Price per unit ($)The diagram to the right is a basic supply and demand graph. Economists use it to analyze equilibrium price and quantity in amarket.10 00When price equals $8, a surplus occurs.9.00-1.) Using the line drawing tool, draw a horizontal line from the $8 value on the vertical axis to represent the surplus Label this line8.00-"Price7.00-2) Using the point drawing tool, locate quantity demanded (label the point P,) and quantity supplied (label the point P,) at thisprice of $86.00-Carefully follow the instructions above and only draw the required objects.5.004.00-3.00-2.001.00-onal0.00-107080Quantity per unit of time203040 50 6090100

Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…

Answered: market When price equals $8, a surplus…

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 2 The manager at Ruby Red Movie Theater decided to change the prices of concession stand items as well as tickets this month in an effort to increase revenues. Below, you are provided with prices for last month and this month as well as the quantities demanded for both months. Use this information when answering questions A–H below. Price Quantity Demanded Item Last Month This Month Last Month This Month Large Drink $6.00 $5.50 150 161 Large Popcorn $7.50 $8.00 125 101 Small Drink $2.50 $2.00 75 80 Small Popcorn $5.00 $5.25 45 39 Candy $4.00 $3.50 57 68 Hot Dog $5.00 $5.25 35 36 Movie Ticket $8.00 $9.00 428 300 A. Calculate the total revenues earned by the theater last month and this month (Show your work.) Total revenues last month = Total revenues this month = B. Calculate the price elasticity of demand for…
Price of good x (RM) Quantity demanded for good x (Units) Quantity demanded for good Y (Units) Quantity demanded for good Z (Units) 1 100 1,000 10 50 500 20 25 250 40 4 20 200 80 5 18 180 180 a) What is the relationship between: i) ii) Goods X and Y? Goods X and Z? b) If you are the producer of good x and you want to increases your total revenue would you increase the price of RM3 per unit to RM4 per unit? Why? (use the concepts of elasticity in your answer)?
Use the demand curve below to answer questions 1 through 6. price 12- 10- 8 6- 4- 2- 0 0 50 100 150 200 250 quantity What is the percent change in price when the price drops from $6 to $5? Assume your answer is a percent and enter a numeric value only.
Draw a supply and demand diagram with price on the vertical axis. 1. Show what happens in your diagram when the price of a substitute good increases. 2. What happens to the market price and quantity in your diagram?
Information all attached to screenshot below thanks! SS
Following an increase in supply and an increase in demand, the market is producing more at a lower price. What must have happened? Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a The change in demand was larger than the change in supply. b The change in demand was smaller than the change in supply. c There is no reason to think that either change was larger than the other. d Some other change must have occurred.
The graph attached shows the demand and supply in a market. (a) The equilibrium quantity is -------------- and the equilibrium price is -----------. (b) If the actual market price is set at $100 per unit, there will be a --------------- (shortage or surplus) of ____units in this market. (c) If government wants to use a price floor, it should choose a price of how much? (d) At that price floor how many units are going to be sold in this market?
Which one of the following statements is incorrect?A. If the market price is above the equilibrium price, a market surplus will develop.B. If the market price is below the equilibrium price, there will be an excess demand for the product.C. If the market price is below the equilibrium price, a market shortage will develop.D. If the market price is above the equilibrium price, there will be an excess supply of the product.E. If the market price is above the equilibrium price, the quantity demanded is greater than the quantity supplied.
(A) Given the following data on individual supply and demand, calculate the market supply and demand. (B) what is the equilibrium price? (C) supposed the current price is $4, at this price, how much of a shortage or surplus exists in gallons?
Please provide accurate and correct answers to both questions without explanation. Thank you for your assistance.
Price Quantity demanded Quantity supplied 3 150 60 4 100 100 5 70 130 6 50 150 please answer questions below: If the price of chocolate is $5, describe the situation in the market and explain how the price adjust. Chocolate sellers know that Valentine’s Day is next weekend, and they expect the price to be higher, so they withhold 60 chocolates from the market this weekend. What will be the price this weekend?
Market for Product X Price floor III IV Quantity Which numeral represents the equilibrium price of Product X? Price S.

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