The following diagram shows supply and demand in the market for tablets. Use the black point (plus symbol) to indicate the equilibrium price and quantity of tablets. Then use the green point (triangle symbol) to fill th representing consumer surplus, and use the purple point (diamond symbol) to fill the area representing producer surplus. PRICE (Dollars per tablet) 150 135 120 105 90 75 60 30 15 0 0 Demand Supply 35 70 105 140 175 210 245 280 315 350 QUANTITY (Millions of tablets) Total surplus in this market is $ million. Equilibrium Δ Consumer Surplus ◇ Producer Surplus

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The schedule below shows the supply and demand for movie tickets. What is the equilibrium quantity and price? Price per Ticket Quantity Demanded Quantity Supplied $5.00 20 16 $6.00 18 18 $7.00 16 20 $8.00 15 21 $9.00 14 22 Provide your answer below: q =| p = $[

The table shows the demand and supply schedules for on-campus housing. If the college puts a rent ceiling on rooms of $750 a month, rent is $ and the number of rooms rented is. The on-campus housing market is Rent (dollars per month) 500 550 600 650 700 750 Quantity demande 2.500 2,250 2,000 1,750 1,500 1,250 (rooms) Quantity supplied 2,000 2,000 2,000 2,000 2,000 2,000

You are given the following market data for Venus automobiles in Saturnia. Demand: P = 35,000 - 0.5Q Supply: P = 8,000 + 0.25Q where P = Price and Q = Quantity. a. b. C. Calculate the equilibrium price and quantity. Calculate the consumer surplus in this market. Calculate the producer surplus in this market. Use the editor to format your answer

Dairies make low-fat milk from full-cream milk. In the process of making low-fat milk, the dairies produce cream, which is made into ice cream. The graph shows the supply curve of low-fat milk. Suppose the price of cream rises. Draw a new supply curve that shows the effect of this event. Label the curve. 5.00- 4.00- 3.00- 2.00- 1.00- Price (dollars per quart) So Q Q 500 600 0.00- 200 300 400 Quantity (millions of quarts of low-fat milk per year) >>> Draw only the objects specified in the question.

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Price per litre ($) Quantity Demanded in 000 Quantity Supplied in 000   litres (per Month) litres (per month) 11 . 0 27 10   2 25 9   4 23 8   6 20 7   8 17 6   10 15 5   12 12 4   14 10 3   16 7 2   18 5 1   3 3   Draw diagram to show supply and demand  curve

This is the market for HOT CHOCOLATE, which is a normal good and is produced with cocoa beans. We know that hot tea is a substitute for hot chocolate and whipped cream is a complement. Quantity Surplus or Price Quantity Supplied Demanded Shortage $5 6,000 10,000 $4 8,000 8,000 $3 10,000 6,000 $2 12,000 4,000 $1 14,000 2,000 1. Complete the table above finding a Shortage or a Surplus. Draw a graphical illustration of the market and find the equilibrium price and equilibrium quantity. For the remaining questions, explain by words or show graphically how equilibrium price and equilibrium quantity of hot chocolate would change (due to changes in Supply or Demand) if: 2. The price of cocoa beans falls; 3. The price of tea falls; 4. Consumer income falls because of a recession.