Problem Solving Copra and supply of Suppose that the total demand for Copra per month in Luzon grain market are as follows. Quantity Demanded Price (thousands of sacks) per sack Quantity Supplied surplus (+) or (thousands of sacks) Shortage (-) 85 600 73 80 625 78 75 700 85 70 720 88 65 750 93 60 800 96 1. Complete the above table, fourth column. 2. Using the above data, graph the demand for copra and Supply of copra. Be sure to label the axes of your graph correctly. Label equilibrium price "p" and equilibrium quantity "Q". 3. What is the market or equilibrium price? 4. What is the equilibrium quantity?

Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. What is the quantity demanded and the quantity supplied at a price of 210? At what price is the quantity supplied equal to 48,000? Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from line table? What HIE die equilibrium price and equilibrium quantity? If the price was 120, what would the quantities demanded and supplied he? Would a shortage or surplus exist? If so, how large would the shortage or surplus he?

Name some factors that can cause a shift in line demand curve in markets for goods and services.

How can you locate the equilibrium point on a demand and supply graph?

Which of the following changes in the financial market will lead In an increase in the quantity of loans made and received: a rise in demand a fall in demand a rise in supply a fall in supply

Say that a certain stadium for professional football has 70,000 seals. What is the shape of the supply curve for tickets to football games at that stadium? Explain.

Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of Gasoline

The price of coffee rose sharply last month, while the quantity sold remained the same. Five people suggest various explanations: Leonard: Demand increased, but supply was perfectly inelastic. Sheldon: Demand increased, but it was perfectly inelastic. Penny: Demand increased, but supply decreased at the same time. Howard: Supply decreased, but demand was unit elastic. Raj: Supply decreased, but demand was perfectly inelastic. Who could possibly be right? Use graphs to explain your answer.

When someones kidneys fail, the person needs to have medical treatment with a dialysis machine (unless or until they receive a kidney transplant) or they will die. Sketch a supply and demand diagram, paying attention to the appropriate elasticities, to illustrate that the supply of such dialysis machines will primarily determine the pure.

The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded per Year Quantity Supplied per Year $45 4,300 300 55 2,300 700 65 1,300 1,300 75 800 2,100 85 650 3,100 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.