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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Which of the following would result from a decrease in supply? A. a decrease in the equilibrium price and a decrease in the equilibrium guantity B. an increase in the equilibrium price and an increase in the equilibrium quantity C. a decrease in the equilibrium price and an increase in the equilibrium quantity D. an increase in the equilibrium price and a decrease in the equilibrium quantity Which of the following would cause a rightward shift of the demand curve and a leftward shift of the supply curve? A. a decrease in the price of a substitute and a decrease in the price of a complement in production B. an expectation of higher income and a decrease in productivity C. a positive change in consumer tastes and a decrease in the cost of an input D. a decrease in the price of a complement and an expectation by firms of a lower price E. an expectation by consumers of a lower price and a decrease in the number of firms in an industry
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 $1,100, is the elasticity of supply smaller than, larger than, or equal to the elasticity in part a)? c) Does the change in b) change the slope of the supply curve? Are slope and elasticity the same thing? Explain.
7 The diagram below shows the demand and supply curves for potatoes, where X is the initial equilibrium. Price X A A B B C C D D S3 C S1 D3 S2 D1 D2 Quantity Following a rise in the price of substitutes to potatoes and an increase in wages for potato farmers, what would be th new equilibrium point?
PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 + 0 Supply In this market, the equilibrium price is s Brico Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) million boxes. 210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Quantity Domandod Quantity Supplied
Equilibrium price and quantity We are given the market information of phone as below: Price ($) Quantity Demanded Quantity Supplied 200 26,000 12,000 245 23,000 16,000 290 20,000 20,000 335 17,000 24,000 380 14,000 28,000 a) Define the market demand equation and supply equation. b) Find the equilibrium price and quantity in a market c) Draw the graph to show this market.
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?
Answer the following questions by using demand and supply analysis. a) Beef supplies are sharply reduced because of a drought in the animal raising cities, and consumers turn to chicken as a substitute for beef. i. How would you illustrate this change in the beef-market in supply-and- demand terms? How do the equilibrium price and equilibrium quantity of beef change? How would you illustrate this change in the chicken-market in supply-and- demand terms? How do the equilibrium price and equilibrium quantity of chicken change? ii. b) During the summer months, the price of ice cream increases and the quantity of ice creams sold also increases. Is this a violation of the law of demand? Briefly explain and discuss your response.
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?
How will a simultaneous increase in the price of substitute good and an improvement in production technology affect market demand and'or supply, equilibrium price and equilibrium quantity in a competitive 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

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