Microeconomics
21st Edition
ISBN: 9781259915727
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 3.A, Problem 4ADQ
To determine
Demand and supply.
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Students have asked these similar questions
5. Show how a change in the price of one good affects the supply of another.
Use the graph to show how an increase in the price of organic onions would shift the demand curve, supply curve, or both
curves in the market for tomatoes. Assume that onions and tomatoes are neither complements nor substitutes.
Market for Tomatoes
10
9.
Supply
8
7
4
Demand
1
4
8
10
12
14
16
18
20
Quantity (Ibs)
LO
3.
2.
Price ($)
[MUST SHOW WORK] Consider the above table for the market for oranges. A deep frost destroys many or the orange juice businesses to go put of business. As a result, quantity supplied decreases hper kg and the new equilibrium quantiy is.........? kg of oranges The new equilibrium price is .............? kg of oranges
Select one:
O A. 1.70;400
O B. 1.10; 700
O C. 1.20;650
O D. 0.90;400
O E. 1.50;500
3. Refer to the expanded table below from review question 8.
LO3.4
a. What is the equilibrium price? At what price is there nei-
ther a shortage nor a surplus? Fill in the surplus-shortage
column and use it to confirm your answers.
b. Graph the demand for wheat and the supply of wheat. Be
sure to label the axes of your graph correctly. Label equi-
librium price Pand equilibrium quantity Q.
c. How big is the surplus or shortage at $3.40? At $4.90?
How big a surplus or shortage results if the price is 60
cents higher than the equilibrium price? 30 cents lower
than the equilibrium price?
Thousands
of Bushels
Surplus (+)
or
Shortage (-)
Thousands
Price per
Bushel
of Bushels
Supplied
Demanded
85
$3.40
72
80
3.70
73
75
4.00
75
70
4.30
77
65
4.60
79
60
4.90
81
Chapter 3 Solutions
Microeconomics
Ch. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQ
Ch. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQCh. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - Prob. 2APCh. 3.A - Prob. 3APCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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- Suppose that today the market for homes is in equilibrium. Tomorrow both the supply and demand curves for homes will shift to the right. As a result, the equilibrium price . and the equilibrium quantity . O will fall; will fall O will fall; will rise O cannot be determine; will fall O cannot be determined; will risearrow_forwardTable 4-3 Price Quantity Supplied (Dollars per unit) (Units) 9 160 17 Qi Refer to Table 4-3. If the law of supply applies to this good, then Q, could be O 110. 140. O 160. 170.arrow_forwardWhen there is an decrease in the demand for a good, this can be expected to cause in the equilibrium price of the good and in the equilibrium quantity of the good bought and sold, all else the same. O a decrease : an increase an increase : an increase O an increase : a decrease O a decrease : a decrease « Previous Next ASUS f5 16 17 & 5 6arrow_forward
- Which of the following scenarios could cause the price of good or service to increase? (Check all that apply.) O increase in demand; increase in supply no change in demand; decrease in supply decrease in demand; increase in supply no change in demand; increase in supply decrease in demand; decrease in supply increase in demand; no change in supply decrease in demand; no change in supply increase in demand; decrease in supplyarrow_forward4. How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity rise, fall, or remain unchanged, or are the answers indeterminate be- cause they depend on the magnitudes of the shifts? Use sup- ply and demand to verify your answers. LO3.5 a. Supply decreases and demand is constant. b. Demand decreases and supply is constant. c. Supply increases and demand is constant. d. Demand increases and supply increases. e. Demand increases and supply is constant. f. Supply increases and demand decreases.arrow_forwardQUESTION 11 11. If both Demand and Supply decrease O a) Equilibrium price will decrease and quantity increase b) Equilibrium price will increase and quantity decrease O c) Equilibrium price and quantity will decrease O d) Equilibrium price and quantity will increase e) None of the abovearrow_forward
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