Macroeconomics (12th Edition) (Pearson Series in Economics)
12th Edition
ISBN: 9780133872644
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 3, Problem 19APA
(a)
To determine
Shortage or surplus.
(b)
To determine
Buyer’s choice.
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Students have asked these similar questions
What are the factors that caused the consumer surplus?
a. Is the quantity demanded higher or lower than at the equilibrium price?
b. What about the quantity supplies?
c. Is there a shortage in the market? If so, how much?
The diagram below shows the market for potatoes. Use this diagram to answer the question
below.
If the price of potatoes is currently R60, then:
Price
R60
R50
a) There will be a surplus of 30.
b) There will be a shortage of 50.
c) There will be a surplus of 50.
100 120 150
d) The quantity demanded will decrease to 120.
Chapter 3 Solutions
Macroeconomics (12th Edition) (Pearson Series in Economics)
Ch. 3.1 - Prob. 1RQCh. 3.1 - Prob. 2RQCh. 3.1 - Prob. 3RQCh. 3.2 - Prob. 1RQCh. 3.2 - Prob. 2RQCh. 3.2 - Prob. 3RQCh. 3.2 - Prob. 4RQCh. 3.2 - Prob. 5RQCh. 3.3 - Prob. 1RQCh. 3.3 - Prob. 2RQ
Ch. 3.3 - Prob. 3RQCh. 3.3 - Prob. 4RQCh. 3.3 - Prob. 5RQCh. 3.4 - Prob. 1RQCh. 3.4 - Prob. 2RQCh. 3.4 - Prob. 3RQCh. 3.4 - Prob. 4RQCh. 3.4 - Prob. 5RQCh. 3.5 - Prob. 1RQCh. 3.5 - Prob. 2RQCh. 3.5 - Prob. 3RQCh. 3 - Prob. 1SPACh. 3 - Prob. 2SPACh. 3 - Prob. 3SPACh. 3 - Prob. 4SPACh. 3 - Prob. 5SPACh. 3 - Prob. 6SPACh. 3 - Prob. 7SPACh. 3 - Prob. 8SPACh. 3 - Prob. 9SPACh. 3 - Prob. 10SPACh. 3 - Prob. 11APACh. 3 - Prob. 12APACh. 3 - Prob. 13APACh. 3 - Prob. 14APACh. 3 - Prob. 15APACh. 3 - Prob. 16APACh. 3 - Prob. 17APACh. 3 - Prob. 18APACh. 3 - Prob. 19APACh. 3 - Prob. 20APACh. 3 - Prob. 21APACh. 3 - Prob. 22APACh. 3 - Prob. 23APACh. 3 - Prob. 24APACh. 3 - Prob. 25APACh. 3 - Prob. 26APACh. 3 - Prob. 27APA
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- THE CONSUMER SURPLUS?arrow_forwarda. Draw a supply-demand graph in the market for milk. Indicate equilibrium price and equilibrium quantity. b) in the same graph, indicate a price at which there is a surplus of milk. Show the surplus of milk in your graph.arrow_forwardIf the economy goes into a recession and income fall, what happen in the market for inferior good?arrow_forward
- What would happens to the quantity demanded if the price of bottled water rose from $1.00 to $1.50? A. Quantity demanded will increase and there will be a shortage. B. Quantity demanded will increase and there will be a surplus. C. Quantity demanded will decrease and there will be a surplus.arrow_forwardExercise 1: Read and graph the supply and demand schedules bebw to find the price where the market is at equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal) Price per Video Game in dollars) Quantity Demanded (in millions) Quantity Supplied (in millons) 100 100 1100 90 200 1000 300 900 70 400 800 60 500 700 50 600 600 40 700 500 30 800 400 20 900 300 10 1000 200 1100 100 888888888arrow_forwardDraw a demand and supply diagram to show surplus and shortage.arrow_forward
- We often find that for major sporting events (playoffs, Super Bowl, etc.) the quantity of tickets demanded is greater than the quantity of tickets supplied. How would the market solve this problem? Would consumers be better off or worse off? Why?arrow_forward21. How does the law of supply and demand affect the prices of goods and services?arrow_forwardAnnabelle typically drives her car to school, but she lives near a bus stop and is willing to take the bus instead. If the price of a bus ticket falls, what would happen in the market for cars?arrow_forward
- If Goods are not rationed according to price, what happens?arrow_forwardWhat is the relationship between quantity demanded and quantity supplied at equilibrium? What is the relationship when there is a shortage? What is the relationship when there is a surplus?arrow_forwardReview Figure 3.4. Suppose the price of gasoline is $1.60 per gallon. Is the quantity demanded higher or lowerthan at the equilibrium price of $1.40 per gallon? What about the quantity supplied? Is there a shortage or a surplusin the market? If so, how much?arrow_forward
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