Supply: Q3P-30 Demand: Q-2P+ 220 Where Pis the price of gum, and Qis the quantity, in millions of packs. S. What is the equilibrium price of gum? (Please enter a whole number, with no decimal point). 6. How many packs of gum will be bought and sold in equilibrium? (Answer in millions, so if the answer is 9,000,000 packs, write "9*.) (Please enter a whole number, with no decimal point). 7. Suppose that a huge fire destroys one-third of the gum factories. The supply of gum decreases to two-thirds of the amount shown in the above supply curve (.e. at every price, 2/3 as much is supplied as was before the fire). What is the new equilibrium quantity of gum? (In millions).

Suppose both the demand for olives and the supply of olives decline by equal amounts over some time period. Use graphical analysis to show the effect on equilibrium price and quantity. Instructions: On the graph below, use your mouse to click and drag the supply and demand curves as necessary. D1 Quantity of olives Price of olives

Iran has threatened to close the Straits ot Hormuz, a narrow passageway that connects the Persian Gulf and the Indian Ocean. As a result, gas prices have increased. What is the effect on grocery prices in general? What Will be the fifth on demand and supply of gas in Texas? 1. what has happened to his concern you as an economist?

1. Which of the following will result in an uncertainty regarding any change that might occur in the equilibrium quantity but a definite increase in the equilibrium price? a) An increase in demand and a decrease in supply b) A decrease in demand and a decrease in supply c) A decrease in demand and an increase in supply d) An increase in demand and an increase in supply 2. In a production possibility frontier (PPF) graph it is observed that points 1,2,3, and 4 lie on the PPF, Point 5 is outside the PPF, and point 6 is inside the PPF. Which of the following statements is correct? a) Point 6 can be produced only if there is an increase in resource availability and/or an improvement in technology. b) Points 1-4 and 6 can be produced with the currently available resources and technology, but resources are used efficiently only at points 1-4. c) Point 5 can be produced with the currently available resources and technology, but the resource use is inefficient. d) Point 6 can be produced with…