3. Shift in Demand right and left caused by TIRES 4. Shift in Supply right and left caused by TIGERS 5. Market Equilibrium with Price Ceiling and Price Floor
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- 2. Supply and Demand Schedules for A Gallon of Gasoline Price Quantity Supplied Quantity Demanded $4.00 $5.00 $6.00 $7.00 $8.00 6500 7000 7500 8000 8500 8000 7000 6000 5000 4000 Complete parts a, b, and c and either part d OR part e. a. Graph the supply and demand schedules in a supply curve and demand curve, respectively, on one graph. b. What are the equilibrium price and quantity? c. Show on your graph from part a and explain how the sanctions being placed upon Russia as a result of their actions in the Ukraine has affected the world market for the gallons of gasoline. Label what you did as R. d. If the government determined that the price for the gallon of gas in the marketplace should be set at $4.00, would this indicate that they were setting a price ceiling or a price floor? At this price of $4.00, how many gallons of gas will be soldSupply and demand schedule for bicycles Quantity Demanded 4. Price of scooter decreases 5. Price of helmets decreases Price $100 $200 $300 $400 $500 $600 1. Draw a graphical illustration of this market indicating equilibrium price and equilibrium quantity. Now, show graphically or explain by words what happens to supply or demand of bicycles and its equilibrium price and equilibrium quantity when: 2. Consumer income decreases 3. Price of steel increases 70 60 50 40 30 Quantity Supplied 20 30 40 50 60 70 80 the file1. The market for Burger has the following demand and supply schedule: Price (TK) Quantity demanded Quantity Supplied Burgers Burgers 4 21 18 10 15 15 12 19 8 8 22 9. 4 24 I. Plot the demand and supply curves in a same diagram. Find the equilibrium price and quantity from the diagram. II. If the actual price in this market were above the equilibrium price, what will happen to the market situation and how the equilibrium will be restored?
- 8) petitive price, demand becomes more elastic. With this change... A Excess demand at the price ceiling increases. B Excess demand at the price ceiling decreases. C Excess supply at the price ceiling increases. D Excess supply at the price ceiling decreases. E Quantity traded is determined by supply so the excess demand/supply is unaffected.2. Refer to figure below, if the current market price is £15, there wi market and the market will achieve equilibrium by a price P £18--- S £15 £12 £9 £6 0 100 200 300 400 500 I a. shortage, increase b. surplus, increase. c. shortage, decrease d. surplus, decrease. D Q(thousands)17- Identify the correct statement that describes individual demand schedule. a. Graph showing a negative relationship between price and quantity demanded b. Table showing a positive relationship between price and quantity demanded c. Graph showing a positive relationship between price and quantity demanded. d. Table showing a negative relationship between price and quantity demanded
- 8- When the quantity demanded for a commodity is 400 units but the quantity supplied is 575 units, it is called ________. a. Equilibrium of supply b. Shortage of supply c. Equilibrium of demand d. Surplus of supplyQuestions 5-8, graph and explain how each can contribute to high gasoline/oil prices. 5 Price elasticity of demand 6. Price elasticity of short run supplyListen FIGURE 4-2 Price from Point D to Point C Quantity of Submarine Sandwiches from Point D to Point B F Refer to Figure 4-2. Which movement is consistent with a decrease in demand? from Point C to Point D 51 52 from Point B to Point D D₂
- 6. Graph the demand and supply curve. Mark Z the equilibrium point and explain Price 0 5 10 15 20 25 30 Demand 60 50 40 30 20 10 0 Supply 0 10 20 30 40 50 6013. The market for good B is in equilibrium. Then a technological innovation reduces costs of production of good B and, simultaneously, the price of a complement good increases. The equilibrium price of good B will either increase, decrease, or stay the same, and the equilibrium quantity will increase. decrease and the equilibrium quantity will either increase, decrease, or stay the same. increase and the equilibrium quantity will either increase, decrease, or stay the same. either increase, decrease, or stay the same, and the equilibrium quantity will decrease.19. In the market for diamonds, assuming everything else remains unchanged, the equilibrium price of diamonds will decrease if A there is a shortage of diamonds. B the price of gold, a complement, decreases. C the supply of diamonds decreases. D the price of cubic zirconia's, a substitute, increases. E there is a technological improvement in mining equipment. 20. There is an increase in the number of adverts highlighting the dangers of consuming artificial sweeteners (as opposed to sugar). Which of the following is likely to occur in the market for sugar, as a result of this A An increase in both price and equilibrium quantity traded B A decrease in price and an increase in equilibrium quantity traded C A decrease in both price and equilibrium quantity traded D An increase in price and a fall in equilibrium quantity traded E None of the above is likely to result 21. In the market for first year economics textbooks, assuming everything else remains unchanged, the equilibrium price of…
