Find the equilibrium price and quantity for a product that has the following supply and demand curves, where p is the price in 100's of dollars and q is quantities in 1,000's of units demand: 1/3q + 1/3p - 4=0 Supply: q-p-2=0 If the product is currently priced at $400, what is the quantity supplied and the quantity demanded? Is there a surplus (More supplied than demanded) or a shortage (More demanded than supplied)

Consider the supply of nails shown in Figure 2. The initial supply of nails is S (in black), the initial price of a pound of nails is $12, and the initial quantity supply of nails is 40K pounds. Which of the following correctly describes the effect of an INCREASE in the supply of nails while the price of a pound of nails remains at $12?       A) The supply curve shifts right to S' (in blue), and the quantity supply of nails remains at 40K pounds.       B) The supply curve shifts right to S' (in blue), and the quantity supply of nails increases to 55K pounds.       C) The supply curve remains at S (in black), and the quantity supply of nails remains at 40K pounds.       D) The supply curve remains at S (in black), and the quantity supply increases to 55K pounds.

Use the figure below to answer the following question. $5 Price (per pound) n N 0 2 4 6 8 10 12 14 16 18 20 Quantity Supplied (thousands of bushels per week) The diagram shows three supply curves for apples. Which of the following would cause the supply of apples to shift from S₁ to $3?

Consider the supply of nails shown in Figure 2. The initial supply of nails is S (in black), the initial price of a pound of nails is $12, and the initial quantity supply of nails is 40K pounds. Which of the following correctly describes the effect of a decrease in the price of a pound of nails from $12 to $5?        A) The supply curve shifts left to S'' (in red), and the quantity supply of nails decreases to 25K pounds.       B) The supply curve remains at S (in black), and the quantity supply of nails remains at 40K pounds.       C) The supply curve remains at S (in black), and the quantity supply of nails decreases to 25K pounds.       D) The supply curve shifts left to S'' (in red), and the quantity supply of nails remains at 40K pounds.

How would the equilibrium price (P) and equilibrium quantity (Q) for a good be affected if there was a simultaneous increase in demand along with a decrease in supply? P would increase while Q would decrease OP would increase but the impact on Q would be ambiguous Q would increase but the impact on P would be ambiguous Both P and Q would increase

Draw a diagram and show the shifts in demand and supply and indicate your new equilibrium price and quantity, assuming that the magnitude of shifts in the demand and supply curves is the same. What happens to the equilibrium price charged and equilibrium quantity demanded and supplied?

Use the table below to answer the question that follows: Price Quantity Demanded Quantity Supplied $25 75 175 $24 100 150 $23 125 125 $22 150 100 $21 175 75 $20 200 50 Assuming the good is selling at its equilibrium price, discuss factors that might cause the equilibrium price of the good to change to $21 and the equilibrium quantity to change to 75.

True or False: The law of supply states that as the price of a good or service increases, the quantity supplied by producers also increases, ceteris paribus.

What is the "quantity demanded"? A) the maximum amount of a good that can be consumed during a specific time period B) the amount of a good people are able and willing to buy during a specific time period and at a given price C) the amount of a good people desire D) the amount of a good people are able and willing to buy at all possible prices

For each of the following changes in the demand or supply curves in the automobile market below, draw a graph showing the old demand and supply curves as well as the new demand or supply curve (whichever shifts).  Also, show how the equilibrium price and equilibrium quantity change. Show work on 3 different graphs. The income of consumers rises and automobiles are considered a normal good. Over time, and due to new resource discoveries, gasoline prices fall. The availability and price of public transportation falls.