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Course
365
Subject
Economics
Date
Jan 9, 2024
Type
png
Pages
1
Uploaded by Cupcake0423
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Apply:
The
Fundamentals
of
Economics
[due
...
6
1
5/5
points
awarded
eBook
References
The
table
below
shows
the
supply
schedule
for
Adam
and
Ben,
both
producers
in
the
market
for
hamburgers.
Market
for
Hamburgers
Submitted
Price
Adam's
Quantity
Ben's
Quantity
Supplied
Suppplied
$12
25
40
14
50
30
16
75
20
18
100
10
20
125
0
Multiple
Choice
Which
statement
is
true
concerning
the
supply
schedules
and
the
law
of
supply?
75/75
Total
points
awarded
Help
.
Only
Adam
is
following
the
law
of
supply.
O
Both
producers
are
following
the
law
of
supply.
m
Only
Ben
is
followina
the law
of
supplv.
<
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1
of
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Related Questions
13. The variety of supply curves
The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V.
PRICE (Dollars per unit)
20
18
16
14
12
10
8
4
2
0
10
M
2
4
N
+
8
10 12
QUANTITY (Units)
14
16
M
18
20
(?)
arrow_forward
can you help do this
arrow_forward
6
Draw a supply and demand diagram of the market for beef in Australia. On you diagram, show the market equilibrium price, PE, and equilibrium quantity, QE. Name all axes and curves on your diagram. What is the relationship between QS and QD at equilibrium?
arrow_forward
not use ai please
arrow_forward
Suppose the national institutes of health publishes a study finding that coffee drinking reduces the probability of getting colon cancer
1. How do you image this will affect the market of coffee? 2. Why
3, Which determinant of demand or supply is being affected?
4. How will the change of the equilibrium price and quantity of coffee? Explain your reasoning
arrow_forward
I need help with this.
arrow_forward
6. Market equilibrium
The following table presents the weekly demand and supply in the market for laundry detergent in New York City.
Price
(Dollars per gallon of laundry detergent)
4
8
12
16
20
Quantity Demanded.
(Gallons of laundry detergent)
2,000
1,600
1,200
800
400
Quantity Supplied
(Gallons of laundry detergent)
200
600
800
1,200
1,800
On the following graph, plot the demand for laundry detergent using the blue point (circle symbol). Next, plot the supply of laundry detergent using
the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for laundry
detergent.
6
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.
?
arrow_forward
7. Draw the supply and demand
curve for pencils. Clayton county
provides every student with a
laptop at school. What happens
to the supply and demand for
pencils. Why?
arrow_forward
13) The Table below gives the Demand and Supply schedules of Frisbees.
Quantity
Demanded
per month
1800
1600
1400
1200
1000
800
600
Price
($)
2
4
6
8
10
12
14
Quantity
Supplied
per month
600
800
1000
1200
1400
1600
1800
Suppose that Demand decreases by 250 Frisbees per month and Supply increases by 550 Frisbees per
month. What is the new equilibrium price and quantity of Frisbees?
arrow_forward
Safari File Edit View History Bookmarks Window Help
]
CENGAGE MINDTAP
Aplia Homework: Chapter 7
4. Consumer surplus for an individual and a market
PRICE (Dollars per slice)
7.50
6.75
6.00
The following graph shows Amy's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand
curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line.
5.25
4.50
3.75
3.00
2.25
1.50
Cengage Learning
Demand
Price
BO
Amy's Weekly Demand
27
A
·
280
C
NOV
8
Ang.cengage.com
O
Mind Tap - Cengage Learning
?
tv
♫
Ć
NA
Q Search this course
W
(1) WhatsApp
00
G
Wed Nov 8 4:30
DOCK
+
Amandeep
X
!
arrow_forward
2
arrow_forward
14. Use demand and supply curves to analyse the following situations:
a. What will happen in the market for brewed coffee if the price of coffee beans
decreases?
b. What will happen in the market for tomatoes if a new study is released that
shows tomatoes contain antioxidants (may help prevent cancer) and a new crop
rotation technique is discovered which allows tomatoes to be grown more
easily.
arrow_forward
A- How Markets Work: Supply & Demand, and Equilibrium (P
Time Taken:0:30:56
Jaylla Braggs: Attempt 2
%
f5
5
Listen
Demonstrate your comprehension of differences in changes in demand versus
changes in quantity demanded by matching choices.
T
16
>
6
>
Y
increase in the price of
orange juice
decrease in the price of
orange juice
increase in the supply of
orange juice
increase in price of
grapefruit juice
increase in the price of
f7
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7
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199+
1. change in demand for orange juice
change in quantity demanded for
orange juice
2.
3.
f10
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neither; does not represent change
in demand or change in quantity
demanded
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f11
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arrow_forward
1. Draw a
effect of
on
supply and demand diagram to illustrate the
price per
wine ; (6) good quality wine
minimum
unit of alcohol
(a) cheap low-quality wine
arrow_forward
8. The market for pizza has the following demand and supply schedules:
Price in $
Quantity Demanded
Quantity Supplied
26
4.
135
104
53
81
81
7.
68
98
53
39
110
121
a) Graph the demand and supply curves. (Graph should be properly labelled)
b) What is the equilibrium price and equilibrium quantity?
c) Show graphically the shifts in demand curve OR supply curve of Pizza în the following cases:
Income of the consumers decreases (consider pizza is a normal good)
Prices of Burgers increases (consider burgers are substitute to pizza)
(1)
(1i)
(i1)
Number of pizza sellers increased.
arrow_forward
Refer to the table below containing the market demand and supply schedules for leather jackets.
Price
($ per jacket)
$300
Quantity Demanded
(jackets per year)
Quantity Supplied
(jackets per year)
7,000
10,000
250
8,000
8,000
200
9,000
10,000
11,000
6,000
4,000
150
ok
100
2,000
nt
a. Draw a graph showing the market demand and supply curves, D and So, and the associated equilibrium point. Use the line tools
ences
provided to plot only the 2 endpoints of each curve. Indicate each equilibrium point with the tool provided.
Market Demand and Supply
for Leather Jackets
350
Tools
300
So
250
200
Eo
S1
150
100
E1
50
4
6.
8.
10 12 14 16 18
Faw
Price ($ per jacket)
arrow_forward
Question: What is the law of supply and demand, and how does it influence prices and quantities in a market?Don't use chatgpt please provide valuable answer otherwise be ready for disupvote
arrow_forward
Question#3Assuming hypothetical equilibrium in Demand/Supply Model of Apples, illustrate impact of following events:
A) the Doctors recommend eating Apples every morning.B)The monsoon rains adversely affect the Apple Harvest.C) government announces increase in Wages of workers.D)The price of petrol in the market comes down.E) Consumer Income falls during government imposed Lockdowns due to health concerns.
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15. Market equilibrium The following table presents the weekly demand and supply in the market for sweatpants in Philadelphia. Price (Dollars per pair of sweatpants) 6 12 18 24 30 Quantity Demanded (Pairs of sweatpants) 1,650 1,350 1,200 900 750 Quantity Supplied (Pairs of sweatpants) 300 600 750 1,350 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.
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.
arrow_forward
1. Use the market model of supply and demand to illustrate and explain the impact of the following events on the market for coffee. Make sure to identify which side(s) of the market is impacted, explain why it is impacted, how it is impacted, and the overall impact on the equilibrium price and quantity.
a) The price of tea goes up by 100 percent.
b) A study is released that links consumption of caffeine to increased incidence of cancer.
c) Workers in the coffee industry unionize and negotiate higher wages.
arrow_forward
None
arrow_forward
Show the impact of colder than average spring weather in the Northwest United States on the markets for each of the following products. Indicate what you expect to happen to the market equilibrium price of each product.
arrow_forward
SEE MORE QUESTIONS
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Related Questions
- 13. The variety of supply curves The following graph displays four supply curves (LL, MM, NN, and OO) that intersect at point V. PRICE (Dollars per unit) 20 18 16 14 12 10 8 4 2 0 10 M 2 4 N + 8 10 12 QUANTITY (Units) 14 16 M 18 20 (?)arrow_forwardcan you help do thisarrow_forward6 Draw a supply and demand diagram of the market for beef in Australia. On you diagram, show the market equilibrium price, PE, and equilibrium quantity, QE. Name all axes and curves on your diagram. What is the relationship between QS and QD at equilibrium?arrow_forward
- not use ai pleasearrow_forwardSuppose the national institutes of health publishes a study finding that coffee drinking reduces the probability of getting colon cancer 1. How do you image this will affect the market of coffee? 2. Why 3, Which determinant of demand or supply is being affected? 4. How will the change of the equilibrium price and quantity of coffee? Explain your reasoningarrow_forwardI need help with this.arrow_forward
- 6. Market equilibrium The following table presents the weekly demand and supply in the market for laundry detergent in New York City. Price (Dollars per gallon of laundry detergent) 4 8 12 16 20 Quantity Demanded. (Gallons of laundry detergent) 2,000 1,600 1,200 800 400 Quantity Supplied (Gallons of laundry detergent) 200 600 800 1,200 1,800 On the following graph, plot the demand for laundry detergent using the blue point (circle symbol). Next, plot the supply of laundry detergent using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for laundry detergent. 6 Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically. ?arrow_forward7. Draw the supply and demand curve for pencils. Clayton county provides every student with a laptop at school. What happens to the supply and demand for pencils. Why?arrow_forward13) The Table below gives the Demand and Supply schedules of Frisbees. Quantity Demanded per month 1800 1600 1400 1200 1000 800 600 Price ($) 2 4 6 8 10 12 14 Quantity Supplied per month 600 800 1000 1200 1400 1600 1800 Suppose that Demand decreases by 250 Frisbees per month and Supply increases by 550 Frisbees per month. What is the new equilibrium price and quantity of Frisbees?arrow_forward
- Safari File Edit View History Bookmarks Window Help ] CENGAGE MINDTAP Aplia Homework: Chapter 7 4. Consumer surplus for an individual and a market PRICE (Dollars per slice) 7.50 6.75 6.00 The following graph shows Amy's weekly demand for cheesecake, represented by the blue line. Point A represents a point along her weekly demand curve. The market price of cheesecake is $3.00 per slice, as shown by the horizontal black line. 5.25 4.50 3.75 3.00 2.25 1.50 Cengage Learning Demand Price BO Amy's Weekly Demand 27 A · 280 C NOV 8 Ang.cengage.com O Mind Tap - Cengage Learning ? tv ♫ Ć NA Q Search this course W (1) WhatsApp 00 G Wed Nov 8 4:30 DOCK + Amandeep X !arrow_forward2arrow_forward14. Use demand and supply curves to analyse the following situations: a. What will happen in the market for brewed coffee if the price of coffee beans decreases? b. What will happen in the market for tomatoes if a new study is released that shows tomatoes contain antioxidants (may help prevent cancer) and a new crop rotation technique is discovered which allows tomatoes to be grown more easily.arrow_forward
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SEE MORE QUESTIONS
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Recommended textbooks for you
- Essentials of Economics (MindTap Course List)EconomicsISBN:9781337091992Author:N. Gregory MankiwPublisher:Cengage LearningPrinciples of Microeconomics (MindTap Course List)EconomicsISBN:9781305971493Author:N. Gregory MankiwPublisher:Cengage LearningBrief Principles of Macroeconomics (MindTap Cours...EconomicsISBN:9781337091985Author:N. Gregory MankiwPublisher:Cengage Learning
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Principles of Microeconomics (MindTap Course List)
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