The demand for computers is QD=13−2P, where P is the price of computers. Initially, the supply of computers is QS=4+P. Use the demand equation above to plot the demand curve. 1.) Using the line drawing tool, accurately draw the demand curve. Draw the curve for quantities from at least 1 to 11. Properly label your line. 2.) Using the point drawing tool, indicate the equilibrium price and quantity. Label your point 'E1'. Carefully follow the instructions above and only draw the required objects. The equilibrium price is... per computer. (Round your response to one decimal place.) The equilibrium quantity is......computers per week.
The demand for computers is QD=13−2P, where P is the price of computers. Initially, the supply of computers is QS=4+P. Use the demand equation above to plot the demand curve. 1.) Using the line drawing tool, accurately draw the demand curve. Draw the curve for quantities from at least 1 to 11. Properly label your line. 2.) Using the point drawing tool, indicate the equilibrium price and quantity. Label your point 'E1'. Carefully follow the instructions above and only draw the required objects. The equilibrium price is... per computer. (Round your response to one decimal place.) The equilibrium quantity is......computers per week.
Chapter5: Markets In Motion And Price Controls
Section: Chapter Questions
Problem 10P
Related questions
Question
The demand for computers is
QD=13−2P,
where P is the price of computers.
Initially, the supply of computers is
QS=4+P.
Use the demand equation above to plot the demand curve.
|
1.)
|
Using the line drawing
tool,
accurately draw the demand curve. Draw the curve for quantities from at least 1 to 11. Properly label your line. |
|
2.)
|
Using the point drawing
tool,
indicate the 'E1'.
|
Carefully follow the instructions above and only draw the required objects.
The equilibrium price is... per computer.
(Round your response to one decimal place.)
The equilibrium quantity is......computers per
week.
(Roundyour response to the nearest nteger.)
Suppose the prices of memory chips and motherboards
(two important components in computers) rise and as a
consequence, the supply curve for computers becomes
QS=P.
In a supply-and-demand diagram, accurately show the effect of the increase in the prices of memory chips and motherboards on the equilibrium price and quantity of computers.
Use the new supply equation to plot the supply curve.
|
1.)
|
Using the line drawing
tool, shift either the demand curve or the supply curve to show the effect described above. Draw the curve for quantities from at least 1 to 7. Properly label your line.
|
|
2.)
|
Using the point drawing tool,indicate the new equilibrium price and quantity. Label your point
'E2'.
|
Carefully follow the instructions above and only draw the required objects.
The new equilibrium price is.....per computer.
(Round your response to one decimal place.)
The new equilibrium quantity is...... computers per week.
(Round your response to the nearest integer.)
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