Instruction: In the left column, list examples of goods or services where demand is greater than supply, and in the left column, list examples of goods or services where supply is greaterthan demand. Demand > Supply Supply> Demand
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- Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What happens if other determinants change? Question 2 - Learning Activity 4.2 Plot the demand curve from the demand schedule information provided. Price Quantity Demanded (Qd) 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change? Question 1 - Learning Activity 4.4 Consider the market for minivans. Indicate the impact if any on demand, supply, price and quantity: (a) People decide to have more children. (b) A strike by steelworkers raises steel prices. (c) Engineers develop new automated…The demand schedule for a good: A. indicates the quantity that people will buy at the prevailing price. B. indicates the quantities that suppliers will sell at various market prices. C. is determined primarily by the cost of producing the good. D. indicates the quantities that will be purchased at alternative market prices. The price elasticity of demand measures the: A. responsiveness of quantity demanded to a change in quantity supplied. B. responsiveness of price to a change in quantity demanded. C. responsiveness of quantity demanded to a change in price. D. responsiveness of quantity demanded to a change in income. Refer to Figure 3-3. A change from Point A to Point E represents a(n): A. increase in supply. B. decrease in supply. C. increase in quantity supplied. D. decrease in quantity supplied.I only need part D to be answered . Thank you! Demand and supply often shift in the retail market for gasoline. Here are two demand curves and two supply curves for gallons of gasoline in the month of May in a small town in Maine. Some of the data are missing. Using the table, answer the following questions: Quantities Demanded Quantities SuppliedPrice D1 D2 S1 S2$7.00 5,000 7,500 9,000 9,5006,000 8,000 8,000 9,0005.00 8,500 8,5009,000 5,000 Use the following facts to fill in the missing data in the table. If demand is D1 and supply is S1, the equilibrium quantity is 7,000 gallons per month. When demand is D2 and supply is S1, the equilibrium price is $6.00 per gallon. When demand is D2 and supply is S1, there is an excess demand of 4,000 gallons per month at a price of $4.00 per gallon. If demand is D1 and supply is S2, the equilibrium quantity is 8,000 gallons per month. b. Compare the two equilibriums: In the first, demand is D1 and supply is S1. In the second, demand is D1 and…
- Demand Question- A shift in demand to the right ; A) Increase in Quantity Demanded B) Decrease in Quantity Demanded C) Increase in Demand D) Decrease in DemandIncrease in supply usually __ the price and __ the quantity demanded.(A) lowers, lowers(B) raises, raises(C) lowers, raises(D) raises, lowersPlot the demand curve from the demand schedule information provided. Price Quantity demanded 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?
- Plot the supply curve from the supply schedule information provided. Price Quantity Supply (Qs) 1 0 2 3 3 4 4 5 5 6 (d) What else do you think will happen? (e) What happens if other determinants change?The data below represent a demand schedule. Product Price Quantity Demanded $6 5 Product price 6 a. In the diagram below, draw a demand curve. Instructions: Use the tool provided 'Demand' to graphically show demand. This line should only contain the two endpoints. Demand Schedule S 3 4 3 2 1 0 0 1 0 1 2 3 4 2 S 6 3 4 5 Quantity demanded 6 7 8 Tools C DemandPrice ($/cup) 4 3.5 3 2.5 2 1.5 1 0.5 0 0 10 20 Original Supply A decrease in the price of coffee beans. New Demand Original Demand 30 40 50 60 70 80 90 Quantity (cups/hour) New Supply The figure above refers to the market for coffee. What might cause a shift from the original demand curve to the new demand curve? Check all that apply. An increase in the price of tea (a substitute for coffee). A decrease in income if coffee is an inferior good. An expectation that coffee prices will fall in the future. A decrease in the price of cream (a complement to coffee)
- Analyse the problems carefully. Answer the problems and present your solutions. Interpret the results. 1) If there are 10 bottles of water and there are 20 students who want to drink these bottles of water, there will be only 10 students whose demands are met while the others will not. Analysis: We can conclude that there is _____________ in the supply.Question 1 For each of these situations for part a, b, c, answer what happens to the list below. (increase, decrease, no change) with all other things constant. In addition draw the necessary Demand and Supply graph and show the shifts. Label all points on the graphs clearly. State for each market below what happens to: demand, supply, equilibrium price, equilibrium quantity, Quantity Demanded, Quantity Supplied How will a decrease in supply of Coffee affect the market for Coffee and Tea market? Assume substitute products. You need to show two markets, with two sets of the list. ? How will an increase in cost of plastic used in making toys affect the market for toys? How will the increase' Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.Step 1 Analyze gasoline price hike statistics in the following scenario. In June 2008, the U.S. retail gas price jumped from $3 to $4 a gallon. This is a 33% increase in price from January 2008. During that time, the total quantity of gasoline purchased fell by 3%. Supplies of gasoline produced also decreased from 1 million barrels to 800,000 barrels. No viable substitute has been created to replace gasoline. Step 2 Calculate the price elasticity of gasoline Be sure to show all work. Calculate the price elasticity of demand for gasoline. Calculate the elasticity of supply using the information provided. Calculate the changes in consumer and producer surplus. Because there is no viable substitute for gasoline at this time, what can you say about the cross-elasticity and income elasticity of supply and demand for gasoline? Is the demand for gasoline elastic, inelastic, perfectly elastic or inelastic, or unit elastic? Use the following as a guide for your calculation To show…