Econ Micro (book Only)
6th Edition
ISBN: 9781337408066
Author: William A. McEachern
Publisher: Cengage Learning
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Question
Chapter 4, Problem 6P
To determine
Supply curve assumptions and the factors that shift the supply curve to the right.
Concept Introduction:
Supply curve shows all the possible combinations of
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2.2. Use a diagram to illustrate what will happen to the equilibrium price and quantity of a product
if the demand for the product increases. Also mention three factors that can cause an increase in
demand.
(10)
(Table: Equilibrium Price, Quantity) Refer to the table. If the demand curve for the product shifted to the right such that 10 more units of the good are demanded at
every price, what is the new equilibrium price?
P
$10
12
14
16
18
0000
$12
$14
$16
$18
Q₁
50
45
40
35
30
0.
30
35
40
45
30
(Table: Equilibrium Price, Quantity) Refer to the table. If the supply curve for the product shifted to the right such that 20
more units of the good are supplied at every price, what is the new equilibrium price?
P
Qa
50
$10
30
12
45
35
14
40
40
16
35
45
18
30
50
$12
O $10
$14
$16
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- The market for pizza has the following demand and supply schedules: Price (Dollars) 4 10 5 6 7 8 9 9 Quantity Demanded Quantity Supplied Į (Pizzas) 135 115 100 90 60 45 Use the blue points (circle symbol) to graph the demand for pizzas. Then use the orange points (square symbol) to graph the supply of pizza. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market. (Pizzas) 15 50 75 90 100 105 ?arrow_forward3. Suppose that the market for lima beans is in equilibrium. Then, both the supply and demand curves for lima beans shift to the left. As a result, the equilibrium price. and the equilibrium quantity will (a) will fall; rise (b) cannot be determined; fall (c) will fall; fall (d) cannot be determined; risearrow_forward1.) Given the products below and the events that affect them, indicate what happens to demand and/or supply, and the equilibrium price and quantity. In each space, indicate whether the event shifts demand (D) and/or supply (S), and whether it is an increase (1) or decrease (1) in the curve. Then, indicate whether price (P) increases (1) or decreases (1), and whether quantity (Q) increases (1) or decreases (1). If the outcome is indeterminate, use "?". If nothing happens, leave the space blank. (a) (b) (c) (d) (e) Products and Events. Blue jeans. Blue jeans become more popular. Apples. The price of oranges, a substitute for apples, goes down. Economics textbooks. Textbook authors receive an increase in the amount they are paid per textbook sold. Soda. The price of sugar, an input in soda, increases. College courses. Instructors' wages increase. D S P Qarrow_forward
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