QUESTION 9Refer to the information provided in Table 3.1 below to answer the question(s) that follow.Table 3.1Price per Pizza$3691215Quantity Demanded(Pizzas per Month)1,2001,000800600400Quantity Supplied(Pizzas per Month)6007008009001,000Refer to Table 3.1. If the price per pizza is greater than $15, there would most likely be a(n)quantity demanded of more than 400 units.excess supply of more than 600 units.excess demand of less than 400 units.quantity supplied of less than 1,000 units.

Demand curve is the downward sloping curve. Supply curve is the upward sloping curve. Equilibrium…

Answered: QUESTION 9 Refer to the information…

Survey Of Economics

10th Edition

ISBN:9781337111522

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section3.7: A Market Supply And Demand Analysis

Problem 1YTE

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Problem 1: Wendy drinks 01 sugary drinks and 4smoothies a wek. Smoothies are $5 each and sugary drinks were $2 each. This week, things are different: the government has slapped a tax on sugary drinks and their price has doubled ot $4. But it's not all bad news for Wendy. The government has also revised the income tax, so Wendy's drinks budget has increased. She can now just afford to buy her usual 01 sugary drinks and 4smoothies a week.a. What was Wendy's drinks (sugary drinks and smoothies) budget last week and what is it this week.b. What was Wendy's opportunity cost of a sugary drink last week and what is ti this week?c. Does Wendy buy 10 sugary drinks and 4smoothies this week? Explain.d. Draw Wendy's budget line for drinks for last week by taking smoothies on vertical axis and sugary drinks on horizontal axis. What is the slop of budget line?.e Draw Wendy's budget line for drinks for this week on the same graph. How the new budget line si different from the old one.Problem 2: a.…
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