NormalCalibri11BIUAProblem #3The following table shows the market demand and supply for Gala apples in Red Deer.New QuantitySupplied (80+)Price ($)|Quantity Demanded250|Quantity Supplied902201001901103416012013013015100140a) What is the equilibrium price and quantity traded?b) Suppose that the supply increases by 80, what would be the new equilibrium price and quantity traded?c) After the increase in supply, what would be the surplus/shortage at a price of $3?

Answered: Image /qna-images/answer/5b372d01-770c-413f-97bf-42ef67c5e494.jpg

Answered: The following table shows the market…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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13. The table below gives part of the supply schedule for personal computers in the United States. Price Quantity Supplied before tech change Quantity Supplied after tech $1,100 $900 12,000 8,000 change 13,000 9,000 a) Calculate the price elasticity of supply when price rises from $900 to $1,100 using the arc elasticity formula (the midpoint method). b) Now suppose that technology changes such that at every price, 1000 more computers are supplied. Now, as prices rise from $900 to $1,100, is the elasticity of supply smaller than, larger than, or equal to the elasticity in part a)? c) Does the change in b) change the slope of the supply curve? Are slope and elasticity the same thing? Explain.
PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 + 0 Supply In this market, the equilibrium price is s Brico Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) million boxes. 210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Quantity Domandod Quantity Supplied
An Increase in Demand A Decrease in Demand An Increase in Supply A с a. space C O b. space D 0 с. space B O d. space A A Decrease in Supply B D Refer to the Table 4-2. What is the space that would represent an increase in equilibrium price an an indeterminate change in equilibrium quantity?
3. Consider a market with a demand QD= 50 – 3P and a supply curve QS= 2P – 15. a. What are the equilibrium price and quantity in this market?
12. What is the difference between a change in supply and a change in quantity supplied? A (change in supply) or to the right (an increase in supply). A change in supply, therefore, is a change in the entire supply schedule or curve. ) is a shift in the entire supply curve either to the left (a decrease in In contrast, a ( change in schedule from one price-quantity combination to another. A change in product price causes the change in quantity supplied. ) is a movement along an existing supply curve or PA P (Increase, Decrease) in (Increase, Decrease) in
What is the new market equilibrium? The new equilibrium price is $ enter your response here a bar and the new equilibrium quantity is enter your response here bars a day.
What is the equilibrium price? What is the equilibrium quantity? Quantity Demanded 5 6 7 8 9 10 11 Price $7 6 5 4 3 2 1 Quantity Supplied 9 8 7 6 5 4 3
I can seem to figure out the last two questions I bolded: Why does the demand curve slope downward? Why does the supply curve slope upward? Given the demand and supply schedules below: Price (dollars per CD) Quantity Demanded (per day) Quantity Supplied (per day) 5.00 300 100 6.00 250 150 7.00 200 200 8.00 150 250 9.00 100 300 What is the market equilibrium? If the price of CD is $6.00, describe the situation in the CD market. Explain how market equilibrium is restored. A rise in incomes increases the quantity of CDs demanded by 100 a day at each price. What is the new equilibrium and how does the market adjust? A rise in the number of recording studios increases the quantity of CDs supplied by 75 a day at each price. People download more music from the Internet and the quantity demanded of CDs decreases by 25 a day at each price. With no change in incomes, what is the new equilibrium and how does the market adjust?
Unanswered Submit E1 Q4 Homework Unanswered Due Today, 10:20 AM The following shows the monthly demand and supply of bread loaves in my neighborhood. What is the EQUILIBRIUM PRICE of a loaf of bread? Price $0 Quantity Demanded Quantity Supplied 12 0 $2.00 10 10 $4.00 $6.00 $8.00 $10.00 $12.00 86 42 O 20 30 50 80 0 120 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a $2.00 $4.00 C $6.00 $10.00
15. Market equilibrium The following table presents the weekly demand and supply in the market for sweatpants in Philadelphia. Price (Dollars per pair of sweatpants) 6 12 18 24 30 Quantity Demanded (Pairs of sweatpants) 1,650 1,350 1,200 900 750 Quantity Supplied (Pairs of sweatpants) 300 600 750 1,350 1,800 On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure.
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K The graph shows the supply curve of sweaters. Now the number of suppliers of sweaters decreases and all other influences on selling plans remain the same. Draw a curve that shows what happens to the supply of sweaters today. Label it. >>> Check that your new supply curve obeys the law of supply. 160 140- 120- 100- 80- 60+ 40- 20- 0- Price (dollars per sweater) 0 S 3 5 Quantity (millions of sweaters per year) >>> Draw only the objects specified in the question. 6 Q o G

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