Microeconomics (7th Edition)
7th Edition
ISBN: 9780134737508
Author: R. Glenn Hubbard, Anthony Patrick O'Brien
Publisher: PEARSON
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Question
Chapter 3, Problem 3.4.7PA
To determine
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The following diagram shows supply and demand in the market for tablets.
Demand is highest for watermelon in the summer, yet that is also when prices are lowest. Draw a graph showing both demand and supply for watermelon in both the summer and the winter (i.e. two demand curves and two supply curves on one graph) that illustrates how this situation could be possible.
The following table presents the weekly demand and supply in the market for sweatpants in Dallas.
Price
Quantity Demanded
(Dollars per pair of sweatpants) (Pairs of sweatpants)
Quantity Supplied
(Pairs of sweatpants)
6
1,650
300
12
1,350
600
18
1,200
750
24
900
1,350
30
750
1,800
On the following graph, plot the demand for sweatpants using the blue point (circle symbol). Next, plot the supply of sweatpants using the orange
point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for sweatpants.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
36
30
PRICE (Dollars per pair of sweatpants)
24
18
2
0
0
300
600
900
1200
1500
1800
QUANTITY (Pairs of sweatpants)
Demand
---
Supply
+
Equilibrium
Chapter 3 Solutions
Microeconomics (7th Edition)
Ch. 3 - Prob. 1TCCh. 3 - Prob. 2TCCh. 3 - Prob. 3.1.1RQCh. 3 - Prob. 3.1.2RQCh. 3 - Prob. 3.1.3RQCh. 3 - Prob. 3.1.4RQCh. 3 - Prob. 3.1.5RQCh. 3 - Prob. 3.1.6PACh. 3 - Prob. 3.1.7PACh. 3 - Prob. 3.1.8PA
Ch. 3 - Prob. 3.1.9PACh. 3 - Prob. 3.1.10PACh. 3 - Prob. 3.1.11PACh. 3 - Prob. 3.1.12PACh. 3 - Prob. 3.1.13PACh. 3 - Prob. 3.1.14PACh. 3 - Prob. 3.1.15PACh. 3 - Prob. 3.1.16PACh. 3 - Prob. 3.1.17PACh. 3 - Prob. 3.2.1RQCh. 3 - Prob. 3.2.2RQCh. 3 - Prob. 3.2.3RQCh. 3 - Prob. 3.2.4PACh. 3 - Prob. 3.2.5PACh. 3 - Prob. 3.2.6PACh. 3 - Prob. 3.2.7PACh. 3 - Prob. 3.2.8PACh. 3 - Prob. 3.2.9PACh. 3 - Prob. 3.3.1RQCh. 3 - Prob. 3.3.2RQCh. 3 - Prob. 3.3.3RQCh. 3 - Prob. 3.3.4PACh. 3 - Prob. 3.3.5PACh. 3 - Prob. 3.3.6PACh. 3 - Prob. 3.3.7PACh. 3 - Prob. 3.3.8PACh. 3 - Prob. 3.3.9PACh. 3 - Prob. 3.4.1RQCh. 3 - Prob. 3.4.2RQCh. 3 - Prob. 3.4.3PACh. 3 - Prob. 3.4.4PACh. 3 - Prob. 3.4.5PACh. 3 - Prob. 3.4.6PACh. 3 - Prob. 3.4.7PACh. 3 - Prob. 3.4.8PACh. 3 - Prob. 3.4.9PACh. 3 - Prob. 3.4.10PACh. 3 - Prob. 3.4.11PACh. 3 - Prob. 3.4.12PACh. 3 - Prob. 3.4.13PACh. 3 - Prob. 3.4.14PACh. 3 - The following four graphs represent four market...Ch. 3 - Prob. 3.4.16PACh. 3 - Prob. 3.4.17PACh. 3 - Prob. 3.4.18PACh. 3 - Prob. 3.3CTE
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Similar questions
- What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the supply curve for milk.arrow_forward11. Shifts in supply or demand I The following graph shows the market for hot dogs in Vancouver, where there are more than a thousand hot dog stands at any given moment. Suppose a new scientific study shows that Vancouver is the most polluted city in the world. Due to health concerns, a significant number of families move out of the city. Show the effect of this change on the market for hot dogs by shifting one or both of the curves on the following graph, holding all else constant. Supply Demand Supply Demand QUANTITY (Hot dogs) PRICE(Dollars per hot dog)arrow_forward8. Shifts in supply or demand I The following graph shows the market for donuts in Dallas, where there are over 1,000 donut shops at any given moment. Suppose a new scientific study shows that Dallas is the most polluted city in the world. Due to health concerns, a significant number of families move out of the city. Show the effect of this change on the market for donuts by shifting one or both of the curves on the following graph, holding all else constant. Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther. PRICE (Dollars per donut) QUANTITY (Donuts) Supply Demand Demand If donuts are a normal good, this will cause the demand for donuts to 0 Supply ? Now suppose Congress passes a new tax that decreases the income of Dallas residents.arrow_forward
- Explain in a critical way the effects of supply and demand on seasonal agricultural products (strawberry for example). Use graphs to show your analysisarrow_forwardThe price of crude oil has been increasing. The price of a good rises in two cases, when demand rises or when supply falls, or both. It has been given that there has been a growing demand for crude oil for turning into refined petroleum (increase in demand), along with a decline in its production (fall in supply). It implies that both an increase in demand and a decrease in supply is responsible for the price rise. Draw a graph to show the information.arrow_forwardThe market for many goods changes in predictable ways according to the time of year, in response to events such as holidays, vacation times, seasonal changes in production, and so on. Specify the shift in supply and/or demand curves in the graph to account for the change in price in the following case. The price of a round-trip ticket to Paris on Air France falls by more than $200 after the end of school vacation in September. This happens despite the fact that generally worsening weather increases the cost of operating flights to Paris, and Air France, therefore, reduces the number of flights to Paris at any given price. demand shifts to the left, supply shifts to the left, shift in supply is bigger. demand shifts to the left, supply shifts to the left, shift in demand is bigger. demand shifts to the right, supply shifts to the right, shift in demand is bigger. demand shifts to the right, supply shifts to the right, shift in supply is bigger,arrow_forward
- Suppose there is a product whose price is increasing but it has no impact on quantity demand (increase ordecrease). Draw the graph of this quantity demand.arrow_forwardUsing a graph, explain carefully the difference between a movement along a demand curve and a shift in the demand curvearrow_forward
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