Refer to the information provided in Table 3.1 below to answer the questions that follow.**Table 3.1**| Price per Pizza | Quantity Demanded (Pizzas per Month) | Quantity Supplied (Pizzas per Month) ||-----------------|--------------------------------------|--------------------------------------|| $3 | 1,200 | 600 || 6 | 1,000 | 700 || 9 | 800 | 800 || 12 | 600 | 900 || 15 | 400 | 1,000 |Refer to Table 3.1. This market will be in equilibrium if the quantity of pizzas supplied per month is- ○ 800- ○ 700- ○ 600- ○ 400**Explanation:**The table displays different price levels for pizzas alongside corresponding quantities demanded and supplied per month. The equilibrium market condition is achieved when quantity demanded equals quantity supplied. Based on the table, equilibrium occurs at a price of $9, where both the quantity demanded and supplied are 800 pizzas per month. Refer to the information provided in Figure 3.14 below to answer the questions that follow.![Graph showing supply curves](#)**Figure 3.14**The diagram illustrates three supply curves labeled $ S_1 $, $ S_2 $, and $ S_3 $. The vertical axis represents the price of pizza, while the horizontal axis represents the number of pizzas per week (Q). The graph includes points labeled A, B, and C along the supply curves. Here is a detailed description of the graph:- **Supply Curves:** - $ S_1 $: The highest supply curve. - $ S_2 $: The middle supply curve. - $ S_3 $: The lowest supply curve.- **Points:** - **Point A** is on supply curve $ S_2 $. - **Point B** is also on supply curve $ S_2 $ but at a different price and quantity level compared to Point A. - **Point C** is on the lower supply curve $ S_3 $.Refer to Figure 3.14. A decrease in supply is represented by the movement/shift from- ○ Point B to Point A along supply curve $ S_2 $.- ○ $ S_2 $ to $ S_3 $.- ○ $ S_2 $ to $ S_1 $.- ○ Point B to Point C along supply curve $ S_2 $.

Answer (1): Option A (800) Explanation: Equilibrium occurs where the quantity supplied is equal to…

Answered: Refer to the information provided in…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 20 18 16 14 12 10 8 4 2 0 10 M 2 4 N + 8 10 12 QUANTITY (Units) 14 16 M 18 20 (?)
5. The variety of demand curves The following graph displays four demand curves (LL, MM, NN, and OO) that intersect at point A. PRICE (Dollars per unit) 400 360 320 280 240 200 160 120 80 40 H 0 40 M B N + 'xx. DE O A N M + 80 120 160 200 240 280 320 360 400 QUANTITY (Units) ?
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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.
What will happened to Equilibrium Price and quantity if, a) Government imposes, import tax to the importers on imported cars. b) More cakes are demanded during month of december due to Christmas Identify new readjusted market equilibrium, readjusted equilibrium price and quantity for each event
Refer to the following table to answer the next question. Price Quantity Demanded Quantity Supplied $20 10 50 $17 20 40 $14 30 30 $11 40 20 $8 50 10 $5 60 60 0 If the price of this good is $11, there would be a O surplus; 30 O surplus; 20 O shortage; 30 O surplus; 10 O shortage; 20 of units.
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Unanswered Submit E1 Q4 Homework Unanswered Due Today, 10:20 AM The following shows the monthly demand and supply of bread loaves in my neighborhood. What is the EQUILIBRIUM PRICE of a loaf of bread? Price $0 Quantity Demanded Quantity Supplied 12 0 $2.00 10 10 $4.00 $6.00 $8.00 $10.00 $12.00 86 42 O 20 30 50 80 0 120 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $2.00 $4.00 C $6.00 $10.00
Quantity Demanded 400,000 330,000 260,000 200,000 150,000 100,000 Price of Apples Quantity Supplied 40,000 60,000 120,000 200,000 300,000 420,000 10 20 30 40 50 6. Using the table above plot the information in a supply and demand graph 7. At what quantity and price (market price) is there an equilibrium? 8. At what price is their excess demand? 9. At what price is their excess supply? 10. If there is excess demand what do you think will happen? 11. If there is excess supply what do you think will happen?
4. Answer Exercise No. 3 on page 69. Answer only Exercise No. 4 once you have read Lesson 3, pages 71-74. Assessment 3.2 1. What does an upward-sloping supply curve mean about how sellers in a market will react to a lower price? 2. What is the difference between the supply and the quantity supplied of a product, say face shields? Explain in words and show the difference on a graph with a supply curve for face shields. 3. Will supply curves have the same exact shape in all markets? If not, how will they differ? 4. Explain and give example of at least 2 determinants of supply? 5. Explain and give example of at least 2 determinants of elasticity of supply? Instructions on how to submit student output Follow the instruction from Module 1, Lesson 1.1 (Assessment 1.1). You will submit your output together for Modules 1 and 2 Page 68of 97 Vision: A globally competitive university for science, technology, and environmentalconservation. Development of a highly competitive human resource,…
Question 3 For question 3, 4, and 5, use the table below for the Demand and Supply of Widgets Price Quantity Demanded Quantity Supplied $1 18 -3 $2 16 6 $3 14 9 $4 12 12 $5 10 15 The equilibrium price is $2 $3 O $4 O $5
The market for pizza has the following demand and supply schedules: Price (Dollars) 4 5 6 7 8 9 Quantity Demanded Quantity Supplied (Pizzas) 135 104 81 68 53 39 (Pizzas) 26 53 81 98 110 121

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