Part IV: Study the supply schedule below and answer the questions that follow: Quantity Supplied 25 20 15 10 05 Price $5.00 $4.00 $3.00 $2.00 $1.00 17) How many products will be supplied at $4? 18) If the firm is willing to offer 25 products for sale, what must the price be? 19) How does this supply schedule demonstrate the law of supply? 20) Give two reasons that could cause firms to have increasing costs:

Part IV: Study the supply schedule below and answer the questions that follow: Quantity Supplied 25 20 15 10 05 Price $5.00 $4.00 $3.00 $2.00 $1.00 17) How many products will be supplied at $4? 18) If the firm is willing to offer 25 products for sale, what must the price be? 19) How does this supply schedule demonstrate the law of supply? 20) Give two reasons that could cause firms to have increasing costs:

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

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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4 . Individual Problems 8-1 The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $22, $12, $8, $4, and $2 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $8, $12, $22, $30, and $38 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $2 $4 $8 $12 $22 $30 $38 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.
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Assignment Overview In this assignment, you will examine the effects of changes in demand and supply on the equilibrium price and quantity of a market. Step 1 Analyze the effect of each scenario on the price of khaki pants. Consider the following scenarios. Think about how each scenario would affect the price of khaki pants. A new technology reduces the time it takes to make a pair of khaki pants. The price of the cloth used to make khaki pants falls. The wage rate paid to garment workers increases. The price of jeans increases. People's incomes increase. Step 2 Draw a demand-supply graph and label the axes with the price and quantity of khaki pants. Create one graph that shows each of the demand-supply curves for the five scenarios listed in Step 1. Use (free) online graphing software such as "Padowan" to create your graph. Follow the instructions on the website to learn how to create and manipulate the graph. Use five different colors to represent each of the five scenarios.…
Question one Plot the supply curve from the supply schedule information provided . Price. Quality supply 1 0 2 3 3 4 4 5 5 6 a) What can you explain from the graph? b) Can you identify any determinants ? c) What happened if the price change ? d) What happened if other determinants change? Plot the demand curve from the demand schedule information provided. Price Quality Demanded 1 9 2 6 3 4 4 3 5 2 (a) What can you explain from the graph? (b) Can you identify any determinants? (c) What happens if price changes? (d) What else do you think will happen? (e) What happens if other determinants change?
Question 6 The government in your country is considering three programs that affect the market for cigarettes Program 1: Media campaigns and labelling requirements aimed at making the public aware of the dangers of cigarette smoking. Program 2: A price support program for tobacco farmers. Program 3: A cap on the number of cases of cigarettes sold per quarter at 20,000 cases. Determine the impact of on the market for cigarette if Program 3 is implemented. (i) Impact on demand (ii) Impact on supply (iii) Impact on price (iv) Impact on quantity