Price $4.00 $3.50 $3.00 $2.50 $2.00 $1.50 $1.00 $0.50 $0.00 0 FIGURE 5-2 5 10 15 Select one: Quantity Supply 20 25 30 35 40 Demand Refer to Figure 5-2. A price floor set at $2.50 will result in A. a surplus of 5 units. B. a shortage of 5 units. C. a surplus of 10 units. D. a shortage of 10 units. O E. no change to the market outcomes.

4. What will be the problem created in the following market if the price is $11.00? How will it be corrected? $12.00 11.00 10 00 Price 9.00 8.00 200 400 600 800 1000 1200 Quantity

A market price of $40 per dozen of roses will lead to a: a b C Price ($/dozen) 40 d 30 20 10 0 100 200 300 400 Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. shortage of 200 dozens of red roses. surplus of 200 dozens of red roses. shortage of 100 dozens of red roses. Supply surplus of 100 dozes of red roses. Demand Quantity of Red Roses (dozens)

Supply and D Jayden Tu Problems Start Assignment Due Apr 13 by 11:59pm Points 10 Submitting a text entry box, a media recording, or a file upload Supply and Demand Problems Follow the directions to create graphs and explanations. 1. Looking at the market for Sacramento Kings Coffee Mugs: Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price. Suppose the abel the e Kings win the NBA championship, which is a big surprise, show what would happen on your graph (& labels) and explain it in words. demand will go up Supply will go up if they win everybody stuff. 'D' D Q Q' Quantity 2. Looking at the market for Wheaties cereal: Draw supply and demand curves that follow the laws of supply and demand. Label the curves S and D, and label the equilibrium E. Also label the equilibrium quantity and equilibrium price. cast ques up demand i Suppose the cost of wheat goes…

Price (P) B $50 $30 Demand 800 1,200 Quantity (Q) In the figure above, when the price increases from point A to point B, the quantity effect on Total Revenue (the revenue loss from losing buyers who had been buying a lower price) is: Select one: а. — $16,000 b. - $4,000 c. - $12,000 d. - $10,000 Next page

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 sold

4-5  Draw the price effect and the quantity effect for a price change from $60 to $70. Which effect is larger? Does total revenue increase or decrease? No calculation is necessary.

The market for burritos in a college town is shown to the right. At a price of $7, how much excess demand is there? A. 0; there is excess supply at $7. B. 20 units C. 30 units D. 10 units C… Price 16- 14- 12- 10- 8- 6- 4- 2- 0 0 20 40 60 80 Quantity 100 S D 120 140 160

(Figure: The Blu-ray Disc Rental Market) Use Figure: The Blu-ray Disc Rental Market. If the rental price of Blu-ray discs rises from $5 to $7:   Question 2 options: v   supply will increase from 50 to 70 rentals per weekend.   the quantity demanded will decrease from 50 to 30 rentals per weekend.   the quantity supplied will increase from 50 to 60 rentals per weekend.   demand will decrease from 50 to 30 rentals per weekend.

Price Supply $4 M 3 2 Demand 40 50 60 Quantity If the price starts out at $4, what will surely happen over time? a) The quantity supplied will fall, quantity demanded will rise and quantity sold will fall. b) The quantity supplied will fall, quantity demanded will rise and quantity sold will rise. c) The quantity supplied will fall, quantity demanded will fall and quantity sold will rise. d) The quantity supplied will rise, quantity demanded will fall and quantity sold will rise.