EBK MICROECONOMICS
12th Edition
ISBN: 9780100659452
Author: PARKIN
Publisher: YUZU
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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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What are the factors that caused the consumer surplus?
a. 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.
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
EBK MICROECONOMICS
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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Similar questions
- Exercise 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_forwardWe 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_forward
- Annabelle 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_forwardIf 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_forward
- If the price of a chocolate bar is $2.50, how does the market move to its equilibrium? As the market moves to its equilibrium, the price of a chocolate bar ________. A. rises, and the quantity demanded and quantity supplied both decrease B. rises, the quantity demanded decreases, and the quantity supplied increases C. falls, and the quantity demanded and quantity supplied both increase D. falls, the quantity demanded increases, and the quantity supplied decreasesarrow_forwardCalculate consumer surplus based on a graph or table.arrow_forwardPlease help me to answer. See the attached photo belowarrow_forward
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