Hi could I please get all the answers thank you 1. What is the difference between a "change in demand" and a change in "quantitydemanded."2. What is the difference between a "change in supply" and a change in "quantitysupplied."3. What is the meaning of Resource Market?4. The following problems are based on the demand and supply schedule for gumlisted below. All quantities are in millions of packs of gum per month.|Quantity Demanded180Price|Quantity Supplied$0.2030$03016060$0.4014090$0.50120120$0.60100140$0.7080160$0.8060180a) Suppose that the quantity demanded rises by 40 million packs of gum per month at eachprice.b) Draw the initial demand and supply curves as given by the table above. Call this graphGraph 1. Label this demand curve D1, and this supply curve S1. Draw the new demandcurve given by this change, labeling it D2. Show the new equilibrium price and output,labeling this point A.c) Suppose that the quantity supplied rises by 50 million packs per month at each price, whilethe quantities demanded retain their D1 values. On a new graph (labeled as Graph 2),draw D1, S1, and the new supply curve, S2. Show the new equilibrium output and price,labeling this point C.

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1. What is the difference between a "change in demand" and a change in "quantity demanded."

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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Question

could I please get all the answers

thank you

1. What is the difference between a "change in demand" and a change in "quantity
demanded."
2. What is the difference between a "change in supply" and a change in "quantity
supplied."
3. What is the meaning of Resource Market?
4. The following problems are based on the demand and supply schedule for gum
listed below. All quantities are in millions of packs of gum per month.
|Quantity Demanded
180
Price
|Quantity Supplied
$0.20
30
$030
160
60
$0.40
140
90
$0.50
120
120
$0.60
100
140
$0.70
80
160
$0.80
60
180
a) Suppose that the quantity demanded rises by 40 million packs of gum per month at each
price.
b) Draw the initial demand and supply curves as given by the table above. Call this graph
Graph 1. Label this demand curve D1, and this supply curve S1. Draw the new demand
curve given by this change, labeling it D2. Show the new equilibrium price and output,
labeling this point A.
c) Suppose that the quantity supplied rises by 50 million packs per month at each price, while
the quantities demanded retain their D1 values. On a new graph (labeled as Graph 2),
draw D1, S1, and the new supply curve, S2. Show the new equilibrium output and price,
labeling this point C.

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