r E) that corresponds to the profit maximizing price and quantity. (Select only one letter.) (b) Which number corresponds to consumer surplus on the graph?

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1. The graph below shows the Demand Curve and Supply Curve for a particular item (a) Label the Demand Curve and the Supply Curve. (b) Explain how you know which curve is the Demand curve and which curve is the Supply curve. (c) Label the Equilibrium Point (re. Pe) and mark z, and p, on the appropriate axes. (d) Shade and label the region whose area represents the Producer Surplus. (e) Shade and label the region whose area represents the Consumer Surplus. Show Transcribed Text S 2. The demand function for a product is p product is p²+12r+23. C and the supply function for the same (a) Sketch the graph of both the supply and demand functions (on the same axes) for 0 ≤ ≤ 10. Clearly label the axes and the curves (b) Find the equilibrium point (hint: do this with your calculator). Label the equi- librium point on your graph above. (c) Find the consumer's surplus at the equilibrium point. Show your organized work.

3. Consider a market for custom plastic cups. The demand function is D(p) = 100 - 2p and supply is S(p) = 4p - 20. a. Calculate the elasticity of demand at any price. b. What is the equilibrium price? C. What is the elasticity of demand in equilibrium? d. Are revenues maximized at the equilibrium price? How do you know? If not, what should firms do to increase revenues?

1. Consider a linear demand curve D(p) = 60 - 3p. 1. Draw this demand curve on a graph. 2. When the price changes from 4 to 3, what is the associated change in consumer’s surplus?

Which of the following factors would impact a buyer's reservation price for a given good or service?   check all that apply Peer influenceunanswered The cost of producing the itemunanswered The price of a good

Evaluate how the following situations will affect the demand curve for iPods. (a) Income statistics show that income of 18–25-year-olds have increased by 10 percent over the last year. (b) Efforts of music artists wanting greater protection of their music result in more stringent enforcement of copyrights and the shutdown of numerous illegal downloading sites. (c) Believing that it has significant control of the market for portable digital music players, Apple decides to raise the price of iPods with the goal of increasing profits. (d) The price of movie tickets decreases.

Assume gadgets are sold in a competitive market, the equilibrium price is $6, and the equilibrium quantity is 500 units. (a) Using the numerical values above, draw a correctly labeled graph of the market for gadgets and show each of the following. (i) The equilibrium price (ii) The equilibrium quantity (b) At a price of $8 per unit, will there be a surplus or a shortage in the market? Explain. (c) Assume gadgets now become more popular. On your graph in part (a), show the effect of the increase in gadgets' popularity on the equilibrium price and quantity of gadgets. (d) Assume instead there is an increase in the price of tin, a major input in producing gadgets. What will be the effect of an increase in the price of tin on the market for gadgets? (e) If both changes in part (c) and part (d) occurred simultaneously, will the equilibrium quantity of gadgets increase, decrease, remain unchanged, or be indeterminate? Explain.

The quantity demanded isA) the amount of a good that consumers plan to purchase at a particular price.B) independent of the price of the good.C) independent of consumers' buying plans.D) always equal to the equilibrium quantity.

10. If supply changes from S2 to S1 and demand changes from D1 to D2     (a) equilibrium price falls to $ 14.     (b) equilibrium quantity increases to 16.     (c) equilibrium price increases to $19.     (d) supply has increased. 11. if demand changed from D1 to D2 as a result of an increase in buyers' income this product is     (a) a normal good.     (b) a free good.     (c) an inferior good.     (d) a complementary good. 12. If demand for this product changed from D2 to D1 as a result of a increase in price of a related product, then these two products are     (a) complements.     (b) inferior goods.     (c) economic goods.     (d) substitutes.     (e) public goods.