PRICE 20 18 16 14 12 10 8 6 4 2 Demand. Supply... 2 4 6 8 10 12 14 16 18 20 QUANTITY Refer to Figure 6-5. Which of the following statements is not correct? When the price is $6, there is a surplus of 8 units. When the price is $10, quantity supplied equals quantity demanded. When the price is $12, there is a surplus of 4 units. When the price is $16, quantity supplied exceeds quantity demanded by 12 units.

PRICE 20 18 16 14 12 10 8 6 4 2 Demand. Supply... 2 4 6 8 10 12 14 16 18 20 QUANTITY Refer to Figure 6-5. Which of the following statements is not correct? When the price is $6, there is a surplus of 8 units. When the price is $10, quantity supplied equals quantity demanded. When the price is $12, there is a surplus of 4 units. When the price is $16, quantity supplied exceeds quantity demanded by 12 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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Price (dollars per gallon) 5.50 5.00 4,50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 DNovember Djuly os 100 200 300 400 500 600 Quantity (gallons per day) 2. The graph above shows the demand and supply of ice cream in a small town in July and November. In July, the equilibrium price is $3.00 and the equilibrium quantity is 200 gallons of ice cream a day. In November, the equilibrium price is $2.50 and the equilibrium quantity is 100 gallons a day. a. What happens to consumer surplus and producer surplus in November compared to July? Calculate the amount of consumer/producer in November and July. b. Calculate the amount of total surplus in November and July.
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hello, please help me!! You only choose one secinario and draw about it. please make sure which one you choose.
2. Supply and Demand Schedules for A Gallon of Gasoline Price Quantity Supplied Quantity Demanded $4.00 $5.00 $6.00 $7.00 $8.00 6500 7000 7500 8000 8500 8000 7000 6000 5000 4000 Complete parts a, b, and c and either part d OR part e. a. Graph the supply and demand schedules in a supply curve and demand curve, respectively, on one graph. b. What are the equilibrium price and quantity? c. Show on your graph from part a and explain how the sanctions being placed upon Russia as a result of their actions in the Ukraine has affected the world market for the gallons of gasoline. Label what you did as R. d. If the government determined that the price for the gallon of gas in the marketplace should be set at $4.00, would this indicate that they were setting a price ceiling or a price floor? At this price of $4.00, how many gallons of gas will be sold
9. When the demand curve shifts, the change in equilibrium price will be larger the moreelastic the supply curve.(a) True(b) False
4. In order to reduce farm output, raise farm prices, and thus raise farm incomes (revenues), the government pays farmers to set aside a portion of their land from production. Using a graph, explain in terms of the elasticity of demand for farm products why farmers may be better-off when harvests are low even if we ignore the money they receive from the set-aside program.
13. The table below gives part of the supply schedule for personal computers in the United States. Price Quantity Supplied before tech change Quantity Supplied after tech $1,100 $900 12,000 8,000 change 13,000 9,000 a) Calculate the price elasticity of supply when price rises from $900 to $1,100 using the arc elasticity formula (the midpoint method). b) Now suppose that technology changes such that at every price, 1000 more computers are supplied. Now, as prices rise from $900 to $1,100, is the elasticity of supply smaller than, larger than, or equal to the elasticity in part a)? c) Does the change in b) change the slope of the supply curve? Are slope and elasticity the same thing? Explain.
2) The diagram below represents the market for battery packs. If the price were currently at $28/pack there would be a: Group of answer choices surplus of 4 battery packs surplus of 20 battery packs shortage of 4 battery packs shortage of of 20 battery packs
Figure 4-3 Price $20 18 16 14 12 10 8 4 2 10 20 30 40 50 60 70 80 90 100 Quantity 2. Refer to the Figure 4-3. If price in this market is currently S14, what would happen? a. Quantity supplied would be 40 and quantity demanded would be 60. b. Quantity supplied would be 60 and quantity demanded would be 40. c. Quantity supplied would be 50 and quantity demanded would be 50. d. Quantity supplied would be 70 and quantity demanded would be 30.
16. The graph shows the market for sandwiches, and the consumer surplus and producer surplus. 18.00- Price (dollars per sandwich) What is total surplus? Total surplus is $ If the quantity demanded of sandwiches decreases by 120 an hour at each price, the demand curve shifts leftward from Do to D₁. Draw a point at the new equilibrium price and equilibrium quantity. Draw a shape to show the new producer surplus and label it PS. Draw a shape to show the new consumer surplus and label it CS. By how much does total surplus change when demand decreases? 16.00 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- Total surplus (1) by $ S D 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour) Price (dollars per sandwich) 18.00- 16.00- S 14.00- 12.00- 10.00- 8.00- 6.00- 4.00- 2.00- D₁ Do 0.00 0 30 60 90 120 150 180 210 240 270 Quantity (sandwiches per hour)
12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) in
4) The supply curve of good A, and the supply curve if good B are both depicted in the following graph. Which statement is TRUE? Price 10- 9- 8 7 6 5 4- 3- 2 k 0 0 Supply A Supply B 100 200 300 400 500 600 700 800 900 1,000 Quantity Supply of good B is more elastic than the supply of good A. Supply of good A is unit elastic. Supply of good B is perfectly inelastic. Supply of good A is more elastic than the supply of good B.