Use the table below to answer question below Demand and Supply Table Quantity Quantity Price Supplied demanded of (in (n Candy hundreds) hundreds) $100 70 300 $200 100 250 $300 200 200 $400 220 150 $500 250 100 $600 300 70 What is the equilibrium price and equilibrium quantity of candy provided above? $600, 300 $300, 200 $300, 20,000 $100, 70,000
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- 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?Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of GasolineWould you expect supply to play a more significant role in determining the price of a basic necessity like food or a luxury like perfume? Explain. Hint: Think about how the price elasticity of demand will differ between necessities and luxuries.
- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100Give typing answer with explanation and conclusionwha ☆ j New Chrome available: Jordyn Bumgardner 09/19/24 4:21 PM This quiz: 50 point(s) possible This question: 4 point(s) possible Submit quiz Price (cents per pack) 120- Price (cents The table shows the demand and supply schedules for gum. Quantity supplied Quantity demanded per pack) (packs of gum per week) 20 180 60 40 140 100 60 100 140 80 60 180 100 20 220 Draw a demand curve and a supply curve using the numbers in the table. Label the curves. Draw a point to show the equilibrium price and equilibrium quantity. Now suppose that the price is 20 cents a pack. What is the situation in the gum market and how does the price adjust? If the price is 20 cents a pack, there is a of gum, so the price of a pack of gum OA. surplus; falls OB. surplus; rises O C. shortage; rises OD. shortage; falls As the market moves toward the equilibrium price, the quantity demanded quantity supplied OA. decreases; decreases OB. decreases; increases OC. increases; decreases OD. increases; increases and the…
- Supply and Demand The table below gives thequantity of graphing calculators demanded and thequantity supplied for selected prices.a. Find the linear equation that gives the price as afunction of the quantity demanded.b. Find the linear equation that gives the price as afunction of the quantity supplied.c. Use these equations to find the market equilibriumprice.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 NPlease answer correct calculation asap plz don't answer by pen paper plz
- Given that the demand for 10 crates of eggs is 200 dollars is supplied to 5 stores and thedemand for 4 crates at 50 dollars and supplied to 15 stores, calculate the equilibrium price and quantity 2.What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…When the price of beef is $ 4 per kg, quantity demanded is 500 grams. but when the price changes to $3.92 then quantity demanded is 530 grams. calculate the price elassticity demand?
