Question
The following table shows the demand and supply of backpacks made by a Melbourne designer whose...
- The following table shows the demand and supply of backpacks made by a Melbourne designer whose products sell exclusively to a youth market. Graph both the demand and supply curves and label the equilibrium price and quantity.
|
Price of Backpack ($) |
Quantity demanded per year |
Quantity supplied per year |
|
200 |
1100 |
2500 |
|
180 |
1200 |
2200 |
|
160 |
1400 |
1900 |
|
140 |
1600 |
1600 |
|
120 |
1800 |
1400 |
|
100 |
2000 |
1000 |
Now assume that a famous celebrity starts wearing the backpack everywhere, making it very popular with young people. Young people are now willing to purchase 500 more backpacks per year at every price. Show this change on your graph and explain what has happened to equilibrium price and quantity as a result.
quantity as a result.
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
Suppose the market for corn is given by the following equations for supply and demand: ...
Suppose the market for corn is given by the following equations
for supply and demand:
QS = 2p − 2
QD = 13 − p
where Q is the quantity in millions of bushels per year and p is
the price.
Calculate the equilibrium price and quantity.
Sketch the supply and demand curves on a graph indicating the
equilibrium quantity and price.
Calculate the price-elasticity of demand and supply at the
equilibrium price/quantity.
The government judges the market...
Consider a perfectly competitive market in the short-run with the following demand and supply curves, where...
Consider a perfectly competitive market in the short-run with
the following demand and supply curves, where P is in dollars per
unit and Q is units per year:
Demand: P = 500 –
0.8Q
Supply: P = 1.2Q
Calculate the short-run competitive market equilibrium price
and quantity. Graph demand, supply, and indicate the equilibrium
price and quantity on the graph.
Now suppose that the government imposes a price ceiling and
sets the price at P = 180. Address each of...
1. Presented below are demand and supply schedules for bread in East Yeastville, Colorado. &
1. Presented below are demand and supply schedules for bread in
East Yeastville, Colorado.
| price | quantity demanded | quantity supplied |
|
($/loaf) | (loaves / week) | (loaves / week) |
| 5.00
|
1000
|
6000 |
| 4.50
|
1300
|
4500 |
| 4.00
|
1600
|
4000 |
| 3.50
|
2000
|
3500 |
| 3.00
|
3000
|
3000 |
| ...
Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the...
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...
Effects of Price Controls The accompanying table shows the demand and supply schedules for concert tickets...
Effects of Price Controls
The accompanying table shows the demand and supply schedules for
concert tickets at Oracle Arena:
Quantities are in THOUSANDS
Ticket Price Q d Q s
$150.00 20 24
$135.00 22 22
$120.00 24 20
$105.00 26 18
$90.00 28 16
$75.00 30 14
a. Find the equilibrium price and quantity.
b. Suppose that the Oakland mayor sets a price ceiling of $105. How
large is the shortage of concert? Show on the
supply and demand diagrams,...
The accompanying table shows the demand and supply schedules for concert tickets at Oracle Arena: Quantities...
The accompanying table shows the demand and supply schedules for
concert tickets at Oracle Arena: Quantities are in THOUSANDS Ticket
Price Q d Q s $150.00 20 24 $135.00 22 22 $120.00 24 20 $105.00 26
18 $90.00 28 16 $75.00 30 14 a. Find the equilibrium price and
quantity. b. Suppose that the Oakland mayor sets a price ceiling of
$105. How large is the shortage of concert? Show on the supply and
demand diagrams, and also calculate the...
Effects of Price Controls The accompanying table shows the demand and supply schedules for concert tickets...
Effects of Price Controls The accompanying table shows the
demand and supply schedules for concert tickets at Oracle Arena:
Quantities are in THOUSANDS 6 Lost Demand Ticket Price Q d Q s
$150.00 20 24 $135.00 22 22 $120.00 24 20 $105.00 26 18 $90.00 28
16 $75.00 30 14
a. Find the equilibrium price and quantity.
b. Suppose that the Oakland mayor sets a price ceiling of $105.
How large is the shortage of concert? Show on the supply...
Consider the case where the demand curve and supply curve for unskilled labor are given in...
Consider the case where the demand curve and supply curve for
unskilled labor are given in the following table:
(1) Wage Rate (/hour)
(2) Wage Rate2 (/hour)
(3) Q of Labour Demanded (hrs/week)
(4) Wage Rate2 (/hour)
(5) Q of Labour Supplied (hrs/week)
8.5
1000
1900
8
1200
1800
7.5
1400
1700
7
1600
1600
6.5
1800
1500
6
2000
1400
5.5
2200
1300
1. What is the equilibrium wage rate? ____________
2. What is the quantity of labor hours...
Suppose the equilibrium price of gasoline is $3 per gallon. a. Using the demand and supply...
Suppose the equilibrium price of gasoline is $3 per
gallon.
a.
Using the demand and supply graph, draw this equilibrium in the
space below. Make this graph large, it will be used for future
questions.
b.
Now suppose the government imposes a binding price ceiling on this
market. Identify a value for this price ceiling that would be
binding and show it on the graph. Graphically show whether excess
demand or excess supply would result.
c.
With the price ceilings,...
1 You are given the following information on the supply and demand for calculators: Price per...
1
You are given the following information on the supply and demand
for calculators:
Price per Calculator
Quantity of Calculators
demanded
Quantity of Calculators
supplied
$ 5
25 calculators
7 calculators
6
22
9
7
19
16
8
18
18
9
13
21
10
11
26
11
10
31
a) Draw the demand and supply curves on the same graph.
b) What is the equilibrium price and quantity demanded and
supplied of calculators?
c)...
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 11 minutes ago
asked 27 minutes ago
asked 38 minutes ago
asked 50 minutes ago
asked 51 minutes ago
asked 54 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago
asked 2 hours ago