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- What is the relationship between quantity Demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when them is a surplus?When someones kidneys fail, the person needs to have medical treatment with a dialysis machine (unless or until they receive a kidney transplant) or they will die. Sketch a supply and demand diagram, paying attention to the appropriate elasticities, to illustrate that the supply of such dialysis machines will primarily determine the pure.Select the correct answer. A price floor will usually shift: demand supply both neither Illustrate your answer with a diagram.
- Table 3.10 shows the supply and demand for movie tickets in a city. Graph demand and supply and identify the equilibrium. Then calculate in a table and graph the effect of the following changes. Three new nightclubs open. They offer decent bands and have no cover charge, but make their money by selling food and drink. As a result, demand for movie tickets falls by six units at every price. The city eliminates a tax that it placed on all local entertainment businesses. The result is that the quantity supplied of movies at any given price increases by 10%.The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded per Year Quantity Supplied per Year $45 4,300 300 55 2,300 700 65 1,300 1,300 75 800 2,100 85 650 3,100 What is the market equilibrium price and quantity of textbooks? To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now? While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.If a price ceiling is set below the equilibrium price in a market, A. raioning will be necessary. B. surpluses of the commodity will develop. C. the quantity demanded will exceed the quantity supplied. D. tje quantity supplied willexceed the quantitiy demanded.
- In a market with a binding price cei ling, an increasein the cei ling will ___ t he quantity suppl ied, ___ t he quantity demanded, and reduce thea. increase, decrease, surplusb. decrease, increase. surplusc . increase, decrease, shortaged. decrease, increase, shortageConsider the market for minivans. For each of theevents listed here, identify which of the determinantsof demand or supply are affected. Also indicatewhether demand or supply increases or decreases.Then draw a diagram to show the effect on the priceand quantity of minivans.a. People decide to have more children.b. A strike by steelworkers raises steel prices.c. Engineers develop new automated machineryfor the production of minivans.d. The price of sports utility vehicles rises.e. A stock market crash lowers people’s wealth.Consider the market for minivans. For each of the events listed hereidentify which of the determinants of demander supply are affectedAlso indicate whether demand or supply increases or decreases. Thendraw a diagram to show the effect on the price and quantity of miniamsa. People decide to have more childrenb. A strike by steelworkers raises steel prices.c. Engineers develop new stated machinery for the production ofminivans,d. The price of sports utility vehicles risese. A stock market crash lowers people's wealth
- When there is a shortage of citrus fruit, theeconomic forces of supply and demand wouldsuggest thata. price will stay constant.b. price will decrease.c. price will increase.d. price, all things remaining equal, will increase.e. it will take a long time before the shortage isfelt in the marketges Table Illustrations Add-ins Media Links Comment Header & Text Symbols Footer 7 b_Kad 2.xlsx Price 10t Supply 6 3+.... Demand Shots 60 120 160 210 300 Quantity 27. Refer to the graph above. With an effective price ceiling at $3, the quantity supplied: A) falls from 210 to 120. B) falls from 120 to 60. C) increases from 120 to 210. D) increases from 60 to 120. la_Kac II_2 28. Refer to the graph above. With the effective price ceiling the quantity bought is: A) 60 B) 210 c) 160 d) 120 29. Refer to the graph above. With the effective price ceiling at $3, total consumer surplus will be: A) $240 B) $360 d) S300 d) $150 ductio Shot 7.01 PMMarket researches have studied the market for milk,and their estimates for the supply of and the demand for milk per month are as follows:a.Using the data,graph the demand for and the supply for milk.Identify the equilibrium point as E,and use dotted lines to connect E to the equilibrium price onthe price axis and the equilibrium quantity on the quantity axis.b.Suppose the government enacts amilk price support of $8per gallon.Indicate this action on your graph,and explain the effect on the milk market?Why would the government establish such a price support?c.Now assume the government decides to set a price ceiling of $4 dollar per gallon.Show and explain how this legal price effects your graph of the milk market.What objective could the government be trying to achieve by establishing such a price ceiling?
