Question 1 Suppose three producers of glassware are willing to produce glass vases, depending on the price at which they can sell them, according to the table below. What would be the market supply quantity at a price of $150? Price per vase $50 $100 $150 9 vases O6 vases O 15 vases O 5 vases Quantity produced by Adam 1 3 5 Quantity produced by Barbara 1 2 4 Quantity produced by Caio 2 4 6

Question 1 Suppose three producers of glassware are willing to produce glass vases, depending on the price at which they can sell them, according to the table below. What would be the market supply quantity at a price of $150? Price per vase $50 $100 $150 9 vases O6 vases O 15 vases O 5 vases Quantity produced by Adam 1 3 5 Quantity produced by Barbara 1 2 4 Quantity produced by Caio 2 4 6

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

Question 3 Figure #1 Price $20 18 16 14 12 主 1. 10 里美 8 主主主 4 圭 2 目 0. 10 20 30 40 50 60 70 80 90 100 Ouantity Refer to Figure #1. In this market, equilibrium price and quantity.. respectively are O $8 and 50 O $10 and 50 O $12 and 40 O$14 and 70
The figure belov WS suppl i demand curves for bread. Spplyginal con 35 30 25 00 O 1 00 2000 1000 4000 so00 4000 7.000 LO00 R000 10000 Quantity of loaves Q You will not be given credit unless you provide a detailed explanation for the following questions! a) What are the equilibrium price and the equilibrium quantity in the bread market? How can you tell? Is there excess supply or excess demand in the bread market when the price of bread is 2.5 euros? Why? Explain how price, quantity demanded and quantity supplied will adjust to reach equilibrium when the price is b) 2.5 euros. Initially, the bread market is in equilibrium. Suppose that there is technological improvement in the production process of bread. Explain how supply and demand curves, equilibrium price and equilibrium quantity change as result.
K Figure 4.2.2 The Market for Robotic Rubber Ducks Price $40 $ 50 $ 60 $70 $ 80 $ 90 $100 Quantity Demanded OA 70,450 OB. 70: 350 OC. 50:450 OD. 50, 350 OE 60,400 500 450 400 350 300 250 200 Quantity Supplied 300 350 400 450 500 550 600 Look at Table 4.2.2. Consumers learn that rubber ducks wear out batteries quickly. As a result, demand decreases by 100 rubber ducks at each pnce. The new equum price nubber ducks the new equilibrium quantity is Tine Remaining 00:30-40 Nest
Question 24 Assume there are 100 suppliers of widgets in the widget market. Half of these suppliers supply 35 widgets to the market, a quarter of these suppliers supply 4o widgets to the market, and a quarter of these suppliers supply 50 widgets to the market. What is the market supply for widgets? 1,750 100 O 4,000 400 O 125
Table 4-1 PRICE $150 $120 $90 $ 60 $ 30 QUANTITY DEMANDED 10 30 50 70 90 QUANTITY SUPPLIED O a. $120 and 30 O b. $150 and 10 OC. $60 and 20 O d. $90 and 50 110 80 50 20 0 Refer to the table. What would the equilibrium price and quantity be? +
Suppose an economic boom causes incomes to increase and, at the same time, drives up wages for the sales representatives who work for cell phone companies. Assume that smartphones are a normal good. This will cause the: O price of cell phones and the equilibrium quantity to rise. O price of cell phones to rise, but the change in the equilibrium quantity is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply. O price of cell phones and the equilibrium quantity to fall. O quantity of cell phones to rise, but the change in the equilibrium price is unclear and depends on whether the shift in demand is larger or smaller than the shift in supply.
According to the above graph, when the price $35, this would be Price $40 35 30 25 20 15 10 to 100 200 300 400 500 600 700 800 + Quantity Select one: O a. surplus of 10 units O b. a surplus of 200 O c. shortage of 400 units O d. None of the answers are correct O e. the market would be in equilibrium O f. surplus of 400
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?
Use the supply and demand schedule below to plot the supply and demand curves for tequila in this market. Tequila Price Quantity Demanded Quantity Supplied 10 100 15 70 10 20 42 22 25 12 35 30 48 What is the equilibrium price? O a 23 dollars O b 43 dollars Oc 13 dollars 33 dollars ME 国国
QUESTION 10 10. Given that the U.S. government mandates the use of ethanol as a partial substitute for gasoline (10% by volume), and that ethanol manufactured in the U.S. is made from corn, what will happen if scientists develop a new genetically engineered bacteria that can efficiently convert high cellulose biomass (grasses, wood chips, etc.) into ethanol? O a) Demand for ethanol will increase O b) Demand for ethanol will decrease O c) Supply of ethanol will increase O d) Supply of ethanol will decrease Oe) Both (a) and (c)
11. If suppliers could only provide 5 units, what would the price be? $8 Supply $6- $4 Demand $2- 0 5 10 15 20 25 30 35 Quantity $8 O $5 O $10 O $2 O O Price
Table 1.2 Price per Quantity Unit Demanded $5 320 $10 260 $15 200 $20 140 $25 100 $30 50 $35 10 In Table 1.2, if the price is $5, a O shortage; 110 O shortage; 370 O shortage; 270 O surplus; 270 Quantity Supplied 50 150 200 250 300 350 400 of units will occur