Microeconomics
2nd Edition
ISBN: 9781259813337
Author: KARLAN, Dean S., Morduch, Jonathan
Publisher: Mcgraw-hill Education,
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Question
Chapter A, Problem 3PA
To determine
Creation of table that will show price in one column and Quantity in another and to calculate the slope of the "
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The following table presents the monthly demand and supply in the market for sweatpants in Miami.
Price
Quantity Demanded
(Dollars per pair of sweatpants) (Pairs of sweatpants)
6
12
18
24
30
PRICE (Dollars per pair of sweatpants)
36
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.
(?)
30
+
18
0
0
300
1,650
1,350
1,200
900
750
600
900
1200
QUANTITY (Pairs of sweatpants)
1500
Quantity Supplied
(Pairs of sweatpants)
1800
300
600
750
1,350
1,800
Demand
O
Supply
++
Equilibrium
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- 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 + Equilibriumarrow_forwardSuppose both the demand for olives and the supply of olives decline by equal amounts over some time period. Use graphical analysis to show the effect on equilibrium price and quantity. Instructions: On the graph below, use your mouse to click and drag the supply and demand curves as necessary. Price of olives Quantity of olives S₁ Oarrow_forwardPrice P₂ P1 Price ↓ (a) (c) D₂ D₁ Quantity Quantity Price (b) D₁ Quantity Main Carrow_forward
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