Principles Of Microeconomics
7th Edition
ISBN: 9781260111088
Author: Robert H. Frank, Ben Bernanke, Kate Antonovics, Ori Heffetz
Publisher: McGraw-Hill Education
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Chapter 3, Problem 3.2CC
To determine
Calculation of the marginal cost of a slice of pizza when 10,000 slices of pizza are sold and the quantity supplied at a price of $3.50 per slice.
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Principles Of Microeconomics
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- Farmer Brown plants both soybeans and corn. If the price of soybeans increases and the price of corn remains the W. same, what do you expect to happen to the amount of acreage that he devotes to planting each crop? How does your answer help to explain the law of supply? Does the supply curve of corn or soybeans shift? Use graphs to illustrate your answer. Your response should be at least 75-150 words (1-2 paragraphs) in length, including graphs with explanations. houo oinarrow_forwardGiven the following information about the supply of and demand for apples: Price Quantity demanded (per month) Quantity Supplied (per month) P 0.50 12,000 0 0.75 10,000 2,000 1.00 8,000 4,000 1.25 6,000 6,000 1.50 4,000 8,000 1.75 2,000 10,000 2.00 0 12,000 Plot the demand and supply curves, and determine the equilibrium price and quantity. Assuming the market for apples meets the efficiency condition, show the equilibrium price and quantity that maximizes net benefit to society. Identify the area of consumer surplus and the area of producer surplus.arrow_forwardDairies 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.arrow_forward
- Below is a supply and demand curve for spaghetti. Assume that the price of rice increases and the price of meatballs decreases. Shift the appropriate curve(s) to show how this news will affect the supply and/or demand of spaghetti.arrow_forwardThe demand and supply of muffins in a small town are shown in the graph below. A great review of the town's bakeries in a major newspaper causes the demand for muffins to increase by 2 muffins at each price. Draw the new demand curve. (Be sure to make the new demand curve the same length as the original using the segment tool.) Then add a point at the new equilibrium using the point tool. +Move Price per muffin 8 6 5 D 3 2 0 Point Segment N 3 6 Quantity of muffins per week Undo -00 Redo x Reset 9arrow_forwardRefer to the above graph showing the market for a product. Which of the following would best explain why the shift in demand from D1 to D2 would cause price to rise from P1 to P2? Select one: A. Because after the shift in the demand, there would be a surplus at price P1 B. Because after the shift in the demand, there would be a shortage at price P2 C. Because after the shift in the demand, there would be a shortage at price P1 D. Because after the shift in the demand, there would be a surplus at price P2 (I thought it would be P2, a surplus, this is incorrect though, please help with explanation)arrow_forward
- 1.2 If the demand and supply curve for cell phones is given by: D = 80 - 4P, S = 40 + 6P In a market with a price of P for smartphones, compute the number of phones that would be bought and sold at equilibrium.arrow_forwardWhat are the effects on the equilibrium price and quantity of chips if information becomes available that eating chips makes people unhealthy and at the same time the price of salt (which is needed to produce chips) decreases? Fully explain your answer.arrow_forwardSuppose the weekly demand and supply curves for used DVDs in Lincoln, Nebraska, are as shown in the diagram: Market for used DVDs Price ($/DVD) A B 0 D E S F G H Quantity (DVDs/week) Use the following values for the graph above: A 8.00 B 7.50 C 7.00 D E F G H I 5.50 4.00 2 4 10 32 Calculate the following at the equilibrium price of $7.00.arrow_forward
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