Consider the following graph of a supply curve: Price P=Y Axis Quantity Q= X Axis Units of Y B ✓ C 6 C. 2 3 9 Units of X 12 Write the linear equation and compute the slope and the intercept b. Write the equation for the 45 degree line starting at zero. Is this line above or below the supply curve? What would be the price for a supplied amount of 14?

Consider the following graph of a supply curve: Price P=Y Axis Quantity Q= X Axis Units of Y B ✓ C 6 C. 2 3 9 Units of X 12 Write the linear equation and compute the slope and the intercept b. Write the equation for the 45 degree line starting at zero. Is this line above or below the supply curve? What would be the price for a supplied amount of 14?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 9QP

See similar textbooks

Similar questions

Because you understand the law of demand, you can deduce that the correct graphical representation of the demand for CDs must be
According to economic theory, the demand x for a quantity in a free market decreases as the price p increases (see the figure). Suppose that the number x of DVD players people are willing dx (A) Find 9,000 to buy per week from a retail chain at a price of $p is given by x = 10 sp<70. 0.3p + 1' dx Answer parts (A), (B), and (C). dp 4500- (B) Find the demand and the instantaneous rate of change of demand with respect to price when the price is $30. Write a brief interpretation of these results. The demand is x = when the price is $30. 2250- 9,000 The instantaneous rate of change of demand with respect to price is when the price is X = 0.3p + 1 $30. Write a brief interpretation of these results. p. 0- 40 80 At a price level of $30, the demand is DVD players per week and demand is Price (dollars) V at the rate of (C) Use the results from part (B) to estimate the demand if the price is increased to $31. Demand .....
Because you understand the law of supply, you can deduce that the correct graphical representation of the supply for CDs must be S1 or S2?
The following table shows the weekly demand and supply in the market for ice cream in New York City. Price Quantity Demanded Quantity Supplied (Dollars per gallon of ice cream) (Gallons of ice cream) (Gallons of ice cream) 4 2,000 200 8 1,600 600 12 1,200 800 16 800 1,200 20 400 1,800 Based on the preceding table, plot the demand for ice cream on the following graph using the blue points (circle symbol). Next, plot the supply of ice cream using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream. DemandSupplyEquilibrium0400800120016002000240024201612840PRICE (Dollars per gallon of ice cream)QUANTITY (Gallons of ice cream
For the following exercise, refer to the graph of the coffee market described on the right portion of your screen. Event: The future price of coffee is expected to escalate. In the graph of the coffee market (using the line drawing tool) show how the demand curve will change as a result of the event described above. Label the new demand curve 'D₂'. Note: if you are not prompted for a label, then you have used the wrong drawing tool. For the following exercise, refer to the graph of the coffee market described on the right portion of your screen. Event: Reports suggest coffee causes insomnia. In the graph of the coffee market (using the line drawing tool) show how the demand curve will change as a result of the event described above. Label the new demand curve 'D₂'- Note: if you are not prompted for a label, then you have used the wrong drawing tool. ← Price per kg Price per kg Quantity of coffee per week (millions of kgs) D₁ Quantity of coffee per week (millions of kgs)
3. Determinants of demand The following graph shows the demand curve for sedans (for example, Toyota Camrys or Honda Accords) in New York City. For simplicity, assume that all sedans are identical and sell for the same price. Initially, the graph shows market demand under the following circumstances: Average household income is $50,000 per year, the price of a subway ride is $2.00 per ride. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool Demand for Sedans Demand for Sedans 40 I Price of a sedan (Thousand of dollars) 20 Quantity Demanded 450 30 (Sedans per month) Demand Shifters Average Income (Thousands of dollars) 50 Demand 10 Price of Subway (Dollars per ride) 2 100 200 300 400 500 600 700 800 900 QUANTITY (Sedans per month) PRICE (Thousands of dollars per…
The following table shows the annual demand and supply in the market for shorts in Philadelphia. TTT Price Quantity Demanded Quantity Supplied (Dollars per pair of shorts) (Pairs of shorts) (Pairs of shorts) 1,375 250 12 1,125 500 18 1,000 625 24 750 1,125 30 625 1,500 On the following graph, plot the demand for shorts using the blue point (circle symbol). Next, plot the supply of shorts using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for shorts. Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. 36 30 Demand Supply Equilibrium 250 500 750 1000 1250 1500 QUANTITY (Pairs of shorts) PRICE (Dollars per pair of shorts) 24
The price of crude oil has been increasing. The price of a good rises in two cases, when demand rises or when supply falls, or both. It has been given that there has been a growing demand for crude oil for turning into refined petroleum (increase in demand), along with a decline in its production (fall in supply). It implies that both an increase in demand and a decrease in supply is responsible for the price rise. Draw a graph to show the information.
Suppose both the demand for olives and the supply of olives decline by equal amounts over some time period. Use graphical analysis to show the effect on equilibrium price and quantity. Instructions: On the graph below, use your mouse to click and drag the supply and demand curves as necessary. D1 Quantity of olives Price of olives
The diagram to the right illustrates a hypothetical demand curve representing the relationship between price (in dollars per unit) and quantity (in 1,000s of units per unit of time). The area of the triangle shown on the diagram is $. (Enter your response as an integer.) Show Transcribed Text Price (dollars per unit) 3 100 C 90- 80- 70- 60-57 50- 40- 30- 21 20- 10- 0+ 33 69 0 10 20 30 40 50 60 70 80 90100 Quantity (1,000s of units per unit of time)
Graph the demand and marginal curves..each line should contain 6 reference points
The following table models the supply of a specialty coffee: \table[[Price per Pound, Pounds Supplied (in thousands)], [$ 8,8], [$9,9], [$10,11], [$11, 13]] A new supplier enters the market. As a result, the supply curve shifts by two pounds supplied for all prices. Graph the new supply curve. (Directions: Use the segment tool to select the first point and then click on the next point. For the following points, click on your previous point and then select your new point. This will draw a line between all your points.) (Directions: Use the segment tool to select the first point and then click on the next point. For the following points, click on your previous point and then select your new point. This will draw a line between all your points.) Segment Move Undo Redo Reset