The diagram below shows the market for potatoes. Use this diagram to answer the question below. If the price of potatoes is currently R60, then: Price R60 R50 a) There will be a surplus of 30. b) There will be a shortage of 50. c) There will be a surplus of 50. 100 120 150 d) The quantity demanded will decrease to 120.

The diagram below shows the market for potatoes. Use this diagram to answer the question below. If the price of potatoes is currently R60, then: Price R60 R50 a) There will be a surplus of 30. b) There will be a shortage of 50. c) There will be a surplus of 50. 100 120 150 d) The quantity demanded will decrease to 120.

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 1DQ

See similar textbooks

Similar questions

Excess supply of a product will cause the price to As a consequence Market for pizza of the price change, the quantity demanded will quantity 14.00- 13.00- 12.00- 11.00- supplied will increase decrease At the current market price PMatet of $9.00, there i of thousand pizzas per month (Enter your response as a positive integer.) 10.00- 9.00- PMarket a 8.00- * 700- 8 6.00- E 500- 4.00- 3.00- 2.00- 1.00- 40 22 510 15 20 25 30 35 40 45 so 55 60 Thousands of pizzas per month 0.00-
vSuppose that supply and demand for a certain commodity are described by the supply curve, p=0.0001q+0.005 , and demand curve, p=-0.002q+62.00 . Determine the quantity of the commodity that will be produced and the selling price.
Question attached
The following table shows the demand and supply of tickets of a football game which will be held at Shah Alam Stadium. Unit Price (RM) Market Demand (units) Market Supply (units) 20 5000 3500 40 4000 3500 60 3000 3500 80 2000 3500 100 1000 3500 a) On your foolscap paper, draw the demand and supply curves. Label all axes, all curves and the equilibrium point. (6m) b) How much is the equilibrium price and equilibrium quantity? (2m) c) At which price will there be a surplus of 2500 tickets? (1m) d) What will happen when the market price is RM40? Show your answer on the same diagram. (3m) e) Why is the supply of tickets fixed at 3500? (1m)
solve the question
In this market there will be an excess supply of 1000 gardenburgers at a price of 2. If the price per garden burger is $6 there is a
Figure 4 contains information about the supply of bread in the UK. Originally the quantity supplied is point A on supply curve S1. The increase in the price of flour and yeast because of COVID-19, will most likely...... e 4 Price A -S3 B S₁ Cause a movement from point A to B on S1 Cause a movement from point A to B on S1 Cause a movement from point A to somewhere on S2 Cause a movement from point A to somewhere on S3 -S₂ Quantity
Give correct typing answer with explanation
Jskxokd
Price (dollars per can) 2.50 2.00 1.50 1.00 0.50 D 2 3 4 Quantity (cans of soda per day) The graph illustrates the demand curve for soda. After a rise in the price of a soda From $1.00 a can to $2.00 a can, the quantity of soda demanded A) decreases from 1 can to 0 cans a day. B) remains unchanged. C) increases from 0 cans to 2 cans a day. D) decreases from 2 cans to 0 cans a day.
j
There are 3 questions, please help me understand.