Suppose that when milk sells for $4.50 per gallon, the quantity of milkdemanded is 3,250 gallons per day and the quantity of milk supplied is3,860 gallons per day. Will the equilibrium price of milk be greater than,less than, or equal to $4.50 per gallon?O The equilibrium price of milk will be less than $4.50.O There is not enough information to determine whether theequilibrium price of milk will be greater than, less than, or equalto $4.50.O The equilibrium price of milk will be greater than $4.50.O The equilibrium price of milk will be equal to $4.50.

Selling price of milk= $4.50 Quantity demanded=3250 Quantity supplied=3860

Answered: Suppose that when milk sells for $4.50…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Demand and supply equations are given below Calculate the equilibrium price and the equilibrium quantities. Qs = -20 + 4P Qd = 150 - 6P O A. 17 and 48 O B. 10 and 130 O C. 4 and 150 O D. 2 and 170
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Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.
5 If equilibrium price decreases and equilibrium quantity increases supply shifted left supply shifted right demand shifted left O demand shifted right
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The price of cereal, a complement good, has decreased. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium quantity will increase; the effect on price is ambiguous. Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase.
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les of Macroeconomics - Spring21 Which of the following statements is CORRECT? Select one: O a. A change in the quantity demanded means a shift in the demand curve. O b. Achange in demand means a movement along the demand curve. O c. Achange in demand and change in quantity demanded means the same thing. O d. Achange in demand means a shift in the demand curve while change in the quantity demanded means a movement along the demand curve. NEXT PAGE

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