P[ 25 (Price dollars - 20 unit) per 12 2 12 20 28 (Quantity: Thousand Units sold per week) Q Answer the following 3 questions according to information here and graph in this question: Graph shows that a competitive market creates an efficient allocation of resources at equilibrium. Which of the following pairs are equilibrium price and equilibrium quantity respectively? ($ sign means dollars) O 12 $ and 12,000 units 20 $ and 4 units O 25 $ and 28,000 units O 25 $ and 28 units O 12 $ and 28 units

P[ 25 (Price dollars - 20 unit) per 12 2 12 20 28 (Quantity: Thousand Units sold per week) Q Answer the following 3 questions according to information here and graph in this question: Graph shows that a competitive market creates an efficient allocation of resources at equilibrium. Which of the following pairs are equilibrium price and equilibrium quantity respectively? ($ sign means dollars) O 12 $ and 12,000 units 20 $ and 4 units O 25 $ and 28,000 units O 25 $ and 28 units O 12 $ and 28 units

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2. Assume that the equilibrium price is at $3 and equilibrium quantity is at 40 units of a product. Then, imagine that suddenly any of determinants of demand, other than price of the product, caused demand to decrease while at the same time one of the determinants of supply, other than the price of the product, caused supply to increase. TASK: First, draw the demand and supply graph to show the original equilibrium price at $3 and equilibrium quantity at 40 units. Second pick ONE different DETERMINANT of DEMAND and ONE different DETERMINANT of SUPPLY Third, show in the graph what it looked like if demand decreased and supply increased (select where you think that the new price and quantity would change to), what the new equilibrium price and equilibrium quantity would be, after both changes in demand and supply occurred. Fourth, in a couple of words, write down what would be that YOUR new equilibrium price and equilibrium quantity. [That is, tell us that the original equilibrium price…
Will the equilibrium price of orange juice increase or decrease in each of the following situations? LO7a. A medical study reporting that orange juice reduces cancer is released at the same time that a freak storm destroys half of the orange crop in Florida. The prices of all beverages except orange juice fall in half while unexpectedly perfect weather in Florida results in an orange crop that is 20 percent larger than normal.
The government offers subsidies to homeowners for the purchase and installation of solar energy generating equipment. Given that silicon (derived from silicate minerals) is the main input in the production of solar panels, how will the subsidy affect the market for silicon? O Supply will rise, leading to an increase in the equilibrium quantity and decrease in price. O Demand will fall, leading to a decrease in the equilibrium price and quantity. O None of the above. O Supply will fall, leading to an increase in the equilibrium price and decrease in the quantity. O Demand will rise, leading to an increase in the equilibrium price and quantity of silicon.
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FIGURE 2-4 Production possibilites curve Food Refer to Figure 2-4. If the economy chooses to shift more of its resources into clothing, what will it have to give up? Select one: O a. larger and larger amounts of food per unit of added clothing as the quantity of clothing produced increases O b. nothing, since food and clothing are NOT substitutes O c. relatively equal amounts of food per unit of added clothing as the quantity of clothing produced increases Clohing
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