Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Textbook Question
Chapter 3, Problem 52P
Review Figure 3.4 again. Suppose the price of gasoline is
Will the quantity demanded he lower or higher than at the
Figure 3.4
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The table gives the demand and supply schedules for
milkshakes.
What is the equilibrium price of a milkshake and the equilibrium quantity of milkshakes per day?
The equilibrium quantity of milkshakes is
The equilibrium price is $ a milkshake.
a day.
This question: 1 point(s) possible
Price
(dollars
per milkshake)
4
5
6
Quantity
demanded
(per day)
120
120
105
90
75
60
45
Quantity
supplied
(per day)
30
45
60
75
90
105
Only typed answer and please answer correctly
Find the equilibrium price and quantity for a product that has the following supply and demand curves, where p is the price in 100's of dollars and q is quantities in 1,000's of units
demand: 1/3q + 1/3p - 4=0
Supply: q-p-2=0
If the product is currently priced at $400, what is the quantity supplied and the quantity demanded? Is there a surplus (More supplied than demanded) or a shortage (More demanded than supplied)
Chapter 3 Solutions
Principles of Economics 2e
Ch. 3 - Review Figure 3.4. Suppose the price of gasoline...Ch. 3 - Why do economists use the ceteris paribus...Ch. 3 - In an analysis of the market for paint, an...Ch. 3 - Many changes are affecting the market for oil....Ch. 3 - Lets think about the market for air travel. From...Ch. 3 - A tariff is a tax on imported goods. Suppose the...Ch. 3 - What is the effect of a price ceiling on the...Ch. 3 - Does a price ceiling change the equilibrium price?Ch. 3 - What would be the impact of imposing a price flour...Ch. 3 - Does a price ceiling increase the decrease the...
Ch. 3 - If a price floor benefits producers, why does a...Ch. 3 - What determines the level of prices in a market?Ch. 3 - What does a downward-sloping demand curve mean...Ch. 3 - Will demand curves have the same exact shape in...Ch. 3 - Will supply curves have the same shape in all...Ch. 3 - What is the relationship between quantity Demanded...Ch. 3 - How can you locate the equilibrium point on a...Ch. 3 - If the price is above line equilibrium level,...Ch. 3 - When the price is above the equilibrium, explain...Ch. 3 - What is the difference between the demand and the...Ch. 3 - What is the difference between the supply and the...Ch. 3 - When analyzing a market, how do economists deal...Ch. 3 - Name some factors that can cause a shift in line...Ch. 3 - Name some farm that can cause a shift in the...Ch. 3 - How does one analyze a market where both demand...Ch. 3 - What causes a movement along the demand curve?...Ch. 3 - Does a price ceiling attempt to make a price...Ch. 3 - How does a price ceiling set below the equilibrium...Ch. 3 - Does a price floor attempt to make a price higher...Ch. 3 - How does a price floor 521 above the equilibrium...Ch. 3 - What is consumer surplus? How is it illustrated on...Ch. 3 - What is producer surplus? How is it illustrated on...Ch. 3 - What is total surplus? How is it illustrated on a...Ch. 3 - What is the relationship between total surplus and...Ch. 3 - What is deadweight loss?Ch. 3 - Review Figure 3.4. Suppose the government decided...Ch. 3 - Explain why the following statement is false: In...Ch. 3 - Explain why the following statement is false: In...Ch. 3 - Consider the demand for hamburgers. If the price...Ch. 3 - How do you suppose the demographics of an aging...Ch. 3 - We know that a change in the price of a product...Ch. 3 - Suppose there is a soda tax to curb obesity. What...Ch. 3 - Use the four-step process to analyze the impact of...Ch. 3 - Use the four-step process to analyze the impact of...Ch. 3 - Suppose both of these events took place at the...Ch. 3 - Must government policy decisions have winners and...Ch. 3 - Agricultural price supports result in governments...Ch. 3 - Can you propose a policy that meld induce the...Ch. 3 - What term would an economist use to describe what...Ch. 3 - Explain why voluntary Martians improve social...Ch. 3 - Why would a free market mar operate at a quantity...Ch. 3 - Review Figure 3.4 again. Suppose the price of...Ch. 3 - Table 3.8 shows information on the demand and...Ch. 3 - The computer market in recent years has seen many...Ch. 3 - Table 3.9 illustrates the markets demand and...Ch. 3 - Table 3.10 shows the supply and demand for movie...Ch. 3 - A low-income county decides to set a price ceiling...
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Similar questions
- Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of Gasolinearrow_forwarda. Is the quantity demanded higher or lower than at the equilibrium price? b. What about the quantity supplies? c. Is there a shortage in the market? If so, how much?arrow_forwardSuppose the price of gasoline is $1.00. Will the quantity demanded be lower or higher than at the equilibrium price of $1.40 per gallon? Will the quantity supplied be lower or higher? Is there a shortage or a surplus in the market? If so, of how much?arrow_forward
- 1. Suppose you are selling t-shirts at your own t-shirt stand. The supply and demand curves for t-shirts are given below. P= 10 + 0.2 Q P= 20 – 0.2 Q a. What is the equilibrium quantity for t-shirt Number b. What is the equilibrium price for t-shirts? Number If the process of making your t-shirts results in chemical waste that you dump in a nearby stream, creating $ 8 worth of damage to the environment per shirt, what is the socially optimal number of t-shirts for you to sell? C. Number d. Given the chemical waste in part c., what is the socially optimal p Number e. What tax policy could the government use to assure that you sell the socially optimal number of t-shirts? for Listarrow_forwardSuppose the price of gasoline is $1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of $1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much?arrow_forwardThe table shows the quantity of tablets that is demanded and supplied at various prices. Quantity Demanded Quantity Supplied Price 50 75 100 125 120,000 112,500 105,000 97,500 100,000 102,500 105,000 107,500 Assume that the new equilibrium price is $50. How much would quantity supplied need to increase at each price to reach this equilibrium? A) 2550 B) 5050 C) 20,000 D) 112,499arrow_forward
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