Macroeconomics
13th Edition
ISBN: 9780134744452
Author: PARKIN, Michael
Publisher: Pearson,
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Chapter 15, Problem 2SPA
To determine
Identify the quantity of roses the wholesalers buy from Country U and the quantity they import.
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Students have asked these similar questions
Imagine that you are buying Lego bricks. The number of bricks you are willing to buy is determined by the market price of bricks. Your willingness to buy is defined by the following:
You are willing to buy 1 brick if the price is at or below $30
You are willing to buy 2 bricks if the price is at or below $25
You are willing to buy 3 bricks if the price is at or below $20
You are willing to buy 4 bricks if the price is at or below $15
What is your consumer surplus if the market price of bricks is $23? Assume that there are enough sellers available to sell as many as you want to buy at that price. Enter the number below. Do not include the “$” sign.
The U.S. Department of Agriculture guarantees dairy producers that they will receive at least $1.00 per pound for butter they supply to
the market. Below is the current monthly demand and supply schedules for wholesale butter (in millions of pounds per month).
Market for Wholesale Butter
Price (dollars
per pound)
$0.80
0.90
1.00
1.10
1.20
1.30
1.40
1.50
1.60
1.70
1.80
Quantity of Quantity of
Butter
Butter
Demanded
Supplied
(nillions of (millions of
pounds)
109
106
103
100
97
94
91
88
85
82
B
79
pounds)
65
73
81
89
97
105
22 million pounds
79 million pounds
113
121
129
137
145
Instructions: Round your answer for price to two decimal places. Enter your answers for quantity as a whole number.
a. What are the equilibrium price and quantity in the wholesale butter market?
P = $
Q=
million pounds
b. What is the monthly surplus created in the wholesale butter market due to the price support (price floor) program?
zero
Help
Save &
Consider two types of cars:
1) Performance cars, which emphasize
good performance (good mileage, towing
capacity, horsepower, etc).
2) Luxury cars, which emphasize good
looks
Let's say that with the higher gas prices
Americans care less about how their cars
look and more about how they perform.
We'd therefore expect to see
in the market for performance cars and
in the market for luxury
cars.
demand fall; demand rise
demand rise; quantity demanded fall
demand rise; demand fall
O demand fall; quantity demanded rise
Chapter 15 Solutions
Macroeconomics
Ch. 15.1 - Prob. 1RQCh. 15.1 - Prob. 2RQCh. 15.2 - Prob. 1RQCh. 15.2 - Prob. 2RQCh. 15.2 - Prob. 3RQCh. 15.3 - Prob. 1RQCh. 15.3 - Prob. 2RQCh. 15.3 - Prob. 3RQCh. 15.3 - Prob. 4RQCh. 15.3 - Prob. 5RQ
Ch. 15.4 - Prob. 1RQCh. 15.4 - Prob. 2RQCh. 15.4 - Prob. 3RQCh. 15.4 - Prob. 4RQCh. 15.4 - Prob. 5RQCh. 15 - Prob. 1SPACh. 15 - Prob. 2SPACh. 15 - Prob. 3SPACh. 15 - Prob. 4SPACh. 15 - Prob. 5SPACh. 15 - Prob. 6SPACh. 15 - Prob. 7SPACh. 15 - Prob. 8SPACh. 15 - Prob. 9SPACh. 15 - Prob. 10SPACh. 15 - Prob. 11SPACh. 15 - Prob. 12APACh. 15 - Prob. 13APACh. 15 - Prob. 14APACh. 15 - Prob. 15APACh. 15 - Prob. 16APACh. 15 - Prob. 17APACh. 15 - Prob. 18APACh. 15 - Prob. 19APACh. 15 - Prob. 20APACh. 15 - Prob. 21APACh. 15 - Prob. 22APACh. 15 - Prob. 23APACh. 15 - Prob. 24APACh. 15 - Prob. 25APACh. 15 - Prob. 26APACh. 15 - Prob. 27APACh. 15 - Prob. 28APA
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