Q6.Q7. QUESTION 7Review the following figure. Suppose the price of gasoline is $1.60 per gallon.What would happen to the quantity demanded?▪What would happen to the quantity supplied?▪ At $1.60, is the market in equilibrium, a shortage, or a surplus?P ($ per gallon)$2.2051.80$1.40$1.20$1.0050.60Excess supplyor surplusQUESTION 8ESAn above-aquilibrium priceEquilibrium priceA below equilibrium priceExcess demand Dor shortage300 400 500 600 700 800 900Quantity of Gasoline (millions of gallons)Vrisefallsurplusshortageno changea shift in demanda shift in supply QUESTION 6Name some factors that can cause a shift in the demand curve in markets for goods and services.A change in the wealth of the consumerA decrease in supplyAn increase in supplyA change in the price of a related good.A change in priceA change in consumer tastes.QUESTION 7Review the following figure. Suppose the price of gasoline is $1.60 per gallon.What would happen to the quantity demanded?• What would happen to the quantity supplied?At $1.60, is the market in equilibrium, a shortage, or a surplus?●•>

Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. There will…

Name some factors that can cause a shift in the demand curve in markets for goods and services. A change in the wealth of the consumer A decrease in supply An increase in supply A change in the price of a related good. A change in price A change in consumer tastes.

Name some factors that can cause a shift in the demand curve in markets for goods and services. A change in the wealth of the consumer A decrease in supply An increase in supply A change in the price of a related good. A change in price A change in consumer tastes.

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

Q6. Q7.

QUESTION 6
Name some factors that can cause a shift in the demand curve in markets for goods and services.
A change in the wealth of the consumer
A decrease in supply
An increase in supply
A change in the price of a related good.
A change in price
A change in consumer tastes.
QUESTION 7
Review the following figure. Suppose the price of gasoline is $1.60 per gallon.
What would happen to the quantity demanded?
• What would happen to the quantity supplied?
At $1.60, is the market in equilibrium, a shortage, or a surplus?
●
•>

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