Microeconomics (13th Edition)
13th Edition
ISBN: 9780134744476
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 3, Problem 16APA
(a)
To determine
Rise in price and supply.
(b)
To determine
Rise in price and supply.
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Students have asked these similar questions
Table 3.9 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the
equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a
graph of the new equilibrium, in each of the following situations:
a. The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds
at every price.
b.
A new study says that eating cheese is good for your health, so that demand increases by 20% at every
price.
Price per Pound
$3.00
$3.20
$3.40
$3.60
TABLE 3.9
I
Qd
Qs
750 540
700 600
650 650
620 700
55. Table 3.9 illustrates the market's demand and
supply for cheddar cheese. Graph the data and find the
equilibrium. Next, create a table showing the change in
quantity demanded or quantity supplied, and a graph of
the new equilibrium, in each of the following situations:
a. The price of milk, a key input for cheese
production, rises, so that the supply decreases by
80 pounds at every price.
b. A new study says that eating cheese is good for
your health, so that demand increases by 20% at
every price.
Price per Pound
Qd
Qs
$3.00
750
540
$3.20
700
600
$3.40
650
650
$3.60
620
700
$3.80
600
720
$4.00
590
730
c. More computers are produced and sold at the lower price than at the higher price. Does this mean
the price effect doesn't apply to the supply of computers? Explain.
Chapter 3 Solutions
Microeconomics (13th Edition)
Ch. 3.1 - Prob. 1RQCh. 3.1 - Prob. 2RQCh. 3.1 - Prob. 3RQCh. 3.2 - Prob. 1RQCh. 3.2 - Prob. 2RQCh. 3.2 - Prob. 3RQCh. 3.2 - Prob. 4RQCh. 3.2 - Prob. 5RQCh. 3.3 - Prob. 1RQCh. 3.3 - Prob. 2RQ
Ch. 3.3 - Prob. 3RQCh. 3.3 - Prob. 4RQCh. 3.3 - Prob. 5RQCh. 3.4 - Prob. 1RQCh. 3.4 - Prob. 2RQCh. 3.4 - Prob. 3RQCh. 3.4 - Prob. 4RQCh. 3.4 - Prob. 5RQCh. 3.5 - Prob. 1RQCh. 3.5 - Prob. 2RQCh. 3.5 - Prob. 3RQCh. 3 - Prob. 1SPACh. 3 - Prob. 2SPACh. 3 - Prob. 3SPACh. 3 - Prob. 4SPACh. 3 - Prob. 5SPACh. 3 - Prob. 6SPACh. 3 - Prob. 7SPACh. 3 - Prob. 8SPACh. 3 - Prob. 9SPACh. 3 - Prob. 10SPACh. 3 - Prob. 11APACh. 3 - Prob. 12APACh. 3 - Prob. 13APACh. 3 - Prob. 14APACh. 3 - Prob. 15APACh. 3 - Prob. 16APACh. 3 - Prob. 17APACh. 3 - Prob. 18APACh. 3 - Prob. 19APACh. 3 - Prob. 20APACh. 3 - Prob. 21APACh. 3 - Prob. 22APACh. 3 - Prob. 23APACh. 3 - Prob. 24APACh. 3 - Prob. 25APACh. 3 - Prob. 26APACh. 3 - Prob. 27APA
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