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- Suppose that the government provides a subsidy to producers of this good. Instructions: Use the interactive to model the effect of this change. What is the net effect on equilibrium price? (Click to select) What is the net effect on equilibrium quantity? (Click to select)Jim Whitney Economics 101 Market equilibrium worksheet In the diagram to the right, plot the following hypothetical supply and demand information for personal computers (PCs): 1. Price 3000 Quantity Demanded (Qd - millions) Price ($) Quantity Supplied (Qs - millions) 2500 2000 2 $3,000 17 2,500 2,000 4 16 1500 7 14 1000 11 1,500 11 16 1,000 7 500 22 500 2 12 16 20 24 Personal computers (millions) 4 8 The equilibrium price "clears the market," in that quantity demanded equals quantity supplied. The equilibrium price = 2. 3. At a price of $2,500... At a price of $1,000... (1) Is there excess demand or excess supply? (2) How many million units? (3) Are PC inventories rising or falling? (4) Is the incentive to raise or lower price? 4. Indicate whether equilibrium price (P) and quantity (Q) will rise (+) or fall (-) if ... Price Quantity Demand shifts right (1) Demand shifts left (2) Supply shifts right (3) (4) Supply shifts leftGiven the following market for breakfast cereal: Supply and Demand II. GRAPH Price (per unit) 0 P. The market is in equilibrium. Market price will not change. Quantity (per unit of time) Show the effect of consumer tastes and preferences declining for this good. Instructions: Use the interactive to model this change. What is the net effect on equilibrium price? [(Click to select) SETTINGS Supply Demand New Equilibrium Update What is the net effect on equilibrium quantity? (Click to select):
- One of the following factors that can best explain why there has been a decline in the equilibrium price and the equilibrium quantity of corn:A) an increase in the demand for corn.B) a decrease in the demand for corn.C) a decrease in the supply of corn.D) an increase in the supply of corn.Consider the market for wine in the diagram below: 70 Price ($) 60 50 40 30 20 10 S D 100 200 300 400 500 600 700 800 Wine (millions of bottles) $45 and 550 million bottles of wine $45 and 500 million bottles of wine $50 and 600 million bottles of wine $50 and 500 million bottles of wine Suppose supply shifts to the right by 100 million bottles of wine. What would be the new equilibrium price and quantity of wine as a result of this increase in supply?What is a relevant example of how a change in the market (including information, preferences, technology, price of alternative goods, regulations, taxes, etc.) has shifted either the supply or demand of a good. How did this change affect the market equilibrium for that good or service? Explain. Next, find a relatively recent news article (within the past year) to support your finding (the news search feature in Google is helpful with this). If you cannot find an article specific to your example, you may find an article about another similar good or service. Talk about the article and its findings, then include the URL.
- If E were the old equilibrium in the market for wheat in the figure below, and E' the new one, which of the following could have caused the change? E' (E D' D2 Consumer income rose, causing a supply shift. Bad weather caused a supply shift. Supply and demand both shifted. Consumer income rose, causing a demand shift. All of the above are plausible descriptions. а. b. c. d. e.What happens to the equilibrium price and quantity of a good (such as alcohol) if you prohibit its use and sale? Demonstrate using supply and demand graphical analysis.Question 4 Suppose there is a decrease in supply in a market where the supply curve slopes upwards and the demand curve slopes downwards. Which of the following would not occur? a) An excess supply. b) A fall in price. c) A fall in supply. d) A fall in the equilibrium level of expenditure. Question 5 Suppose a market is in equilibrium, and then the demand increases. Which of the following would be shown on a graph that illustrated the effects? a) An excess demand at the initial equilibrium price. b) An excess demand at the new equilibrium price. c) An excess supply at the initial equilibrium price. d) An excess supply at the new equilibrium price.
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