EBK MICROECONOMICS
5th Edition
ISBN: 9781118883228
Author: David
Publisher: YUZU
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Question
Chapter 2, Problem 2.1P
To determine
(a)
To find the effect on the
To determine
(b)
To find the effect of increase in average consumer income.
To determine
(c)
To draw the graph of demand curve.
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Price
Felix's Quantity Demanded
Janet's Quantity Demanded
(Dollars per cone)
(Cones)
(Cones)
1
6
16
12
3
2
8
4
1.
5
4
On the following graph, plot Felix's demand for ice cream cones using the green points (triangle symbol). Next, plot Janet's demand for ice cream
cones using the purple points (diamond symbol). Finally, plot the market demand for ice cream cones using the blue points (circle symbol).
Note: Line segments will automatically connect the points. Remember to plot from left to right.
(?
5
Felix's Demand
Janet's Demand
Market Demand
1
12
16
20
24
QUANTITY (Cones)
PRICE (Dollars per cone)
Question #1: On the news there has been outrage over the price of Epipens, a medication
needed for allergic reactions to food and bee stings. The price of a two-pack of Epipens has
risen from $100 to $600. The number of Epipens purchased fell from 1000 to 400. At the
current time, there are no substitutes for this drug
Will this increase in price cause a decrease in demand or a decrease in quantity demanded?
Illustrate your answer graphically (either by showing a movement along the demand curve or
by shifting the demand curve).
The demand for coffee is given by the following equation, where QD�� stands for the quantity demanded and P stands for price.
QD=100−4PQD= 100- 4P
The supply of coffee is given by the following equation, where QS�� stands for the quantity supplied and P stands for price.
QS=-10+2PQS= -10+ 2P
For parts a-d, consider a graph of the demand and supply curves with price on the vertical axis and quantity on the horizontal axis.
What is the slope of demand?
Slope =
At what price is quantity demanded equal to zero (this is, graphically, the vertical intercept of Demand)?
P =
What is the slope of supply?
Slope =
At what price is quantity supplied equal to zero (this is, graphically, the vertical intercept of Supply)?
P =
Chapter 2 Solutions
EBK MICROECONOMICS
Ch. 2 - Prob. 1RECh. 2 - Prob. 2RECh. 2 - Prob. 3RECh. 2 - Prob. 4RECh. 2 - Prob. 5RECh. 2 - Prob. 6RECh. 2 - Prob. 7RECh. 2 - Prob. 8RECh. 2 - Prob. 9RECh. 2 - Prob. 10RE
Ch. 2 - Prob. 2.1PCh. 2 - Prob. 2.2PCh. 2 - Prob. 2.3PCh. 2 - Prob. 2.4PCh. 2 - Prob. 2.5PCh. 2 - Prob. 2.6PCh. 2 - Prob. 2.7PCh. 2 - Prob. 2.8PCh. 2 - Prob. 2.9PCh. 2 - Prob. 2.10PCh. 2 - Prob. 2.11PCh. 2 - Prob. 2.12PCh. 2 - Prob. 2.13PCh. 2 - Prob. 2.14PCh. 2 - Prob. 2.15PCh. 2 - Prob. 2.16PCh. 2 - Prob. 2.17PCh. 2 - Prob. 2.18PCh. 2 - Prob. 2.19PCh. 2 - Prob. 2.20PCh. 2 - Prob. 2.21PCh. 2 - Prob. 2.22PCh. 2 - Prob. 2.23PCh. 2 - Prob. 2.24PCh. 2 - Prob. 2.25PCh. 2 - Prob. 2.26PCh. 2 - Prob. 2.27PCh. 2 - Prob. 2.28PCh. 2 - Prob. 2.29PCh. 2 - Prob. 2.30P
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