To illustrate the given situation with supply and demand curves.

Question

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Answer 1

Question

Chapter 4, Problem 1.1P

(a)

To determine

To illustrate the given situation with supply and demand curves.

(a)

Expert Solution

Explanation of Solution

Figure 1 illustrates the market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 1

The figure 1 shows the demand and supply curves for the oil painting, which was sold in auction for $450.3 million. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The supply curve is a vertical line because the quantity of the artwork is fixed and unity.

Economics Concept Introduction

Demand Curve: A demand curve is a graph which shows the quantities of a commodity that the consumers will buy at different price levels.

Supply Curve: A supply curve is a graph which shows the quantities of a commodity that the producers are willing to sell at different price levels.

(b)

To determine

Illustration of shift in supply curve.

(b)

Expert Solution

Explanation of Solution

Figure 2 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 2

The figure2 shows the demand and supply curves for the hogs. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The increase in the supply of the hogs has led to a rightward shift of the supply curve and while the demand remains unchanged. As a result the equilibrium changes and the prices decrease from 81 cents to 70 cents and the quantity increases from Q₀ to Q_1.

(c)

To determine

Illustration of market equilibrium.

(c)

Expert Solution

Explanation of Solution

Figure 3 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 3

Figure 3

The figure3 shows the demand and supply curves for the organic produce. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The initial increase in the demand for organic produce led to the shift of the demand curve from D₀ to D₁. However, the increase in the number of farmers producing the organic produce also increased leading to an increase in the supply of the product which shifts the supply curve from S₀ to S₁. The combined effect is that the price of organic produce reduces from P₀ to P₁ as the quantity supplied increases from Q₀ to Q₁.

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Answer 2

Question

Chapter 4, Problem 1.1P

(a)

To determine

To illustrate the given situation with supply and demand curves.

(a)

Expert Solution

Explanation of Solution

Figure 1 illustrates the market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 1

The figure 1 shows the demand and supply curves for the oil painting, which was sold in auction for $450.3 million. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The supply curve is a vertical line because the quantity of the artwork is fixed and unity.

Economics Concept Introduction

Demand Curve: A demand curve is a graph which shows the quantities of a commodity that the consumers will buy at different price levels.

Supply Curve: A supply curve is a graph which shows the quantities of a commodity that the producers are willing to sell at different price levels.

(b)

To determine

Illustration of shift in supply curve.

(b)

Expert Solution

Explanation of Solution

Figure 2 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 2

The figure2 shows the demand and supply curves for the hogs. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The increase in the supply of the hogs has led to a rightward shift of the supply curve and while the demand remains unchanged. As a result the equilibrium changes and the prices decrease from 81 cents to 70 cents and the quantity increases from Q₀ to Q_1.

(c)

To determine

Illustration of market equilibrium.

(c)

Expert Solution

Explanation of Solution

Figure 3 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 3

Figure 3

The figure3 shows the demand and supply curves for the organic produce. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The initial increase in the demand for organic produce led to the shift of the demand curve from D₀ to D₁. However, the increase in the number of farmers producing the organic produce also increased leading to an increase in the supply of the product which shifts the supply curve from S₀ to S₁. The combined effect is that the price of organic produce reduces from P₀ to P₁ as the quantity supplied increases from Q₀ to Q₁.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 4, Problem 1.1P

(a)

To determine

To illustrate the given situation with supply and demand curves.

(a)

Expert Solution

Explanation of Solution

Figure 1 illustrates the market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 1

The figure 1 shows the demand and supply curves for the oil painting, which was sold in auction for $450.3 million. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The supply curve is a vertical line because the quantity of the artwork is fixed and unity.

Economics Concept Introduction

Demand Curve: A demand curve is a graph which shows the quantities of a commodity that the consumers will buy at different price levels.

Supply Curve: A supply curve is a graph which shows the quantities of a commodity that the producers are willing to sell at different price levels.

(b)

To determine

Illustration of shift in supply curve.

(b)

Expert Solution

Explanation of Solution

Figure 2 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 2

The figure2 shows the demand and supply curves for the hogs. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The increase in the supply of the hogs has led to a rightward shift of the supply curve and while the demand remains unchanged. As a result the equilibrium changes and the prices decrease from 81 cents to 70 cents and the quantity increases from Q₀ to Q_1.

(c)

To determine

Illustration of market equilibrium.

(c)

Expert Solution

Explanation of Solution

Figure 3 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 3

Figure 3

The figure3 shows the demand and supply curves for the organic produce. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The initial increase in the demand for organic produce led to the shift of the demand curve from D₀ to D₁. However, the increase in the number of farmers producing the organic produce also increased leading to an increase in the supply of the product which shifts the supply curve from S₀ to S₁. The combined effect is that the price of organic produce reduces from P₀ to P₁ as the quantity supplied increases from Q₀ to Q₁.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Chapter 4, Problem 1.1P

(a)

To determine

To illustrate the given situation with supply and demand curves.

(a)

Expert Solution

Explanation of Solution

Figure 1 illustrates the market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 1

The figure 1 shows the demand and supply curves for the oil painting, which was sold in auction for $450.3 million. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The supply curve is a vertical line because the quantity of the artwork is fixed and unity.

Economics Concept Introduction

Demand Curve: A demand curve is a graph which shows the quantities of a commodity that the consumers will buy at different price levels.

Supply Curve: A supply curve is a graph which shows the quantities of a commodity that the producers are willing to sell at different price levels.

(b)

To determine

Illustration of shift in supply curve.

(b)

Expert Solution

Explanation of Solution

Figure 2 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 2

The figure2 shows the demand and supply curves for the hogs. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The increase in the supply of the hogs has led to a rightward shift of the supply curve and while the demand remains unchanged. As a result the equilibrium changes and the prices decrease from 81 cents to 70 cents and the quantity increases from Q₀ to Q_1.

(c)

To determine

Illustration of market equilibrium.

(c)

Expert Solution

Explanation of Solution

Figure 3 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 3

Figure 3

The figure3 shows the demand and supply curves for the organic produce. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The initial increase in the demand for organic produce led to the shift of the demand curve from D₀ to D₁. However, the increase in the number of farmers producing the organic produce also increased leading to an increase in the supply of the product which shifts the supply curve from S₀ to S₁. The combined effect is that the price of organic produce reduces from P₀ to P₁ as the quantity supplied increases from Q₀ to Q₁.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 4, Problem 1.1P

(a)

To determine

To illustrate the given situation with supply and demand curves.

(a)

Expert Solution

Explanation of Solution

Figure 1 illustrates the market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 1

The figure 1 shows the demand and supply curves for the oil painting, which was sold in auction for $450.3 million. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The supply curve is a vertical line because the quantity of the artwork is fixed and unity.

Economics Concept Introduction

Demand Curve: A demand curve is a graph which shows the quantities of a commodity that the consumers will buy at different price levels.

Supply Curve: A supply curve is a graph which shows the quantities of a commodity that the producers are willing to sell at different price levels.

(b)

To determine

Illustration of shift in supply curve.

(b)

Expert Solution

Explanation of Solution

Figure 2 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 2

The figure2 shows the demand and supply curves for the hogs. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The increase in the supply of the hogs has led to a rightward shift of the supply curve and while the demand remains unchanged. As a result the equilibrium changes and the prices decrease from 81 cents to 70 cents and the quantity increases from Q₀ to Q_1.

(c)

To determine

Illustration of market equilibrium.

(c)

Expert Solution

Explanation of Solution

Figure 3 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 3

Figure 3

The figure3 shows the demand and supply curves for the organic produce. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The initial increase in the demand for organic produce led to the shift of the demand curve from D₀ to D₁. However, the increase in the number of farmers producing the organic produce also increased leading to an increase in the supply of the product which shifts the supply curve from S₀ to S₁. The combined effect is that the price of organic produce reduces from P₀ to P₁ as the quantity supplied increases from Q₀ to Q₁.

Answer 6

Chapter 4, Problem 1.1P

(a)

To determine

To illustrate the given situation with supply and demand curves.

(a)

Expert Solution

Explanation of Solution

Figure 1 illustrates the market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 1

The figure 1 shows the demand and supply curves for the oil painting, which was sold in auction for $450.3 million. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The supply curve is a vertical line because the quantity of the artwork is fixed and unity.

Economics Concept Introduction

Demand Curve: A demand curve is a graph which shows the quantities of a commodity that the consumers will buy at different price levels.

Supply Curve: A supply curve is a graph which shows the quantities of a commodity that the producers are willing to sell at different price levels.

Answer 7

Chapter 4, Problem 1.1P

(a)

To determine

To illustrate the given situation with supply and demand curves.

Answer 8

(a)

Expert Solution

Explanation of Solution

Figure 1 illustrates the market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 1

The figure 1 shows the demand and supply curves for the oil painting, which was sold in auction for $450.3 million. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The supply curve is a vertical line because the quantity of the artwork is fixed and unity.

Answer 9

(a)

Expert Solution

Answer 10

(a)

Expert Solution

Answer 11

Expert Solution

Answer 12

Economics Concept Introduction

Demand Curve: A demand curve is a graph which shows the quantities of a commodity that the consumers will buy at different price levels.

Supply Curve: A supply curve is a graph which shows the quantities of a commodity that the producers are willing to sell at different price levels.

Answer 13

(b)

To determine

Illustration of shift in supply curve.

(b)

Expert Solution

Explanation of Solution

Figure 2 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 2

The figure2 shows the demand and supply curves for the hogs. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The increase in the supply of the hogs has led to a rightward shift of the supply curve and while the demand remains unchanged. As a result the equilibrium changes and the prices decrease from 81 cents to 70 cents and the quantity increases from Q₀ to Q_1.

Answer 14

(b)

To determine

Illustration of shift in supply curve.

Answer 15

(b)

Expert Solution

Explanation of Solution

Figure 2 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 2

The figure2 shows the demand and supply curves for the hogs. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The increase in the supply of the hogs has led to a rightward shift of the supply curve and while the demand remains unchanged. As a result the equilibrium changes and the prices decrease from 81 cents to 70 cents and the quantity increases from Q₀ to Q_1.

Answer 16

(b)

Expert Solution

Answer 17

(b)

Expert Solution

Answer 18

Expert Solution

Answer 19

(c)

To determine

Illustration of market equilibrium.

(c)

Expert Solution

Explanation of Solution

Figure 3 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 3

Figure 3

The figure3 shows the demand and supply curves for the organic produce. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The initial increase in the demand for organic produce led to the shift of the demand curve from D₀ to D₁. However, the increase in the number of farmers producing the organic produce also increased leading to an increase in the supply of the product which shifts the supply curve from S₀ to S₁. The combined effect is that the price of organic produce reduces from P₀ to P₁ as the quantity supplied increases from Q₀ to Q₁.

Answer 20

(c)

To determine

Illustration of market equilibrium.

Answer 21

(c)

Expert Solution

Explanation of Solution

Figure 3 illustrates the change in market equilibrium.

EP PRIN.OF MICROECONOMICS-MYLAB ACCESS , Chapter 4, Problem 1.1P , additional homework tip 3

Figure 3

The figure3 shows the demand and supply curves for the organic produce. The horizontal axis measures the quantity and the vertical axis measures the price of the commodity. The initial increase in the demand for organic produce led to the shift of the demand curve from D₀ to D₁. However, the increase in the number of farmers producing the organic produce also increased leading to an increase in the supply of the product which shifts the supply curve from S₀ to S₁. The combined effect is that the price of organic produce reduces from P₀ to P₁ as the quantity supplied increases from Q₀ to Q₁.