Question

Below you will find a supply and demand schedule for avocados. Assume that the market is otherwise competitive and in equilibrium. Then let the government institute a price floor at $7. You are to illustrate this outcome; title your graph and draw supply and demand , denote the efficient price and quantity, and exhibit the price floor . Be sure to label deadweight loss , consumer surplus, producer surplus , and any surplus or shortage that results . Calculate the DWL !

Price of Con | Quantity demanded | quantity supplied |

$10 | 0 | 1000 |

$9 | 100 | 900 |

$8 | 200 | 800 |

$7 | 300 | 700 |

$6 | 400 | 600 |

$5 | 500 | 500 |

$4 | 600 | 400 |

$3 | 700 | 300 |

$2 | 800 | 200 |

$1 | 900 | 100 |

$0 | 1000 | 0 |

Answer #1

Graph the following Supply and Demand Schedule for Anabella’s
Gourmet Slices of Pizza. Make sure to label everything. (See book
for examples of what to label)
Price
QD
QS
$2.00
900 100
$3.00
850 200
$4.00
750 400
$5.00
500 500
$6.00
200 600
$7.00
100 750
What is the Equilibrium Price and Quantity?
At a price of $2.00, do you have a surplus or a shortage? How
much?
At a price of $6.00, do you have a surplus or...

ECON - 102 - Microeconomics
graph the supply curve.
Price
Quantity
Demanded
$1200
1000
1000
2200
800
3000
600
4000
400
5000
200
10000
Price
Quantity
Supplied
$1200
24000
1000
21000
800
8000
600
4000
200
1000
100
0
a. Draw the original Supply and Demand of solar panels on the
same graph. What is the equilibrium price and the
equilibrium quantity?
b. What would be the specific result if the government put a
price floor on solar panels at $1000? Be...

2. Below is a Demand and Supply Schedule for Candy Bars. Use the
information provided by the demand and supply schedule to graph the
market for candy bars.
2B. Use the data in the table and your diagram to derive the
demand and supply equations. Clearly identify the slopes and
intercepts for the two equations.
2C. Use the data in the table and your diagram to determine the
market equilibrium.
rice Per Bar
Quantity Demanded
Quantity Supplied
$2.00
100
800...

Assume the demand function is D(x)= -0.6x2+160 and
the supply function is S(x)= 0.4x2 +x+50 find the
consumer surplus
A) 100
200
300
400
500
600
700
None

Market equilibrium and disequilibrium The following graph shows
the monthly demand and supply curves in the market for calendars.
Use the graph input tool to help you answer the following
questions. Enter an amount into the Price field to see the quantity
demanded and quantity supplied at that price. You will not be
graded on any changes you make to this graph. 0 50 100 150 200 250
300 350 400 450 500 80 72 64 56 48 40 32...

Problem 2
Suppose that the supply schedule of Belgium Cocoa beans is as
follows:
Price of cocoa beans
(per pound)
Quantity of cocoa beans supplied
(pounds)
$40
700
$35
600
$30
500
$25
400
$20
300
Suppose that Belgium cocoa beans can be sold only in Europe. The
European demand schedule for Belgium cocoa beans is as follows:
Price of Belgium cocoa beans
(per pound)
Quantity of Belgium cocoa beans demanded
(pounds)
$40
100
$35
300
$30
500
$25
700...

5. The table below shows the town of NY’s demand schedule for
gasoline. For simplicity, assume the town’s gasoline seller(s)
incur no costs in selling gasoline.
Quantity
(in gallons)
Price
Total Revenue
(and total profit)
0
$10
$0
100
9
900
200
8
1,600
300
7
2,100
400
6
2,400
500
5
2,500
600
4
2,400
700
3
2,100
800
2
1,600
900
1
900
1,000
0
0
Based on the table below, please find all of the following:
a....

Given the Demand and Supply schedule for hoverboards:
Price
Qty Demanded
Qty Supplied
1000
100
10000
800
1000
9000
600
2000
8000
400
5000
5000
200
8000
2000
0
12000
0
e. What determinant of supply or
demand has changed?
h. What economic principles are
at work?

A market is described by the following supply and demand
curves:
QSQS
= =
3P3P
QDQD
= =
400−P400−P
The equilibrium price is______
and the equilibrium quantity is_______
.
Suppose the government imposes a price ceiling of $80. This
price ceiling is (binding or not binding) , and
the market price will be
. The quantity supplied will be______
, and the quantity demanded will be_____
. Therefore, a price ceiling of $80 will result in (a
shortage, neither a shortage nor...

A market is described by the following supply and demand
curves:
QS = 2P
QD = 400 - 3P
Solve for the equilibrium price and quantity.
If the government imposes a price ceiling of $70, does a
shortage or surplus (or neither) develop? What are the price,
quantity supplied, quantity demanded, and size of the shortage or
surplus?
If the government imposes a price floor of $70, does a shortage
or surplus (or neither) develop? What are the price, quantity...

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