Question 3 (c). Market Demand Curve [Ch.4] Imagine Sue's demand curve for shoes is Q=8-2P and Jackie's demand curve is Q-12-2P. The market supply curve for shoes is given by Q=4P-8. Question 8 c. What is the market demand function for shoes if Jackie and Sue are the only consumers of shoes in this market? Q = 12 - 2P for P>4 and Q = 20 - 4P for P <=4 Q = 8-2P Q = 8 - 2P for P>6 and Q = 20 - 4P for P <=6 Q = 8 - 2P for P<=6 and Q = 20 - 4P for P >6 Q = 20 - 4P Q = 12 - 2P for P>6 and Q = 20 - 4P for P <=6 Q = 12 - 2P for P<=4 and Q = 20 - 4P for P > 4 Q = 12 - 2P for P<=6 and Q = 20 - 4P for P >6 Q = 12-2P

Question 3 (c). Market Demand Curve [Ch.4] Imagine Sue's demand curve for shoes is Q=8-2P and Jackie's demand curve is Q-12-2P. The market supply curve for shoes is given by Q=4P-8. Question 8 c. What is the market demand function for shoes if Jackie and Sue are the only consumers of shoes in this market? Q = 12 - 2P for P>4 and Q = 20 - 4P for P <=4 Q = 8-2P Q = 8 - 2P for P>6 and Q = 20 - 4P for P <=6 Q = 8 - 2P for P<=6 and Q = 20 - 4P for P >6 Q = 20 - 4P Q = 12 - 2P for P>6 and Q = 20 - 4P for P <=6 Q = 12 - 2P for P<=4 and Q = 20 - 4P for P > 4 Q = 12 - 2P for P<=6 and Q = 20 - 4P for P >6 Q = 12-2P

ENGR.ECONOMIC ANALYSIS

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ISBN:9780190931919

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Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Market Surplus and Shortage Analysis

In everyday language, a “surplus” indicates that there is an excess of something, while a “shortage” means that there is a scarcity of it. In economics, “market surplus” refers to the condition where the quantity of a certain good more available than what is required or “demanded” by the market. In the same way, a “market shortage” refers to the condition where the quantity of a certain good is less available than what is “demanded” by the market. If quantity in demand is written as Qd and quantity that is supplied is written as Qs, then, the condition Qs > Qd indicates market surplus and condition Qd > Qs indicates market shortage.

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There is a bar on Off‐Main Street called the Rock‐n‐Roll Bar. All the people that go to that bar like to listen to rock‐n‐roll music, and they love live bands. If the bar owner brings bands in to play music on a Saturday night, she will make a lot of money. However there are tenants in this building who get annoyed by the loud music. The benefits/costs to the owner/tenants of having zero, one, two or three bands on a Saturday night are listed below. Assume the bar owner has the right to hire as many bands as she likes. Iftransaction costs were $90, split between the bar owner and the tenants, how manybands would play? What would social welfare be? A. Three bands would play and social welfare would be ‐100.B. Two bands would play and social welfare would be 75.C. Two bands would play and social welfare would be ‐15.D. No bands would play and social welfare would be 0.E. Three bands would play and social welfare would be ‐190
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