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

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PRICE (Dollars per gallon) Price (Dollars per gallon) 10 12 11 a 10 0 8 D 6 a 4 2 Use the data in the preceding table to plot the demand and supply curves for milk on the following graph. Use the blue points (circle symbol) to plot the demand curve. Then use the orange points (square symbol) to plot the supply curve. Line segments will automatically connect the points. ? 100 The equilibrium market price is $ The new quantity supplied is Quantity Demanded (Millions of gallons) 100 of 200 300 400 200 300 400 QUANTITY (Millions of gallons) 500 The new quantity supplied is of Quantity Supplied (Millions of gallons) 500 500 400 600 Suppose the government enacts a milk price support of $7.00 per gallon. 300 200 100 -O Demand Use the green line (triangle symbol) to plot the new price line on the preceding graph. ***]* Supply Government Price 1 Government Price 2 and the equilibrium quantity is Suppose now that the government decides to set a price ceiling of $4.00 per gallon. Use the purple…
Equilibrium price and quantity We are given the market information of phone as below: Price ($) Quantity Demanded Quantity Supplied 200 26,000 12,000 245 23,000 16,000 290 20,000 20,000 335 17,000 24,000 380 14,000 28,000 a) Define the market demand equation and supply equation. b) Find the equilibrium price and quantity in a market c) Draw the graph to show this market.
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).
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 information given in the table below. What is the equilibrium price in this market? Price ($) 0 2 4 6 8 10 Quantity demanded (units) 50 40 30 20 10 0 Quantity supplied (units) 0 15 30 45 60 75
A publisher has established the supply equation of one of their textbooks to be p =q² and is show in blue on the graph. They also found the demand equation to be p = -9² +20 and is shown in red. Where p is in tens of dollars and q is the quantity in hundreds of textbooks. 20 Find the equilibrium price. $ p Find the equilibrium quantity. 16- Find the amount demanded when the price is $1800. 12- Find the amount supplied when the price is $20. Quantity 12
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At $14.15, the demand (customers) for UB-shirts is 195. When the price drops to $13.00 the demand increases to 250. What is the demand when the price is $15.05? Answer:
Assume that the market demand for a product is represented by the equation P=50- and its market supply by the equation P = 10 + 2Qs where Qd and are quantity demanded and quantity supplied, respectively, and P is the market price. Determine the equilibrium market price and quantity of the product. Clearly show your steps and calculations .
The demand curve intersects with the quantity sold axis at _____ electric automobiles. (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).

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