Economics (Irwin Economics)
21st Edition
ISBN: 9781259723223
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 3, Problem 2P
Subparts (a):
To determine
The quantity supplied.
Given information:
Figure 1 shows the Supply curve ‘S1’ for tennis balls:
Table -1 shows the quantity supplied (S1 and S2) and its changes:
‘S1’ Quantity supplied |
‘S2’ Quantity supplied | Change in quantity supplied | |
| 3 | - | 4 | - |
| 2 | - | 2 | - |
| 1 | - | 0 | - |
Subparts (b):
To determine
The quantity supplied.
Given information:
Figure 1 shows the Supply curve ‘S1’ for tennis balls:
Table -1 shows the quantity supplied (S1 and S2) and its changes:
| Price | ‘S1’ Quantity supplied |
‘S2’ Quantity supplied | Change in quantity supplied |
| 3 | - | 4 | - |
| 2 | - | 2 | - |
| 1 | - | 0 | - |
Subparts (c):
To determine
The quantity supplied.
Given information:
Figure 1 shows the Supply curve ‘S1’ for tennis balls:
Table -1 shows the quantity supplied (S1 and S2) and its changes:
| Price | ‘S1’ Quantity supplied |
‘S2’ Quantity supplied | Change in quantity supplied |
| 3 | - | 4 | - |
| 2 | - | 2 | - |
| 1 | - | 0 | - |
Subparts (d):
To determine
The quantity supplied.
Given information:
Figure 1 shows the Supply curve ‘S1’ for tennis balls:
Table -1 shows the quantity supplied (S1 and S2) and its changes:
| Price | ‘S1’ Quantity supplied |
‘S2’ Quantity supplied | Change in quantity supplied |
| 3 | - | 4 | - |
| 2 | - | 2 | - |
| 1 | - | 0 | - |
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Students have asked these similar questions
Figure 5 below represents two different shifts that occurs in the market for potato chips. All of the shifts go from the curves labeled with a "1" to
curves labeled with a "2". Assume that potato chips are an inferior good. Refer to the figure as you answer the questions that follow.
P
Shift 1
S2
S1
D1
Figure 5
Shift 2
S1
D1
D2
Suppose that the curves in the figure to the right represent two supply curves for
traditional wings (basket of six) at Buffalo Wild Wings.
The movement from point A to B on S, is caused by
S2
S1
O A. a decrease in the price of baskets of traditional wings.
O B. an increase in input prices.
A
O C. an increase in the price of baskets of traditional wings.
Indicate which of the following would cause a movement from point A to C. (Check
all that apply.)
O A. A decrease in worker productivity.
B. An increase in input prices.
O C. A decrease in the number of buyers.
O D. A decrease in the product's price.
Quantity (baskets of traditional wings)
Price (dollars per basket of traditional wings)
3) The following figure shows the demand and supply curves for USB flash drives. D is the demand curve and S1 is
the initial supply curve.
Price (S)
O 10
Quantity (units)
20
40
60
Refer to the figure above and answer the questions:
a) When the demand curve for flash drives is D and the supply curve of flash drives is S1, the equilibrium price is
with an equilibrium quantity ofunits. If the supply curve for flash drives shifts from S1 to S2, with no
change in the demand curve, the new competitive equilibrium price is with a new equilibrium quantity of
units.
b) When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the surplus in the
market if the price is $7?
O When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the shortage in the
market if the price is $4?
Chapter 3 Solutions
Economics (Irwin Economics)
Ch. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQ
Ch. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQCh. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - The following table shows two demand schedules for...Ch. 3.A - Prob. 3APCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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