The quantity supplied. Given information: Figure 1 shows the Supply curve ‘S1’ for tennis balls: Table -1 shows the quantity supplied (S1 and S2) and its changes: Price ‘S1’ Quantity supplied ‘S2’ Quantity supplied Change in quantity supplied 3 - 4 - 2 - 2 - 1 - 0 -

Question

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Answer 1

Question

Chapter 3, Problem 2P

Subparts (a):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (b):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (c):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (d):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Expert Solution & Answer

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2. Case 1) NG price decreases Now, suppose that the price of natural gas decreased substantially, causing the marginal cost of the NG power plant to decrease to MC = $35/MWh. The demand is the same as in Case 0. (a) Draw a new supply curve that reflects the MC change of the NG power plant. (b) Find the market clearing prices and calculate how much electricity each power plant generates in the hourly market (4AM, 10AM, 2PM, and 6PM). (c) What happened to the coal power plant? (d) Do you think the market outcomes (like average price) and the total CO2 emissions have improved under this Case 1 scenario (use the emissions data provided in the lecture slides)?

1. Case 0) Baseline case Table 1: Power Plant Capacity and Marginal Cost: Case 0 Plant # Energy Source Capacity (MW) MC (S/MWh) 1 Coal 300 45 2 Oil 100 90 3 4 Natural Gas Nuclear 500 50 600 0 (a) Calculate the capacity mix of this market by energy source. (b) Draw a supply curve of this wholesale generation market. Table 2 below shows the demand levels for selected hours of a representative day. We will consider only these four hourly markets for our analysis. Note that the 6 PM demand is the highest demand level of the day. Table 2: Hourly Demand (selected hours) Hour Demand (MWh) 4 AM 500 10 AM 700 2 PM 800 6 PM 1000 (c) Find the market clearing prices and calculate how much electricity each power plant generates in the hourly market (4AM, 10AM, 2PM, and 6PM). (d) Find the average price of electricity (by taking a simple average of hourly prices; [P(4am) + P(10AM) + P(2PM) + P(6PM)]/4).

Don't used Ai solution

Answer 2

Question

Chapter 3, Problem 2P

Subparts (a):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (b):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (c):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (d):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 3, Problem 2P

Subparts (a):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (b):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (c):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (d):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 3, Problem 2P

Subparts (a):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (b):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (c):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (d):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Expert Solution & Answer

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Check out a sample textbook solution

See solution

Answer 5

Chapter 3, Problem 2P

Subparts (a):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (b):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (c):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Subparts (d):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 6

Chapter 3, Problem 2P

Subparts (a):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 7

Chapter 3, Problem 2P

Subparts (a):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 8

Subparts (b):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 9

Subparts (b):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 10

Subparts (c):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 11

Subparts (c):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 12

Subparts (d):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 13

Subparts (d):

To determine

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

Answer 14

Expert Solution & Answer

Answer 15

Expert Solution & Answer

Answer 16

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Answer 17

Ch. 3.6 - Prob. 1QQ Ch. 3.6 - Prob. 2QQ Ch. 3.6 - Prob. 3QQ Ch. 3.6 - Prob. 4QQ Ch. 3.A - Prob. 1ADQ Ch. 3.A - Prob. 2ADQ Ch. 3.A - Prob. 3ADQ Ch. 3.A - Prob. 4ADQ Ch. 3.A - Prob. 5ADQ Ch. 3.A - Prob. 6ADQ

Price	‘S1’ Quantity supplied	‘S2’ Quantity supplied	Change in quantity supplied
3	-	4	-
2	-	2	-
1	-	0	-

Price	‘S1’ Quantity supplied	‘S2’ Quantity supplied	Change in quantity supplied
3	-	4	-
2	-	2	-
1	-	0	-

Price	‘S1’ Quantity supplied	‘S2’ Quantity supplied	Change in quantity supplied
3	-	4	-
2	-	2	-
1	-	0	-

Price	‘S1’ Quantity supplied	‘S2’ Quantity supplied	Change in quantity supplied
3	-	4	-
2	-	2	-
1	-	0	-

The quantity supplied. Given information: Figure 1 shows the Supply curve ‘S1’ for tennis balls: Table -1 shows the quantity supplied (S1 and S2) and its changes: Price ‘S1’ Quantity supplied ‘S2’ Quantity supplied Change in quantity supplied 3 - 4 - 2 - 2 - 1 - 0 -

Solution Summary: Figure 1 shows the Supply curve ‘S1’ for tennis balls and its changes.

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

The quantity supplied.

Given information:

Figure 1 shows the Supply curve ‘S1’ for tennis balls:

Table -1 shows the quantity supplied (S1 and S2) and its changes:

Price
‘S1’

Quantity supplied
‘S2’ Quantity supplied Change in quantity supplied
3 - 4 -
2 - 2 -
1 - 0 -

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Chapter 3 Solutions