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![[MUST SHOW WORK]
Price
$40
$50
$60
$70
$80
$90
$100
Select one:
A. shortage; rise
The Turkey Market
300
350
400
450
500
550
600
In the turkey market, if the price is $40 per turkey, there is a(an)
to a price
OB. surplus; fall
OC. surplus; rise
Quantity
Demanded
O D. equilibrium; rise
O E. shortage; fall
Clear my choice
500
450
400
350
300
Quantity
Supplied
250
200
leading](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8a3f7dac-ee38-49ad-82d7-3e3a1c3ad2e8%2Fe8d8fb2a-e276-444c-bde9-ff1e05e1d09e%2F1q2p5zm_processed.jpeg&w=3840&q=75)
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- 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 GasolineHow can you locate the equilibrium point on a demand and supply graph?What would be the impact of imposing a price flour below the equilibrium price?
- Market for Product X S. Price floor ---- - --- II IV Quantity Which numeral represents the equilibrium price of Product X? O II || OIV PriceThe market for pizza has the following demand andsupply schedules:Price Quantity Demanded Quantity Supplied$4 135 pizzas 26 pizzas5 104 536 81 817 68 988 53 1109 39 121a. Graph the demand and supply curves. What arethe equilibrium price and quantity in this market?b. If the actual price in this market were above theequilibrium price, what would drive the markettoward the equilibrium?c. If the actual price in this market were below theequilibrium price, what would drive the markettoward the equilibrium?K The table shows the demand and supply schedules for chocolate bars. What is the situation in the chocolate bar market if the price is $1.55 a chocolate bar? How does the market reach equilibrium? If the price is $1.55 a chocolate bar, the quantity supplied the quantity demanded and chocolate bars exists. OA. is less than; a shortage OB. is greater than; a shortage C. is greater than; a surplus D. is less than; a surplus O E. equals; neither a shortage nor a surplus of Price (dollars per chocolate bar) 1.30 1.55 1.80 2.05 2.30 Quantity demanded Quantity supplied (bars per day) 600 525 450 375 300 330 390 450 510 570
- Figure 4-3 Price $20 18 16 14 12 10 8 4 2 10 20 30 40 50 60 70 80 90 100 Quantity 2. Refer to the Figure 4-3. If price in this market is currently S14, what would happen? a. Quantity supplied would be 40 and quantity demanded would be 60. b. Quantity supplied would be 60 and quantity demanded would be 40. c. Quantity supplied would be 50 and quantity demanded would be 50. d. Quantity supplied would be 70 and quantity demanded would be 30.When the price of beef is $ 4 per kg, quantity demanded is 500 grams. but when the price changes to $3.92 then quantity demanded is 530 grams. calculate the price elassticity demand?1. The table below shows information on the demand and supply for Chicken, where the quantities of Chicken thousands. are measured in Price Qd Qs GHS 120 50 36 GHS 150 40 40 GHS 180 32 48 GHS 210 28 56 GHS 240 24 70 Table 1. Demand and Supply for Chicken a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
- 300 Using the data given in the demand schedule, draw a graph for market demand for 2011. Nou will note that the higher the price, the lowwer the demand and the lower the price R2 000 1500 R1 500 R1 000 R 500 400 1000 500 500 600 100 200 300 400 500 600 he higher the demand. QUANTITY ACTIVITY 1 Date: Give your graph a heading. Quantity kettles demanded Price per kettle at given price R 350 100 R 300 150 udget-tool R 250 200 R 100 250 R 50 300 77Equilibrium: Work It Out 1 Consider the supply and demand tables for milk. Draw the supply and demand curves for this market. Price (S) 15 14- 13 12 11 10 9 8 7 6 5 4 ليا Milk Market Supply 3 2 1 0 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 Quantity (gallons) The equilibrium price is Demand and the price will and the quilbrium quantity is Price of One Gallon $1 $2 $4 $6 $10 At a price of $10, there is a Quantity Supplied 20 40 70 100 120 Quantity Demanded 150 110 70 50 20 gallons of milk. At a price of $1, there is a and the price willSuppose an economic boom causes incomes toincrease. Explain what will happen to the demandand supply of phones, and predict the direction ofthe change in the equilibrium price and quantity
