)Supply shifts left

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The price of SUVs, a substitute-in-production for sedans, has increased over the last year. Show the effect of this event on the market for sedans by shifting the appropriate curve in the graph shown. What is the new price? $ What is the new quantity? thousand million 50 45 Price($ thousand) 8 8 8 8 40 35 30 25 20 15 10 5 0 0 1 2 Market for Sedans 7 3 4 5 6 Quantity in millions of cars Supply 8 Demand 9 10
Find the equilibrium price and quantity for a product that has the following supply and demand curves, where p is the price in 100's of dollars and q is quantities in 1,000's of units demand: 1/3q + 1/3p - 4=0 Supply: q-p-2=0 If the product is currently priced at $400, what is the quantity supplied and the quantity demanded? Is there a surplus (More supplied than demanded) or a shortage (More demanded than supplied)
Suppose exceptionally good weather provides a much bigger than expected orange harvest. Instructions: Depict how this event will affect the market for oranges by dragging the appropriate curve in the graph. Price (S/orange) Ž I Market for oranges Quantity (oranges/week) $ What will happen to the equilibrium price and quantity of oranges? ↑ Equilibrium price will decrease and equilibrium quantity will increase. Equilibrium price will increase and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will decrease. Both equilibrium price and equilibrium quantity will increase.
What are the potential effects in the market for automobiles if the cost of steel and rubber used in the production of automobiles increases. a) draw a supply/demand graph of the automobile market. b) indicate starting equilibrium price and equilibrium quantity. c) analyze graphically the effect of the change given above on equilibrium price and equilibrium quantity in the automobile market.
Macmillan Learning Consider two markets: the market for coffee and the market for hot cocoa. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 35.0. When the price is $12.75, the quantity supplied of coffee is 71.0 and the quantity supplied of hot cocoa is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for hot cocoa. Please round to two decimal places. Incorrect Supply in the market for coffee is less elastic than supply in the market for hot cocoa.
The demand and supply curves for a product are given by: Qd = 600 - 2P Qs = 300 + 4P Find the equilibrium price and the equilibrium quantity. Carefully draw a graph to illustrate your answer. Make sure to write out the intercepts. Show the equilibrium price and the equilibrium quantity on your graph.
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USE TABLE #1: The supply curve intersects with the price axis at $_____. (Remember to use a comma, if a comma is needed and to include the decimal point and two numbers to the right of the decimal point).
Consider two markets: the market for cat food and the market for dog food. The initial equilibrium for both markets is the same, the equilibrium price is $4.50, and the equilibrium quantity is 31.0. When the price is $8.75, the quantity supplied of cat food is 75.0 and the quantity supplied of dog food is 105.0. For simplicity of analysis, the demand for both goods is the same. Using the midpoint formula, calculate the elasticity of supply for dog food. Please round to two decimal places.
New York decides to reduce the consumption of sugary soda by imposing a minimum price of $2.50 per soda. The current equilibrium price is $1.50. Using the double arrow line tool, show the difference between the quantity supplied and quantity demanded when the market price of soda is $2.50. Properly label this difference. Carefully follow the instructions above, and only draw the required objects. Price ($) 5- 4.5- 4- 3.5- 3- 2.5+ 2+ 1.5- 1- 0.5- 0- 0 0.75 1.5 2.25 3 Quantity Supply 3.75 Excess supply Demand 4.5 Q
Consider the market for wine in the diagram below: 70 Price ($) 60 50 40 30 20 10 S D 100 200 300 400 500 600 700 800 Wine (millions of bottles) $45 and 550 million bottles of wine $45 and 500 million bottles of wine $50 and 600 million bottles of wine $50 and 500 million bottles of wine Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price and quantity of wine as a result of this increase in supply?

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