Consider the information in the table. Price Quantity Demanded Quantity Supplied $10 500 200 $11 450 300 $12 400 400 $13 350 500 $14 300 600 $15 250 700 300 800
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- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?Q5 The following table shows the market demand and the supply for pumpkins on a normal weekend. Price ($ per pumpkin) $21 19 15 11 9 5 1) 11) RICK TREATS Quantity demanded 25000 36000 45000 55000 65000 68000 Quantity supplied (Pumpkins per week) 62000 60000 57000 55000 40000 26000 What is the market equilibrium price and quantity? Why? Describe the situation in the pumpkin market if the price of a pumpkin is $19. How will the price adjust?24 20 S: 12 8 * 4 8 12 16 20 24 Q 10 WL D 一国 P. 16 4.
- $ $3.50 $3.25 $ $3.00 $2.75 $2.50 $2.25 $2.00 $1.75 Demand Supply 20 22 24 26 28 30 32 34 36 Quantity (gallons per day) Instructions: In parts b and c, round your responses to two decimal places. In part d, enter your response as a whole number. b. What is the equilibrium price? 2.50 per gallon Demand Supply c. If quantity supplied at every price is reduced by 12 gallons, what is the new equilibrium price? per gallon d. If the government freezes the price of gasoline at its initial equilibrium price found in part a, how much of a surplus or shortage will exist when supply is reduced as described in part c? There will be a (Click to select) of gallons.Table 1-1. Supply and Demand for Personal Computers Quantity Demanded Market Price per Computer $2,000 $1,900 $1,800 $1,700 $1,600 $1,500 14,000 15,000 16,000 17,000 18,000 19,000 Quantity Supplied 20,000 19,000 18,000 17,000 16,000 15,000 Refer to Table 1-1. At a market price of $1,800, there will be O a surplus or a shortage of 2,000 computers. O a shortage of 2,000 computers. O a surplus of 2,000 computers. Oneither a surplus nor a shortage of computers as the market is in equilibrium at this price.Suppose that the quantity demanded and quantity supplied in the market for milk is as follows: Price per Gallon Quantity Demanded Quantity Supplied $5 1000 5000 $4 2000 4500 $3 3500 3500 $2 59 4100 2000 $1 6000 1000 What is the equilibrium price and quantity of milk? price: $4; quantity: 4500 O price: $3; quantity: 3500 .price: $2, quantity: 2000
- PRICE (Dollars per box) 50 45 40 35 20 15 10 5 0 + 0 Supply In this market, the equilibrium price is s Brico Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY (Millions of boxes) Market for Michigan Blueberries Price (Dollars per box) Quantity Demanded (Millions of boxes) 15 500 per box, and the equilibrium quantity of blueberries is Quantity Supplied (Millions of boxes) million boxes. 210 For each of the prices listed in the following table, determine the quantity of blueberries demanded, the quantity of blueberries supplied, and the direction of pressure exerted on prices in the absence of any price controls. Quantity Domandod Quantity SuppliedThe Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 167 132 $32 137 172 $56 Use this information to find the following. (b) the demand equation p (c) the supply equation p (d) the equilibrium quantity and priceGiven the following data on individual gasoline demand and supply, calculate the market demand and supply, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Ali 1 2 0 1 2 2 Brianna Cole Market Total 3 1 3 $2 $1 4 1 3 5 2 4 Price per Gallon $5 $4 $3 $2 $1 Quantity Supplied (Gallons per Day) Firm A 1 Firm B 2 Firm C 2 Market Total 1 3 2 1 1. 2 0 1 1 a. What is the equilibrium price? per gallon b. Suppose the current price is $5. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 0 0 0
- Suppose that the demand and supply schedules for raisins in South Carolina are as fallows, quantitiesare measured in millions of packs per month. What is the quantity of raisins bought if the price is 50cents ? Price (cents per pack) Quantity demanded20 18030 16040 14050 12060 10070 8080 60 a) 120b) 180c) 100Given the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 Quantity Demanded (Gallons per Day) $4 $3 $2 Al Betsy Casey Daisy Eddie Market Total 1 0 2 1 3 1 2 2 3 1 1 3 4 2 W N 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) $5 $4 $3 $2 $1 Firm A Firm B Firm C Firm D Firm E Market Total 3 3 2 7 5 3 6 4 3 6 5 3 4 2 2 2 W N 3 1 2 1 3 2 0 2 1 a. What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day.21 Refer to the table below. If the price of radios is $55, there would be an Quantity Quantity Demanded of Supplied of Radios Radios Price $75 77 70 OROGORO 65 60 55 50 45 40 400 450 500 550 600 650 700 750 900 850 800 750 700 excess demand; 500 excess demand: 100 excess supply: 100 excess supply: 600 excess demand; 700 650 600 550 of radios in this market.
