(Table: Equilibrium Price, Quantity) Refer to the table. If the supply curve for the product shifted to the right such that 20 more units of the good are supplied at every price, what is the new equilibrium price? P Qa $10 12 50 30 45 35 14 40 40 16 35 45 18 30 50 $12 $10 $14
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- Review Figure 3.4 again. Suppose the price of gasoline is 1.00. Will the quantity demanded he lower or higher than at the equilibrium price of 1.40 per gallon? Will the quantity supplied be lower or higher? Is them a shortage or a surplus in the market? If so, of how much? Figure 3.4 Demand and Supply of Gasoline(Table: Equilibrium Price, Quantity) Refer to the table. If the demand curve for the product shifted to the right such that 10 more units of the good are demanded at every price, what is the new equilibrium price? P $10 12 14 16 18 0000 $12 $14 $16 $18 Q₁ 50 45 40 35 30 0. 30 35 40 45 30-How has Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the “main influences” you chose had an impact on the gasoline market.
- Market for Gasoline Price (per litre) $5 4 3 2.50 2 1.50 1 0 ***** S1 Reference: Ref 3-4 Figure: Demand and Supply of Gasoline S2 D 100 200 300 400 500 600 Quantity of gasoline (per month) Use the graph for the market for gasoline above. A factor that may have changed supply from S₁ to S₂ is: Select one: O a. increased prices of substitutes in production for gasoline. b. lower labour productivity in gasoline production. O c. better technology in the production of gasoline. d. increased demand.PRICE (Dollars per CD) 20 18 16 14 2 0 0 S₂ S₁ 1 2 1 4 5 6 7 QUANTITY (Millions of CDs) 8 9 10 Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be you know that at a price of $10 per CD, the is five million CDs. Moreover,Price (per bushel) $10 9. 8 7. 6. 4 3. 21 2. 4 6 8 10 12 Quantity of wheat (thousands of bushels per period) Reference: Ref 3-6 Figure The Demand and Supply of Wheat (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat. A price of will result in a
- 13) The Table below gives the Demand and Supply schedules of Frisbees. Quantity Demanded per month 1800 1600 1400 1200 1000 800 600 Price ($) 2 4 6 8 10 12 14 Quantity Supplied per month 600 800 1000 1200 1400 1600 1800 Suppose that Demand decreases by 250 Frisbees per month and Supply increases by 550 Frisbees per month. What is the new equilibrium price and quantity of Frisbees?Complete the following table by selecting the term that matches each definition. Quantity Supplied Supply Curve Supply Schedule Law of Definition Supply A table showing the relationship between the price of a good and the amount of it that sellers are willing and able to supply at various prices The amount of a good that sellers are willing and able to supply at a given price The claim that, other things being equal, the quantity supplied of a good increases when the price of that good rises A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices Apply your understanding of the previous key terms by completing the following scenario with the appropriate terminology. Your professor claims that one of the curves found on the following graph correctly illustrates the supply curve for CDs: S2 18 16 12 20 14 10 (Dollars per CD)14. Understanding changes in equilibrium price and quantity Suppose you are an analyst in the oil refinery industry and are responsible for estimating the equilibrium price and quantity of home heating oil. To do so, you must consider factors that can affect the supply of and demand for heating oil. Determinants of the demand for heating oil include household income, the price of an oil furnace (a complementary good for heating oil), and the price of natural gas (a substitute good for heating oil). Determinants of the supply of heating oil include the cost of crude oil and the cost of refining crude oil into home heating oil. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to the graph parameters. (Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.) PRICE (Dollar per barrel) 8 28 28 2 20 80 70 60 50 40 30 20 ++ 0 Market for Heating Oil 1 1…
- 18. _____________________refers to various quantities of a commodity or service that a consumer would purchase at a given time at various prices in a market.(Figure: Market Demand for Oranges) Consider the figure Market Demand for Oranges. The amount by which the total If the price of oranges is benefits of oranges to consumers exceed consumers' total expenditures on oranges is called B, this quantity is depicted by the area Price (per bushel) 0 producer surplus; BCD consumer surplus; OCDE consumer surplus; BCD net benefit; OBDE Market Demand Quantity (per period)A publisher has established the supply equation of one of their textbooks to be p =q² and is show in blue on the graph. They also found the demand equation to be p = -9² +20 and is shown in red. Where p is in tens of dollars and q is the quantity in hundreds of textbooks. 20 Find the equilibrium price. $ p Find the equilibrium quantity. 16- Find the amount demanded when the price is $1800. 12- Find the amount supplied when the price is $20. Quantity 12
