Requirement: Use Microsoft Word in answering andPROBLEM SOLVING:1. The following table gives the daily supply and demand for hot dogs at a sporting event:Price, SQuantity supplied7,200Quantity demanded2.108001.801,6004,8001.602,4002,4001.403,200801.204,100200A. What is the equilibrium price of hot dogs? What makes you think so?B. If the organizers of the sporting event decide to set the price at 1.80, how many hot dogswill be sold? Explain your answerV Originality reports available

Demand curve shows an inverse relationship between price and quantity demanded while supply curve…

quirement: Use Microsoft Word in answering an OBLEM SOLVING: 1. The following table gives the daily supply and demand for hot dogs at a sporting ev Price, S Quantity demanded Quantity supplied 2.10 800 7,200 1.80 1,600 4,800 1.60 2,400 2,400 1.40 3,200 1.20 4,100 200 A. What is the equilibrium price of hot dogs? What makes you think so? B. If the organizers of the sporting event decide to set the price at 1.80, how many hot do will be sold? Explain your answer

quirement: Use Microsoft Word in answering an OBLEM SOLVING: 1. The following table gives the daily supply and demand for hot dogs at a sporting ev Price, S Quantity demanded Quantity supplied 2.10 800 7,200 1.80 1,600 4,800 1.60 2,400 2,400 1.40 3,200 1.20 4,100 200 A. What is the equilibrium price of hot dogs? What makes you think so? B. If the organizers of the sporting event decide to set the price at 1.80, how many hot do will be sold? Explain your answer

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 4CQQ

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Similar questions

1. The Smith family eats both meat and potatoes on a regular basis and we need to know how the family views these goods. If the price of meats rises and the family eats more potatoes, then the two goods must be a. Substitutes b. Complements c. Inferior d. Normal 2. Which of the following is not a determinant of Supply? a. Prices of resources b. Technology and productivity c. Prices of Complements d. Producers’ expectations e. The number of producers 3. In December, both the price of Christmas trees and the quantity of trees sold rises. Is this a violation of the Law of Demand? Explain your answer 4. Explain the following statement in terms of Supply and Demand: “When a war breaks out in the Middle East, the price of gasoline rises and the price of a used Cadillac falls”.
Q.3 a) A change in consumer’s expectations causes a movement along the demand curve or a shift in the demand curve? Explain. A change in price of the goods results in a movement along the demand curve or a shift in the demand curve? Explain b) A demand schedule for a normal good is as follows: Price Quantity demanded Rs.230 70 210 90 190 110 170 130 i) Do you think that the increase in quantity demanded (say, from 90 to 110 in the table) when price decreases (from Rs.210 toRs.190) is due to a rise in consumers’ income? Explain clearly (and briefly) why or why not. ii) Now suppose that the good is an inferior good. Would the demand schedule still be valid for an inferior good?
Question 4 and pr If a website facilitates the sale of goods by individuals and businesses over the internet, but requires actual pho to be posted instead of a manufacturer's stock picture of the product, both the demand and supply of products shift due to the improved information. If supply shifts by more than demand, quantity will decrease, increase O increase, decrease increase, be indeterminate O decrease, be indeterminate
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Please answer the correct answer please Explain Don't answer by pen paper The market for lobster is in equilibrium. Which factor is most likely to INCREASE the equilibrium price of lobster? A. more boats fishing for lobster B. an increase in the price of salmon, a substitute in consumption C. a record catch D. decreasing household incomes, with lobster being a normal good.