3) The following figure shows the demand and supply curves for USB flash drives. D is the demand curve and S1 is the initial supply curve. Price (5) O 10 20 Quantity (units) Refer to the figure above and answer the questions: a) When the demand curve for flash drives is D and the supply curve of flash drives is S1, the equilibrium price is with an equilibrium quantity ofunits. Ii the supply curve for flash drives shifts from S1 to S2, with no change in the demand curve, the new competitive equilibrium price is with a new equilbrium quantity of units. b) When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the surplus in the market if the price is $7? O When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the shortage in the market if the price is $4?

3) The following figure shows the demand and supply curves for USB flash drives. D is the demand curve and S1 is the initial supply curve. Price (5) O 10 20 Quantity (units) Refer to the figure above and answer the questions: a) When the demand curve for flash drives is D and the supply curve of flash drives is S1, the equilibrium price is with an equilibrium quantity ofunits. Ii the supply curve for flash drives shifts from S1 to S2, with no change in the demand curve, the new competitive equilibrium price is with a new equilbrium quantity of units. b) When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the surplus in the market if the price is $7? O When the demand curve for flash drives is D and the supply curve of flash drives is S1, what is the shortage in the market if the price is $4?

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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