When the demand curve shifts to the left and the supply curve shifts to the right and the shift of the demand curve is dominant -- we can say that: (Note: In the answer options, "ambiguous" is another word for undefined/unknown.) O the change in quantity is ambiguous but price definitely will fall equilibrium price will fall while equilibrium quantity will rise O the change in price is ambiguous but quantity definitely will fall O both equilibrium price and quantity will fall

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

Suppose that a storm hits Antalya and wipes out tomato crop. What effect will this have on the Antalya tomato market? O Market prices wil increase, and the quantity will decrease Market prices will stay the same, and quantity will decrease. Market prices will stay the same, and quantity will rise O Market prices will fall, and quantity will rise O Market prices will fall, and the quantity will decrease

Suppose the market for exercise bikes experiences the following event: The government reduces subsides on exercise equipment. What will be the effect on the equilibrium? O Equilibrium price increases and equilibrium quantity decreases. O Equilibrium price and quantity increase. O Equilibrium price and quantity decrease. O Equilibrium price decreases and equilibrium quantity increases.

Price t y D1 D2 Quantity Prom tickets get very expensive, this would be indicated on the graph above by OA move from point y to point x, as a change in quantity demanded OA shift from D2 to D1, as a change in quantity demand OA shift from D2 to D1, as a change in demand O A move from point y to point x, as a change in demand

The price of cereal, a complement good, has decreased. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium quantity will increase; the effect on price is ambiguous. Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase.

Respond to the following matching statements with regard to the definition of supply. Match 1: The claim that other things being equal, the quantity supplied of a good increase when the price of that good rises. This matches the Law of Supply. Match 2: A graphical object showing the relationship between the price of a good and the amount that sellers are willing and able to supply at various prices. This matches the Supply curve. O Both matches are false O Match 2 is correct and Match 1 is false. O Both matches are correct. O Match 1 is correct and Match 2 is false. Next 1 Previous

amaldong no Nowboy 2) Suppose that a furniture manufacturer is willing to supply x tablets at a tounding P = S(x) = 2x² - 30x + 300 dollars each, and has found that consumers are willing to purchase x tablets at a price of p = D(x) = -10x +1050 dollars each. Put units on all of your solutions. a.) Sketch the graphs of the supply and demand functions on the same axis. Label your y intercepts, the units on the axis, and your functions clearly. Find Equilibrium price and quantity and label it on your graph. LONGAT pub Gen Equilibrium Price = Equilibrium Quantity = b.) Shade in the region that represents Producers' Surplus at equilibrium Write the expression (with the definite integral) that represents the amount of producers' surplus and find it 8.01 NOHA c) Write the expression (with the definite integral) that represents the Consumers' surplus and find it.

2. Suppose that annual demand in the U.S. market for ice cream cones can be expressed as QD = 800 + .2I - 100P, where QD is the number of cones demanded in millions of cones, I equals average monthly income in dollars, and P is price in dollars per cone.  Supply can be expressed as QS = 200 + 150P (with the same units for quantity and price).   A.    Graph the demand and supply curves for ice cream cones, assuming that average monthly income is $2,000, and solve for the equilibrium price and quantity.   B.     Now assume that the average monthly income drops to $750 and supply is unchanged. Draw the new demand curve on the same graph as used in (a) above and solve for the new equilibrium price and quantity.            How would you describe the shift in demand intuitively?