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- QUESTION 25 When quantity supplied is higher than quantity demanded, this fact is known as Shortage. That can never happen. Surplus. Excess demand.QUESTION 17 "Supply" is best defined as the relationship between: the quantity supplied and the price people are willing to pay for a good. the current price of a good and the quantity supplied at that price. the price of a good or service and the quantity supplied by producers at each price during a period of time. the cost of producing a good and the price consumers are willing to pay for it. QUESTION 18 Suppose the price of movies seen at a theater rises from $6 to $12. The theater manager observes that the rise in price causes attendance at a given movie to fall from 150 persons to 100 persons. What is the absolute value of arc price elasticity of demand for movies? 0.59 1.2 1.0 0.88Question 34 An improvement in production technology will: increase equilibrium price. shift the demand curve to the left. shift the supply curve to the left. shift the supply curve to the right.
- QUESTION 7 The demand for rubber erasers consists of two components. The first component is the demand for rubber erasers by art students. This demand is given by QA = 19,500 - 325P. The second component is the demand for rubber erasers by all others. This demand is given by Qo = 32,000 - 2,000P. (a) What is the total quantity demanded of rubber erasers if the price of an eraser is: (i) $10 (ii) $15 (iii) $20 (iv) $30 (v) $70 (b) Assume that the supply of rubber erasers is given by Qs = 14,000+ 175P. (i) Find the equilibrium price and the equilibrium quantity. (ii) Calculate the total consumer surplus. [Hint: It may be easier if you calculate the consumer surplus for art students and the consumer surplus for all others separately, and then add them up.] (c) Assume that the supply of rubber erasers is given by Qs = 8,390 + 180P. Find the equilibrium price and the equilibrium quantity. 10 (DC) EN510Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: People decide to have more children. A strike by steelworkers raises steel prices. Engineers develop new automated machinery for the production of minivans. The price of station wagons rises. (e) A stock-market crash lowers people’s wealthTrue/False The market supply increases as the price level in the market rises.
- Analyse the problems carefully. Answer the problems and present your solutions. Interpret the results. 1) If there are 10 bottles of water and there are 20 students who want to drink these bottles of water, there will be only 10 students whose demands are met while the others will not. Analysis: We can conclude that there is _____________ in the supply.labeled): Pricel P Market T This is a standard supply and demand graph that represents what's happening in a specific market (the current market price and quantity are + U W Y > X N Q Market Supply Demand QuantityQuestion 15 The equilibrium market price in a competitive market of a good increases. The establishment of the new equilibrium at a higher price would most likely lead to ABCD a rise in the demand of a complementary good. lower costs of production. new firms entering the market. excess demand at the new price.
- Question 6 The government in your country is considering three programs that affect the market for cigarettes Program 1: Media campaigns and labelling requirements aimed at making the public aware of the dangers of cigarette smoking. Program 2: A price support program for tobacco farmers. Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases. Determine the impact of on the market for cigarette if Program 3 is implemented. (i) Impact on demand (ii) Impact on supply (iii) Impact on price (iv) Impact on quantityNote: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per box) I QUANTITY (Boxes) Supply Demand Demand If cereal is a normal good, this will cause the demand for cereal to -0 Supply ? Now suppose Congress passes a new tax that decreases the income of Philadelphia residents.A decrease in supply will cause an increase in demand. a decrease in demand. an increase in quantity demanded. a decrease in quantity demanded. a decrease in equilibrium price.
