Show your work along with explanations... Question 10Table 3-1Price$1.002.003.00The Market for Potato Chips(quantities measured in bags per week)Quantity Supplied50010001500200025004.005.00Reference: Table 3-1Quantity Demanded20001750150012501000According to Table 3-1, the equilibrium price for potato chips is:A. $2.50.OB. $2.00.C. $4.00.D. $3.00.E. $1.00.

Equilibrium is where demand equals supply. Demand curve is the graphical representation of demand…

Question 10 Table 3-1 The Market for Potato Chips (quantities measured in bags per week) Quantity Supplied 500 1000 1500 2000 2500 Price $1.00 2.00 3.00 4.00 5.00 Reference: Table 3-1 Quantity Demanded 2000 1750 1500 1250 1000 According to Table 3-1, the equilibrium price for potato chips is: A. $2.50. B. $2.00. C. $4.00. D. $3.00. E. $1.00.

Question 10 Table 3-1 The Market for Potato Chips (quantities measured in bags per week) Quantity Supplied 500 1000 1500 2000 2500 Price $1.00 2.00 3.00 4.00 5.00 Reference: Table 3-1 Quantity Demanded 2000 1750 1500 1250 1000 According to Table 3-1, the equilibrium price for potato chips is: A. $2.50. B. $2.00. C. $4.00. D. $3.00. E. $1.00.

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 5SCQ: Lets think about the market for air travel. From August 2014 to January 2015, the price of jet fuel...

See similar textbooks

Similar questions

How does a price floor 521 above the equilibrium level affect quantity demanded and quantity1 supplied?
Review Figure 3.4. Suppose the price of gasoline is 1.60 per gallon. Is the quantity demanded higher or lower than at the equilibrium price of 1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplus in the market? If so, how much? Figure 3.4 Demand and Supply of Gasoline
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.
Use the four-step process to analyze the impact of the advent of the iPod (or other portable digital music players) on the equilibrium price and quantity of the Sony Wellman (or other portable audio cassette player).
What happens to the price and the quantity bought and sold in the cocoa market if counties producing cocoa experience a drought and a new study is released demonstrating the health benefits of cocoa? Illustrate your answer with a demand and supply graph.
Explain why the following statement is false: In the goods market, no buyer would be willing to pay more than me equilibrium price.
Lets think about the market for air travel. From August 2014 to January 2015, the price of jet fuel increased roughly 47. Using the four-step analysis, how do you think this fuel price increase affected the equilibrium price and quantity of air navel?
The market for pizza has the following demand andsupply schedules:Price Quantity Demanded Quantity Supplied$4 135 pizzas 26 pizzas5 104 536 81 817 68 988 53 1109 39 121a. Graph the demand and supply curves. What arethe equilibrium price and quantity in this market?b. If the actual price in this market were above theequilibrium price, what would drive the markettoward the equilibrium?c. If the actual price in this market were below theequilibrium price, what would drive the markettoward the equilibrium?
answer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…
One of the largest changes in the economy over thepast several decades is that technological advanceshave reduced the cost of making computers.a. Draw a supply-and-demand diagram to showwhat happened to price, quantity, consumersurplus, and producer surplus in the market forcomputers.b. Forty years ago, students used typewriters toprepare papers for their classes; today theyuse computers. Does that make computersand typewriters complements or substitutes?Use a supply-and-demand diagram to showwhat happened to price, quantity, consumersurplus, and producer surplus in the marketfor typewriters. Should typewriter producershave been happy or sad about the technologicaladvance in computers?c. Are computers and software complements orsubstitutes? Draw a supply-and-demand diagramto show what happened to price, quantity,consumer surplus, and producer surplus in themarket for software. Should software producershave been happy or sad about the technologicaladvance in computers?d. Does this…
7. Other things equal, which of the following would NOT shift the supply curvefor gasoline?a. a fall in the price of crude oil (from which gasoline isrefined).b. an increase in the price of gasoline.c. an improvement in refining techniques that allows more gasoline to be squeezed out of abarrel of crude oil.d. an increase in the wages paid to people working in oil refineries. 9. Any situation where quantity supplied does not equal quantity demanded indicates:a. a market equilibrium.b. a situation in which the actions of buyers do not match the actions ofsellers.c. a place where the laws of supply and demand do not hold.d. a point where quantity demanded is equal to quantity supplied. 10. Demand is said to be elastic ifa. the price of the good responds substantially to changes in demand.b. demand shifts substantially when income or the expected future price of the goodchanges. buyers do not respond much to changes in the price of the good.c. buyers respond substantially to changes in…
What happens to the price and the quantity boughtand sold in the cocoa market if countries producingcocoa experience a drought and a new study is releaseddemonstrating the health benefits of cocoa? Illustrateyour answer with a demand and supply graph.