Use the graph below to answer the following question: Market for Apartments Price 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 100 200 300 400 500 Quantity 600 700 800 S 900 O Prices will rise to eliminate a surplus. O Prices will rise to eliminate a shortage. O Prices will fall to eliminate a shortage. O Prices will fall to eliminate a surplus. D 1,000 O If the price in the market is $1,400 how will the market respond?

Use the graph below to answer the following question: Market for Apartments Price 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 100 200 300 400 500 Quantity 600 700 800 S 900 O Prices will rise to eliminate a surplus. O Prices will rise to eliminate a shortage. O Prices will fall to eliminate a shortage. O Prices will fall to eliminate a surplus. D 1,000 O If the price in the market is $1,400 how will the market respond?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 16RQ: What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the...

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300 Using the data given in the demand schedule, draw a graph for market demand for 2011. Nou will note that the higher the price, the lowwer the demand and the lower the price R2 000 1500 R1 500 R1 000 R 500 400 1000 500 500 600 100 200 300 400 500 600 he higher the demand. QUANTITY ACTIVITY 1 Date: Give your graph a heading. Quantity kettles demanded Price per kettle at given price R 350 100 R 300 150 udget-tool R 250 200 R 100 250 R 50 300 77
What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?
How does one analyze a market where both demand and supply shift?
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The market for pizza has the following demand andsupply schedules:Price Quantity Demanded Quantity Supplied$4 135 pizzas 26 pizzas5 104 536 81 817 68 988 53 1109 39 121a. Graph the demand and supply curves. What arethe equilibrium price and quantity in this market?b. If the actual price in this market were above theequilibrium price, what would drive the markettoward the equilibrium?c. If the actual price in this market were below theequilibrium price, what would drive the markettoward the equilibrium?
Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?
20 Demand Supply 18 16 14 さ12 10 8. 12 14. 16 20 QUANTITY Which of the following statements is not correct? When the price is 510.quantity supplied equala quantity demanded. DWhen the price is 512.shere is a surplus of 4 units. 0When the price is S16.quantity supplled exceecs ouantity demanded by 1 units. When.the price ls S6 there is a surplus of8units. PRICE
53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8 a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000? c. Graph the demand and supply curve for bicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What are the equilibrium price and equilibrium quantity? d. If the price was $120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
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)
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Refer to the table below, which refers to data on a supply curve. What is a reasonable entry for the missing cell (next to $5.00, labeled "MISSING")? Quantity supplied 800 900 1,000 1,100 [MISSING] BLD SUS :8: Price $1.00 $2.00 $3.00 $4.00 $5.00 000 0 2 1,200 700 1,000 1,100 F2 X # 3 JAN 5 O F3 $ 4 200 F4 % 5 F5 H (1 MacBook Air A 6 *** F6 > ! & 7 tv NA F7 ► 11 * 8 FB 9 F9 O W F10 Aa zoom N