Principles of Microeconomics California Edition 2nd Edition
2nd Edition
ISBN: 9780393622089
Author: Dirk Mateer, Lee Coppock
Publisher: W. W. Norton
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Question
Chapter 2.A, Problem 1SP
(a)
To determine
Graphical representation of data.
(b)
To determine
Relationship between price and quantity demanded of the commodity.
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The following table shows the weekly demand and supply in the market for ice cream in New York City.
Price
Quantity Demanded
Quantity Supplied
(Dollars per gallon of ice cream)
(Gallons of ice cream)
(Gallons of ice cream)
4
2,000
200
8
1,600
600
12
1,200
800
16
800
1,200
20
400
1,800
Based on the preceding table, plot the demand for ice cream on the following graph using the blue points (circle symbol). Next, plot the supply of ice cream using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.
DemandSupplyEquilibrium0400800120016002000240024201612840PRICE (Dollars per gallon of ice cream)QUANTITY (Gallons of ice cream
Use the following demand schedule for cherries to draw a
graph of the demand curve. Be sure to label the demand
curve and each axis, and show each point on the demand
curve.
Price (dollars per
bushel)
60
50
40
30
20
Quantity (thousands of
bushels)
40
80
120
160
200
Use the editor to format your answer
1A.3 The following table shows the relationship between the price
of organic turkeys and the number of turkeys sold by God-
frey's Free-Range Gobblers.
a. Is the relationship between the price of turkeys and the
number of turkeys sold by Godfrey's Free-Range Gob-
blers a positive relationship or a negative relationship?
Explain.
b. Plot the data from the table on a graph, draw a line through
the points, and calculate the slope of the line.
Price per Turkey
$16
20
52
36
8
Quantity of
Turkeys
70
80
160
120
50
Month
September
October
November
December
January
Chapter 2 Solutions
Principles of Microeconomics California Edition 2nd Edition
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