Refer to Table 4-1. Suppose that D1 and S1 are the prevailing demand and supply curves for a product. If the demand schedule changes from Price $12 $10 $8 $6 $4 $2 D1 5 8 11 13 16 18 D2 9 12 15 18 21 24 S1 19 17 15 13 11 9 S2 14 12 10 8 6 4 Table 4-1 O equilibrium price decreases from $6 to $4. O equilibrium quantity decreases from 15 to 13. O equilibrium quantity increases from 13 to 18. O equilibrium price increases from $6 to $8 4

What is the market equilibrium price and what is the market equilibrium quanity and why?

Price D1 $12 5 $10 8 $8 11 $6 13 18 $4 16 21 $2 18 24 D₂ 9 12 15 S1 19 17 15 13 11 9° S₂ 14 12 10 8 6 4 Suppose that D₁ and S₁ are the prevailing demand and supply curves for a product. If the demand schedule changes from D₁ to D 2, then equilibrium price increases from $6 to $8 O equilibrium quantity decreases from 15 to 13 O equilibrium price decreases from $6 to $4 equilibrium quantity increases from 13 to 18

Price o+ y D1 D2 Quantity Limo sales suffer, this would be indicated on the graph above by O A move from point y to point x, as a change in quantity demanded O A shift from D2 to D1, as a change in quantity demand A shift from D2 to D1, as a change in demand O A move from point y to point x, as a change in demand

Explain it correctly

Quantity Demanded 6 7 8 9 10 11 12 Price $8 7 6 5 4 3 2 Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? Multiple Choice O $6 and 6 units $5 and 5 units O $4 and 6 units Quantity Supplied 10 9 8 7 6 5 4 $7 and 7 units

2. P Price ($) $ 120 $100 $80 $60 Let (inverse) demand be Pb = 108 - 7 Qb and (inverse) supply be Pv = 18 + 3 Qv. What quantity will be exchanged in the market if it is competitive? Answer: your answer Submit $40 $20 0 $0 0 5 2 4 Demand 10 6 Quantity Supply 15 8 Quantity 10 Eqm 20 12 14 25 16

QUESTION 16 28 24 20 16 12 8 4 P 048 12 16 16. What would be the impact of a price ceiling of $ 12 O a) a shortage of 18 units. b) a surplus of 6 units. c) There would be no impact. d) a shortage of 6 units. e) a surplus of 10 units. 20 S1 D1 24 Q

Per Pair Demanded Supplied $2 18 3 $4 14 4 $6 10 5 $8 6 6 $10 2 8 In supply and demand schedules in Figure 3-10, the equilibrium price of a pair of socks is $10 O $6 $4 O $8 $2

6. The variety of demand curves The following graph displays four demand curves (PP, QQ, RR, and SS) that intersect at point V. PRICE (Dollars per unit) 20 18 16 14 12 10 po 4 2 19 0 # + 0 P 2 D +XX W R + + 4 6 > S + S N 8 10 12 QUANTITY (Units) R P + + → 14 16 18 20 (? Using the graph, complete the table that follows by indicating whether each statement is true or false. Statement Between points V and Y, curve RR is inelastic. Between points V and W, curve PP is unit elastic. Curve QQ is more elastic between points V and X than curve RR is between points V and Y. True False