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- Select the correct answer. A price floor will usually shift: demand supply both neither Illustrate your answer with a diagram.What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?The following table summarizes information about the market for principles of economics textbooks: What is the market equilibrium price and quantity of textbooks? To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now? While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.
- What is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.Explain why the following statement is false: In the goods market, no seller would be willing to sell for less than the equilibrium price.When analyzing a market, how do economists deal with the problem that many factors that affect the market are changing at the same time?
- What is consumer surplus? How is it illustrated on a demand and supply diagram?In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. There have recently been some important cost-saving inventions in the technology for making paint. Paint is lasting longer so that property owners need not repaint as often. Because of severe hailstorms, many people need to repaint now. The hailstorms damaged several factories that make paint, forcing them to close down for several months.Table 3.9 illustrates the market's demand andsupply for cheddar cheese. Graph the data and find theequilibrium. Next, create a table showing the change inquantity demanded or quantity supplied, and a graph ofthe new equilibrium, in each of the following situations:a. The price of milk, a key input for cheeseproduction, rises, so that the supply decreases by80 pounds at every price.b. A new study says that eating cheese is good foryour health, so that demand increases by 20% atevery price.
