Suppose consumers decide that pistachios provide more nutritional benefits. This changes the quantities demanded of almonds by 400. What is the new market equilibrium price and quantity ?

Q: demand

A: The law of supply states, ceteris paribus (keeping other things constant) when the price increases ,…

Q: What would happen to the equilibrium price and quantity of a normal good if consumers incomes rises…

A: The demand is directly related to the income of consumer.  The normal goods are the goods in which…

Q: Consider the market for hazelnuts. Use the supply and demand model to explain the effect of the…

A: Demand is the quantity of a product or service consumers are willing and able to buy at a given…

Q: The market for gasoline has changed in a couple significant ways over the last few years: new…

A: Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity…

Q: What are the potential effects in the market for automobiles if consumers experience a decrease in…

A: The potential effects for automobiles in the market when the consumer's income is reduced, will…

Q: Assume that milk and chocolate milk are substitute goods.  If the price of milk falls, then which of…

A: In case of substitute goods price effect is positive. It means that increase in price of one will…

Q: Suppose we are analyzing the market for hot chocolate. Producers expect the price of hot chocolate…

A: Producers are the gathering of people who produce either labor and products for making utility.

Q: Suppose when a person’s income increases, his or her demand for mac and cheese decreases. What is…

A: There exists a positive relation between income of a consumer and demand for normal good. There…

Q: Assume there is an increase in the price of electricity (which is the result of a decrease in the…

A: Substitute good can be used in the place of another good. In the case of substitute goods, an…

Q: Consider the demand for shrimp shown in Figure 2. Suppose the current demand for shrimp is D (in…

A: Demand curve: - demand curve is the graphical way of showing the relationship between the quantity…

Q: Given the following information about the supply of and demand for apples: Price  Quantity…

A: Perfect competition refers to the situation where there are many buyers and sellers exist in the…

Q: In the market for bottled water if the price of soda, which is a substitute in consumption to…

A: Equilibrium price is the price at which the market demand is equal to market supply.Price and demand…

Q: What is the effect of a decrease in the price of potato chips on the market for pretzels, a…

A: Two goods are said to be complementary when they are used together.Two goods are said to be…

Q: If the price is below the equilibrium level, then the quantity demanded will exceed the quantity…

A: Demand schedule is the tabular representation of quantity demanded at various prices.  Demand curve…

Q: Good A (an inferior good) and Good B (a normal good) are viewed by consumers to be substitute…

A: The answer is - (Option B) Decrease in both equilibrium price and quantity

Q: Suppose Pepsi and coke are substitutes. A fall in the price of Pepsi will cause

A: Related goods are of two types:-substitute goods and complements. Substitutes goods are those goods…

Q: Recent medical research has established that drinking wine in moderation can improve heart health…

A: The demand and supply mechanisms are the micro components of an economy that tend to show the…

Q: Suppose the price of ketchup rises dramatically. How would this affect the market price and quantity…

A: The cross elasticity shows the response of the change in the price of one commodity on the demand of…

Q: Plot the supply curve and the demand curve for bicycles What is the equilibrium price of bicycles?…

A: (a) Price Quantity demanded Quantity supplied 100 70 30 200 60 40 300 50 50 400 40 60…

Q: Match The Following

A: 1) a measure of how much quantity supplied of a good responds to a change in the price of that good…

Q: what might happen to the equilibrium price and quantity of MacBooks

A: price of silicon (which goes into the production of microchips) were to increase So as this is a raw…

Q: New research demonstrates that celery is a healthy snack. The resulting increase in demand for…

A: The measure that depicts various quantities of goods and services being demanded and supplied at…

Q: a) At a price of $0.75 per bag, the quantity demanded by the market is [Select] ✓units of potato…

A: Demand is the desire backed by a willingness to pay and the ability to pay by an individual. the…

Q: Figure 2. The initial supply of nails is S (in black), the initial price of a pound of nails is $12,…

A: When there is change in relevant variable that is not on the either axis then it will lead to shift…

Q: Now two changes occur in the market for chocolate. A drought in cocoa growing areas decreases the…

A: Equilibrium is achieved at a point where demand curve intersects supply curve. At this point,…

Q: The price of peanut butter, a complement to jelly, decreases. How will this affect the equilibrium…

A: The demand and supply of any commodity is not onlu affected by its won price but also due to other…

Q: initial price of a pound of nails is $12, and the initial quantity supply of nails is 40K pounds.…

A: Supply curve is upward sloping as quantity supplied had a direct relationship with the price and…

Q: What can cause the market demand curve for oatmeal to shift leftward (a decrease in demand)? An…

A: What can cause the market demand curve for oatmeal to shift leftward (a decrease in demand)?

Q: given the following information The demand for books is Qd = 120 - P The supply of books is Q = 5P.…

A: In the free market, the equilibrium point is determined by the forces of demand and supply. At the…

Q: The diagram shows three supply curves for apples. Which of the following would cause the supply of…

A: The supply curve represents the relationship between the price of a good and the quantity of that…

Q: What would happen to the equilibrium price and quantity of golf club memberships if the price of…

A: Equilibrium in the market is the situation where quantity demanded equals the quantity supplied.The…

Q: The price of peanut butter, a complement to jelly, decreases. How will this affect the equi price…

A: Demand shows inverse relationship between price and quantity demanded. It slopes downward. Supply…

Q: Suppose that milk and cereal are consumer complements. Following a decrease in the price of milk,…

A: The complementary goods refer to those goods that are used together as the consumption of one good…

Q: Consider the market for beer in the diagram below: Price (5) 70 60 50 40 30 20 10 D 100 200 300 400…

A: The diagram depicts the demand and supply curves. The demand and supply curve intersects at point…

Q: Price 32 30 28 26 24 22 20 18 16 14

A: We need to find out equilibrium point,

Q: What happens in the market for bagels if the price of cream cheese increases? Assume that bagels and…

A: Because cream cheese price will increase,supply of bagels will decrease due to rise in cost of…

Q: Sprite and cola are production substitutes. Use two separate well_labeled diagrams to show the…

A: In a competitive market, there exists a large number of buyers and sellers of the good in the…

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.