$72. Price Quantity Demanded Quantity Supplied $56. $44. . $96. (Dollars per unit) 12.00 10.00 8.00 6.00 4.00 2.00 0.00 (Units) 0 3 6 9 12 15 -18 (Units) 36 30 24 18 12 6 o Table 7-11. Both the demand curve and the supply curve are straight lines. At equilibrium, total surplus 0
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- 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) 100-) Using the line drawing tool, graph the market demand curve. Label this line 'D. Carefully follow the instructions above, and only draw the required objects. Does an equilibrium occur at a positive price and quantity? Explain your answer. An equilibrium O A. does not occur at a positive quantity because supply does not equal demand at any price. OB. occurs at a positive quantity because price cannot be negative. OC. does not occur at a positive quantity because consumers are more sensitive to price than produce O D. occurs at a positive quantity because supply plus demand is greater than zero. O E. occurs at a positive quantity because supply and demand are positive. t veur answer and then click Check Answer.The figure given below shows the demand and supply curves in the market for bread. Figure 6 10 ↑ Price 94 8 1 1 2 3 Quantity (Attention: If you can't see the Eigure, please click here to download and view the image. Thank you.) & Refer to Figure 6. At a price of O $2, there is a surplus of 6 units. O $5, there is a surplus of 5 units. O $8, there is a surplus of 6 units. O $7, there is a shortage of 4 units. O $5, there is a shortage of 5 units.
- QUESTION 22 Answer the question on the basis of the given supply and demand data for wheat Bushels Demanded Bushels Supplled Per Per Month 45 Price Per Bushel $5 Month 77 50 4 73 56 68 61 57 61 2 67 1 Refer to the data. If the price in this market was $4: O C. buyers would want to purchase more wheat than is currently being supplied O D. the market would clear, quantity demanded would equal quantity supplied O A. farmers would not be able O B. there would be a to sell all their wheat shortage of wheat OUESTION 23 Click Save and Submit to save and submit. Click Save All Answers to save all answers.24 20 S: 12 8 * 4 8 12 16 20 24 Q 10 WL D 一国 P. 16 4.50 Supply 45 40 35 W 30 25 20 15 Demand 10 100 200 300 400 500 600 700 800 900 1000 QUANTITY Refer to Figure 4-7. At what price would there be an excess demand of 600 units of the good? O $20 O $10 O $15 O $5 PRICE
- What is the total surplus : Price 110 - Supply 100 a) 800 b) 1000 c) 1500 d) 2000 e) 2500 f) 3500 g) 5000 90 80 70 60- Demand 50 45 40 + 30 20 10 ++++++ 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 DuantityQ5 The following table shows the market demand and the supply for pumpkins on a normal weekend. Price ($ 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?4. The market for plastic has been estimated to have these supply and demand relationships: Supply Q = 100P - 1000 Demand Q = 10000 - 100P where P represents price per unit in dollars, and Q represents sales per week in tons. a. Determine the equilibrium price and quantities. b. Determine the amount of shortage or surplus that would develop at P=$40.
- The table below displays hypothetical demand and supply schedules for the market for overnight parcel deliveries in Canada. Quantity Demanded (millions) Year 1 Quantity Supplied (millions) Year 1 Year 2 Year 2 Price (5) 122222 30 28 26 24 80 90 100 110 120 130 OA. $22, 120 OB. $26, 130 O C. $30, 80 O D. $20, 130 OE. $26, 115 95 105 115 130 125 125 135 120 20 145 115 The equilibrium price and quantity for overnight parcel delivery in Year 1 is_ 140 135 125 120 115 110 105 100 and million parcels= 37. Demand and Supply in a market are described by the equations: Qd = -6 + 4P. What is the market equilibrium price? O a. $100.50 O b. $100.05 O C. $10.50 Od. $10.05 120-8P and QsPrice Quantity Demanded Quantity Supplied (Dollars per unit) (Units) (Units) 12.00 0. 36 10.00 3. 30 8.00 6. 24 6.00 9 18 4.00 12 12 15 6. 2.00 0.00 18 0. Refer to Table 7-11. Both the demand curve and the supply curve are straight lines. At equilibrium, total surplus is O a. $44. b. $56. O c. $96. d. $72.