Table 1 shows the demand and supply of cat food per year Quantity demanded Quantity supplied (dollars per pound of (tons of cat food per (tons of cat food per year) Price cat food) year) 52 15 1.5 46 26 2 43 34 2.5 40 40 3 35 44 a. What is the equilibrium price and quantity? How did you decide your answer? b. If the price is $3.00 per pound of cat food, will there be a shortage, a surplus? Explain why. What is the size of shortage or surplus?

Table 1 shows the demand and supply of cat food per year Quantity demanded Quantity supplied (dollars per pound of (tons of cat food per (tons of cat food per year) Price cat food) year) 52 15 1.5 46 26 2 43 34 2.5 40 40 3 35 44 a. What is the equilibrium price and quantity? How did you decide your answer? b. If the price is $3.00 per pound of cat food, will there be a shortage, a surplus? Explain why. What is the size of shortage or surplus?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

The following supply and demand schedule provides data regarding Burger King's Whopper burgers. Plot the supply and demand curves and answer the questions below. Whopper Burgers Price Quantity Demanded Quantity Supplied 4 7. 4 6. 2 What would explain a new equlibrium price and quantity at 7 dollars for 4 Whoppers? a. The price of ground beef increases twofold X b. Burger King engineers invent a new flame broiler that it three times more efficient at cooking burger patties C. Another Baby Boom occurs in the aftermath of the COVID pandemic d. The price of Big Macs drops significantly N O
Price (dollars per pound) 6. 1o Quantity (millions of pounds per day) 14 The graph illustrates the market for British pounds, the currency of the United Kingdom. As the number of buyers of pounds decreases and the number of sellers of pounds increases, the equilibrium price of a pound A) will remain the same. B) will fall. C) will rie. D) might rise, fall, or remain the same but more information is needed. will rise if the magnitude of the effect on the buyers is larger than the E) magnitude of the effect on the sellers.
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.
How do i calculate the equilibrium price and equilibrium quantity Price Quantity Supplied Quantity Demanded $500 5,000 500 450 4,000 750 375 3,000 1,250 250 2,000 2,000 135 1,000 2,500
Price (dollars per bottle) Quantity demanded (bottles per week) Quantity supplied (bottles per week) 2 6 10 14 18 180 140 100 60 20 60 100 140 180 220 4- Refer to Table 3 The table shows the demand and supply schedules for shampoo. a) What is the equilibrium price? b)What is the equilibrium quantity?
Quantity supplied will….
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
Q2- Price $ 10.00 20.00 30.00 40.00 50.00 60.00 70.00 Quantity Demanded 28 24 20 16 12 8 4 Quantity Supplied 0 3 6 9 12 15 18 Use the information in the table above to: a. find the equilibrium price and quantity. b. Graph the demand and supply curves and identify the equilibrium price and quantity.
Refer to the figure below. Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles S 10 20 30 40 50 60 70 80 90 100110 Quantity Tools 8 CS 2. ES eq Instructions: Enter your answers as a whole number. a. What is the quantity demanded at $150 per game console? Quantity demanded. game consoles b. What is the quantity supplied at $150 per game console? Quantity supplied: game consoles PS C. What is the consumer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "CS" to illustrate this area on the graph. Consumer surplus: $ d. What is the producer surplus generated at a price of $150 per game console? Instructions: Use the tool provided "PS to illustrate this area on the graph. Producer surplus: $ e. What is total economic surplus at a price of $150 per game console? Economic surplus: $ What is the economic surplus generated if the market were in equilibrium? Instructions: Use the tool provided "ESea to illustrate…
Explain and illustrate the effects upon price and quantity for each of these five situations relating to the market for high-definition TVs. Draw a separate supply - demand graph for each situation. a. Interest rates on consumer loans increase b. The number of sellers and manufacturers decreases c. The government reduces income taxes upon consumers. d. The number of consumers increases. e. Production costs decrease.
6. Market equilibrium The following table shows the monthly demand and supply in the market for orange juice in Chicago. Price Quantity Demanded Quantity Supplied (Dollars per gallon of orange juice) (Gallons of orange juice) (Gallons of orange juice) 2 500 50 4 400 150 6 300 8 200 10 100 200 300 450 On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for orange juice. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.