Refer to the figure. Market for Game Consoles Price (dollars) 600 550 500 450 400 350 300 250 200 150 PS S 100 50 0 10 20 30 40 50 60 70 80 90 100110 Quantity Tools ; PS e The graph represents the weekly demand and supply for the game console market. Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Price: $ Quantity: 250 60 game consoles b. Show the area of producer surplus on the graph, and then determine how much producer surplus is generated in the market each week. Instructions: Use the tool provided 'PS' to illustrate this area on the graph. Producer surplus: $

Suppose you could buy shoes one at a time, miter than in pain. What do you predict the cross-price elasticity for left shoes and right shoes would be?

Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20                                    18030                                    16040                                    14050                                    12060                                    10070                                     8080                                     60 a) 120b) 180c) 100

PRICE (Yen per gram) 100 90 80 70 60 40 30 20 10 0 0 0 Demand + 20 40 60 80 100 120 140 160 180 200 QUANTITY (grams of uff per month) Graph Input Tool Demand for Uff Price of Uff (Yen per gram) to eat my uff this morning, but there wasn't any Quantity Demanded DEMAND SHIFTERS Average Income -(Yen per month) Price of Tulg (Yen per gram) Price of Snick (Yen per gram) Of Suppose that the price of a gram of uff decreased from 50 yen to 40 yen. This would cause a an increase in 50 100 100 20 50 Plug any value lower than the current number into the Average Income box. A decrease in average income causes a leftward the demand curve. the demand curve and therefore When the prices of tulg or snick change, there is a shift of the demand curve for uff. The directions of these changes imply that snick and uff are , and that tulg and uff are . For example, a Hermetian might say, "I went in my fridge. So instead of having uff for breakfast, I ate some