The market for wool in the economy of Odessa is shown in the table below (note that quantities are given in tonnes per year). Price ($) Quantity denanded 100 200 300 5ee 780 160 140 12e 18e se Quantity denanded 2 190 170 150 130 110 90 70 Quantity supplied Quantity supplied 2 1e 20 30 4e se 6e 70 15 30 45 60 75 90 105 a. Plot the demand and supply curves, Di and Sy in the graphing area below. Also mark the equilibrium, E1. in the graph. Choose the appropriate tool and plot only the two endpoints for every line or curve drawn in the graph below. Remember to also plot the equilibrium using the tool E1. Market for Wool in Odessa 800 Tools 700 600 500 400 300 200 E 100 20 40 60 80 100 120 140 160 180 200 Quantity of wool (tonnes per year) | b. The equilibrium price is S 600 and the equilibrium quantity is 60 tonnes per year. c. f the price of wool was $400, there would be a Shortage o of 60 tonnes per year. Suppose that the demand were to increase by 30. Show new quantity demanded 2 in the table ab ve. e. Draw the new demand curve. D2. in the graph and mark the new equilibrium as E2. Plot the two endpoints of the new demand curve and the equilibrium, E2 Price

The market for wool in the economy of Odessa is shown in the table below (note that quantities are given in tonnes per year). Price ($) Quantity denanded 100 200 300 5ee 780 160 140 12e 18e se Quantity denanded 2 190 170 150 130 110 90 70 Quantity supplied Quantity supplied 2 1e 20 30 4e se 6e 70 15 30 45 60 75 90 105 a. Plot the demand and supply curves, Di and Sy in the graphing area below. Also mark the equilibrium, E1. in the graph. Choose the appropriate tool and plot only the two endpoints for every line or curve drawn in the graph below. Remember to also plot the equilibrium using the tool E1. Market for Wool in Odessa 800 Tools 700 600 500 400 300 200 E 100 20 40 60 80 100 120 140 160 180 200 Quantity of wool (tonnes per year) | b. The equilibrium price is S 600 and the equilibrium quantity is 60 tonnes per year. c. f the price of wool was $400, there would be a Shortage o of 60 tonnes per year. Suppose that the demand were to increase by 30. Show new quantity demanded 2 in the table ab ve. e. Draw the new demand curve. D2. in the graph and mark the new equilibrium as E2. Plot the two endpoints of the new demand curve and the equilibrium, E2 Price

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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