Principles of Economics (12th Edition)
12th Edition
ISBN: 9780134078779
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 14, Problem 3.3P
To determine
Business strategies.
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The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $20, $12, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $12, $20, $32, and $44 (one buyer at each price).
For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied.
Price
Quantity Demanded
Quantity Supplied
($ per widget)
(widgets)
(widgets)
$2
$4
$8
$12
$20
$32
$44
In this market, the equilibrium price will be______ per widget, and the equilibrium quantity will be ___ (#) widgets.
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $34, $24, $14,
$12, and $10 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $10, $12, $14, $24, and $34 (one buyer at
each price).
For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied.
Price
($ per widget)
Quantity Demanded
(widgets)
$10
$12
$14
$24
$34
In this market, the equilibrium price will be
Quantity Supplied
(widgets)
3
2
4
0
5
1
per widget, and the equilibrium quantity will be
widgets.
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $18, $14, $12,
$6, and $3 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $12, $14, $18, $28, and $34 (one buyer at
each price).
For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied.
Quantity Demanded Quantity Supplied
(widgets)
(widgets)
Price
($ per widget)
$3
$6
$12
$14
$18
$28
$34
In this market, the equilibrium price will be
per widget, and the equilibrium quantity will be
4
5
0
3
1
2
widgets.
Chapter 14 Solutions
Principles of Economics (12th Edition)
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