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- In the early 2000s the price of gasoline rose, causing the demand for hybrid cars to rise. As a result the price of hybrid cars rose. This made _____________ rise. Should the missing words be the supply or the quantity supplied?Question 1 Given the following demand and supply functions, compare the quantity demanded with the quantity supplied when the price is $10. Is there a shortage or a surplus? Supply: 3p – 79 = 2 Demand: p + 3q = 50Draw supply and demand diagrams for market A for each of the following. Then use your diagrams to illustrate the impact of the following events. In each case, determine what happens to price and quantity in each market. a. A and B are substitutes, and the price of good B rises. b. A and B satisfy the same kinds of desires, and there is a shift in tastes away from A and toward B. c. A is a normal good, and incomes in the community increase. d. There is a technological advance in the production of good A. e. B is an input used to produce good A, and the price of B rises.
- Price per Unit $20 $30 $40 $50 $60 Column A (Units per year) 100 95 80 65 50 the market price to rise. Column B (Units per year) the market price to fall. 40 supply to increase. 50 60 Refer to the figure above. Suppose the columns in this table reflect demand and supply. If the current market price is $30, then you would expect: 70 80 the quantity supplied to decrease.Start with a market equilibrium of the housing market. Assume the equilibrium housing price in San Jose to be $269,000 and the equilibrium quantity of the housing market to be 10,000 houses. Draw the supply and demand that makes the housing market to go to that equilibrium price.Below, you are provided with the demand and supply schedules for jars of peanut butter. You will use this information to analyze the effect of a price ceiling on the price of a jar of peanut butter, and to identify whether the price ceiling leads to a shortage or a surplus of peanut butter. Price Jars of Peanut Butter Demanded Jars of Peanut Butter Supplied $2.00 2,500 1,000 $2.50 2,250 1,250 $3.00 2,000 1,500 $3.50 1,750 1,750 $4.00 1,500 2,000 Part 10 : Complete the statement below. When a price ceiling is imposed…
- Examine the graph for the price of gasoline in Figure 3-1 , on page 46.picture attached Then, using a supply-and-demand diagram, illustrate the impact of each of the following on price and quantity demanded: Improvements in transportation lower the costs of importing oil into the United States in the 1960s. After the 1973 war, oil producers cut oil production sharply. After 1980, smaller automobiles get more miles per gallon. A record-breaking cold winter in 1995–1996 unexpectedly raises the demand for heating oil.Market Equilibrium Supply The market for pizza has the following demand and supply schedules: Quantity TT Price Quantity Demanded Quantity Supplied $4 135 26 104 53 6 81 81 68 98 8 53 110 39 121 Graph the demand and supply curves (fully label your graph). What is the equilibrium price and quantity in this market? Equilibrium Price: Equilibrium Quantity: If the actual price in this market were set above the equilibrium price, what would drive the market toward equilibrium? If the actual price in this market were below the equilibrium price, what would drive the market toward equilibrium?Identify the scenario which corresponds to the graph of a given market below: $10 $9 $8 $7 $6 $5 $4 $3 $2 $1 $- 20 40 60 80 100 120 140 160 Quantity The graph represents a decrease in supply and a decrease in equilibrium price and quantity. The graph represents a decrease in demand and a decrease in equilibrium price and quantity. The graph represents a decrease in equilibrium quantity demanded because of a price increase. The graph represents an increase in demand and a decrease in equilibrium price and quantity. Price
- Consider the following demand and supply schedules and specify the inverse demand and supply functions: Price Quantity Quantity Supplied Demanded $4 12 12 $8 10 28QUESTION 5 Use the diagram below to answer the question. Price $15 Supply $14 $13 $12 $10 $9 $8 $7 S6 $4 $3 Demand $2 $1 so Quantity 20 40 60 80 100 120 140 160 180 200 The equilibrium price is $ in the market. (Answer up to the first decimal place without $ sign:Suppose demand and supply are given by Qd = 60 - P and QS = P - 20. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: 20 Equilibrium price: $ 40 b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $50 is imposed in this market. Quantity demanded: Quantity supplied: 32 Surplus: 24 c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $32 is imposed in the market. Also, determine the full economic price paid by consumers. Quantity demanded: 25 x Quantity supplied: 15 Shortage: 10 x 8 x Full economic price: $ 45 x