Macroeconomics
13th Edition
ISBN: 9780134735696
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 6, Problem 9APA
a)
To determine
b)
To determine
Effect of
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Students have asked these similar questions
2. 2. The market for hamburgers has the following demand and supply schedule:
Quantity Demanded
200 hamburgers
Quantity Supplied
110 hamburgers
Price
$1.00
1.25
170
130
1.50
145
145
1.75
125
155
2.00
2.25
Graph the demand and supply curves. What is the equilibrium price and quantity in this
110
160
100
165
market?
b)
i.
Draw a Demand and Supply diagram for Coffee Beans based on the demand
and supply schedule below.
Price ($/kg)
Quantity Demanded (kg)
Quantity Supplied (kg)
2
500,000
300,000
400,000
400,000
4
300,000
500,000
200,000
600,000
6
100,000
700,000
i.
What is the equilibrium price and quantity of Coffee Beans?
3.
Draw a correctly labeled graph of supply and demand based on the demand and supply schedule below and answer questions 1 through 4
Table shows different quantities of goods demand and supplied at different prices.
Price (Dollar)
Quantity Demanded
Quantity Supplied
$4
1,200
0
$5
1,000
200
$6
800
400
$7
600
600
$8
400
800
$9
200
1,000
1. What is the equilibrium price and equilibrium quantity?
2. Identify a price on your graph that would result in excess supply.
3. If price of $5 persists for an extended period of time, what economic problem would result.
4. If the government were to establish an effective price floor, where would that price floor be?
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You may choose the grid below to construct your graph. Use axis Y for price and axis X for quantity.
Denote equilibrium price "Pe" and equilibrium quantity "Qe".
Chapter 6 Solutions
Macroeconomics
Ch. 6.1 - Prob. 1RQCh. 6.1 - Prob. 2RQCh. 6.1 - Prob. 3RQCh. 6.1 - Prob. 4RQCh. 6.2 - Prob. 1RQCh. 6.2 - Prob. 2RQCh. 6.2 - Prob. 3RQCh. 6.2 - Prob. 4RQCh. 6.2 - Prob. 5RQCh. 6.3 - Prob. 1RQ
Ch. 6.3 - Prob. 2RQCh. 6.3 - Prob. 3RQCh. 6.3 - Prob. 4RQCh. 6.3 - Prob. 5RQCh. 6.4 - Prob. 1RQCh. 6.4 - Prob. 2RQCh. 6.4 - Prob. 3RQCh. 6.4 - Prob. 4RQCh. 6.4 - Prob. 5RQCh. 6.5 - Prob. 1RQCh. 6.5 - Prob. 2RQCh. 6.5 - Prob. 3RQCh. 6.5 - Prob. 4RQCh. 6 - Prob. 1SPACh. 6 - Prob. 2SPACh. 6 - Prob. 3SPACh. 6 - Prob. 4SPACh. 6 - Taxes (Study Plan 6.3) 5. The table in the next...Ch. 6 - Prob. 6SPACh. 6 - Prob. 7SPACh. 6 - Prob. 8SPACh. 6 - Prob. 9APACh. 6 - Prob. 10APACh. 6 - Prob. 11APACh. 6 - Prob. 12APACh. 6 - Prob. 13APACh. 6 - Prob. 14APACh. 6 - Prob. 15APACh. 6 - Prob. 16APACh. 6 - Prob. 17APACh. 6 - Prob. 18APACh. 6 - Prob. 19APACh. 6 - Prob. 20APACh. 6 - Prob. 21APACh. 6 - Prob. 22APACh. 6 - Prob. 23APA
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- Problem 3. The demand and supply schedules for potato chips are Quantity Demanded (millions of bags per week) Quantity Supplied Price (cents per bag) 50 160 130 60 150 140 70 140 150 80 130 160 90 120 170 100 110 180 a. Draw a graph of the potato chip market and mark in the equilibrium price and quantity. b. If the price is 60¢ a bag, is there a shortage or a surplus, and how does the price adjust? Problem 4. In Problem 3, a new dip increases the quantity of potato chips that people want to buy by 30 million bags per week at each price. a. Does the demand for chips change? Does the supply of chips change? Describe the change. b. How do the equilibrium price and equilibrium quantity of chips change? Problem 5. In Problem 3, if a virus destroys potato crops and the quantity of potato chips produced decreases by 40 million bags a week at each price, how does the supply of chips change?arrow_forwardThe government raises the minimum wage from $7.25 to $10.00 per hour. What is the effect on the job market (number of jobs, people demanding jobs etc)? How will it affect the prices at fast food joints? 1. What has happened that has you concerned as an economist (explain the scenario) 2. what two main products(or area) are you watching as this event unfolds? 3. Graph the effect in a supply and demand graph 4.What will be the effects of this event on our society?arrow_forwardPrice Quantity Demanded/Month Quantity Supplied/Month $5 6,000 10,000 $4 8,000 8,000 $3 10,000 6,000 $2 12,000 4,000 $1 14,000 2,000 a. What is the equilibrium price and equilibrium quantity? b. Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price? Show this on your graph. c. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price? Show this on your graph.arrow_forward
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