Which of the following correctly predicts the Equilibrium Price and the Equilibrium Quantity in the above-mentioned market? OA. Equilibrium Price: $2, Equilibrium Quantity: 4 O B. Equilibrium Price: $1; Equilibrium Quantity: 1 OC. Equilibrium Price: $7; Equilibrium Quantity: -1 O D. Equilibrium Price: $0; Equilibrium Quantity: 0 OE. None of the Above 55°F O Search

Which of the following correctly predicts the Equilibrium Price and the Equilibrium Quantity in the above-mentioned market? OA. Equilibrium Price: $2, Equilibrium Quantity: 4 O B. Equilibrium Price: $1; Equilibrium Quantity: 1 OC. Equilibrium Price: $7; Equilibrium Quantity: -1 O D. Equilibrium Price: $0; Equilibrium Quantity: 0 OE. None of the Above 55°F O Search

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Suppose college tuition increased, leaving students with less income to spend on food and other things. Suppose also that the price of kansui increases. Kansui is an input to making instant ramen noodle soup, a staple in the diet of college students. If instant ramen noodle soup is known to be an inferior good, what would we expect to happen in the market? O Equilibrium quantity would increase, but the impact on equilibrium price would be ambiguous. O None of the above is correct. Equilibrium price would decrease, but the impact on equilibrium quantity would be ambiguous. O Equilibrium price would increase, but the impact on equilibrium quantity would be ambiguous.
QUESTION 12 Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas? O a. Quantity of pizza would fall, and the effect on price would be ambiguous. O b. Price of pizza would rise, and the effect on quantity would be ambiguous. O. Quantity of pizza would rise, and the effect on price would be ambiguous. O d. Price of pizza would fall, and the effect on quantity would be ambiguous. QUESTION 13 Samuel owns a laundromat business in Queens, New York. He recently purchased 2 new washing machines and 2 new dryers. This will cause O a. the demand for laundromat services to increase. O b. the supply of laundromat services to decrease. O c. the demand for laundromat services to decrease. O d. the supply of laundromat services to increase. QUESTION 16 A likely example of complementary goods for most people would be O a. golf club and baseball bat. O b. tea and coffee. O c. CPA…
people decide to paint their houses What is the appropriate response for the ? O Price of paint brushes decreases Home depot has a sale on paint Demand for paint brushes decreases ?
Demand and supply equations are given below Calculate the equilibrium price and the equilibrium quantities. Qs = -20 + 4P Qd = 150 - 6P O A. 17 and 48 O B. 10 and 130 O C. 4 and 150 O D. 2 and 170
A large disruption in the world oil supply increases the price of oil for a long while. What will happen to the price and quantity of Hybrid cars in the U.S.? O Equilibrium price rises, equilibrium quantity rises. O Equilibrium price falls, equilibrium quantity rises. Equilibrium price rises, equilibrium quantity falls O Equilibrium price rises, equilibrium quantity falls
am. 03.
Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.
Consider the following statement: "The market supply for natural gas is the sum of all prices that natural gas producers are willing and able to sell at for every quantity." What is the flaw in this statement? O It should state that market supply is the sum of the quantities of natural gas that producers are willing and able to sell at every price. O It should state that market supply is the quantity of natural gas that producers are willing and able to sell at one specific price. There is no flaw in this statement. It should state that market supply is the price of natural gas that one firm is willing and able to provide a specified quantity of its product at.
QUESTION 13 New cars are normal goods. What will happen to the equilibrium price of new cars if public transportation becomes more expensive and less comfortable and auto-workers receive higher wages? O Quantity will rise, and the effect on price is ambiguous. O Price will rise, and the effect on quantity is ambiguous. O Quantity will fall, and the effect on price is ambiguous. O Price will fall, and the effect on quantity is ambiguous.
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