MICROECONOMICS(LL)COMPANION
21st Edition
ISBN: 9781260713541
Author: McConnell
Publisher: MCG
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Question
Chapter 4, Problem 7P
Sub part (a):
To determine
The price and quantity of equilibrium.
Sub Part (b):
To determine
The price and quantity of equilibrium.
Sub Part (c):
To determine
The price and quantity of equilibrium.
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Please see suppy and demand question attached.
The figure below shows the market for large bags of potato chips. Market for Potato Chips in large bag units Price ($) 7 LO LO 5 3 2 1 0 10 20 30 40 50 60 70 80 90 100110120 S D
please make sure the answer is correct 100%
Chapter 4 Solutions
MICROECONOMICS(LL)COMPANION
Ch. 4.A - Prob. 1ADQCh. 4.A - Prob. 2ADQCh. 4.A - Prob. 3ADQCh. 4.A - Prob. 1ARQCh. 4.A - Prob. 2ARQCh. 4.A - Prob. 3ARQCh. 4.A - Prob. 1APCh. 4 - Prob. 1DQCh. 4 - Prob. 2DQCh. 4 - Prob. 3DQ
Ch. 4 - Prob. 4DQCh. 4 - Prob. 5DQCh. 4 - Prob. 6DQCh. 4 - Prob. 7DQCh. 4 - Prob. 8DQCh. 4 - Prob. 9DQCh. 4 - Prob. 1RQCh. 4 - Prob. 2RQCh. 4 - Prob. 3RQCh. 4 - Prob. 4RQCh. 4 - Prob. 5RQCh. 4 - Prob. 6RQCh. 4 - Prob. 7RQCh. 4 - Prob. 1PCh. 4 - Prob. 2PCh. 4 - Prob. 3PCh. 4 - Prob. 4PCh. 4 - Prob. 5PCh. 4 - Prob. 6PCh. 4 - Prob. 7P
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- please help me answer all parts of the questionarrow_forwardQuantity Demanded 6 7 8 9 10 11 12 Price $8 7 6 5 4 3 2 Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? Multiple Choice O $6 and 6 units $5 and 5 units O $4 and 6 units Quantity Supplied 10 9 8 7 6 5 4 $7 and 7 unitsarrow_forwardplease make sure the answer is correct 100%arrow_forward
- 4. How will each of the following changes in demand and/or supply affect equilibrium price and equilibrium quantity in a competitive market; that is, do price and quantity rise, fall, or remain unchanged, or are the answers indeterminate be- cause they depend on the magnitudes of the shifts? Use sup- ply and demand to verify your answers. LO3.5 a. Supply decreases and demand is constant. b. Demand decreases and supply is constant. c. Supply increases and demand is constant. d. Demand increases and supply increases. e. Demand increases and supply is constant. f. Supply increases and demand decreases.arrow_forwardIn November 2021, there is a simultaneous change in the market for Covid-19 vaccines in China. Total demand has increased by 50% and the supply increased by 70% in the domestic market due to technological advances in the production methods. What should you observe at the new market equilibrium point based on this situation? (Hint: both curves are normal in shapes) O a. Price decreases, equilibrium quantity exchanged decreases O b. Price decreases, equilibrium quantity exchanged increases O c. Price increases, equilibrium quantity exchanged increases d. Price increases, equilibrium quantity exchanged is undeterminedarrow_forwardNext, complete the following graph, labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1 graph. PRICE (Dollars per pen) 10 9 8 co LO 5 + 3 2 1 0 0 1 Price Quantity 2 Equilibrium Object True Scenario 2 3 False Supply 4 5 6 7 QUANTITY (Millions of pens) Demand Scenario 1 8 9 Compare both the Scenario 1 and Scenario 2 graphs. Notice that after completing both graphs, you can now see a difference between them that wasn't apparent before the shifts because each graph indicates different magnitudes for the supply and demand shifts in the market for pens. 10 Use the results of your answers on both the Scenario 1 and Scenario 2 graphs to complete the following table. Begin by indicating the overall change in the equilibrium price and quantity after the shift in demand or supply for each shift-magnitude scenario. Then, in the final column, indicate the resulting change in the equilibrium price and quantity when supply and demand shift in…arrow_forward
- Suppose in the market for widgets the demand relationship is given by P = 12 - 2Q, where P is the price and Q is the quantity. Supply is given by P = 4Q. The equilibrium price in this market will be: O 4.8 8 6.arrow_forward10:17 OT 1. A college student enjoys eating pizza. Her willingness to pay for each slice is shown in the following table: Number of pizza slices 7 1 2 3 4 5 6 7 Willingness to pay (per slice) $6 + LO 5 4 3 2 1 b. If the price of slices falls to $2, how much consumer surplus will she enjoy? O 3arrow_forwardf 20 18 16 14 12 10 8 6 4 2 + Consumer 1 Demand 2 4 6 Figure 4-2 8 10 12 14 16 18 20 QUANTITY PRICE Refer to Figure 4-2. If these are the only two consumers in the market, then the market quantity demanded at a price of $15 is O a. 0 units. Ob. 15 units. O c. 25 units. Od. 10 units. 30 27 24 21 18 15 12 9 6 3 Consumer 2 Demand 5 10 15 20 25 30 35 40 45 50 QUANTITYarrow_forward
- Question 3 Table: U.S. Demand for and Supply of Widgets Price $1 Quantity 5 Supplied Quantity Demanded 20 O 0 widgets 2 widgets O4 widgets 6 widgets $2 6 19 $3 7 18 $4 8 17 $5 9 15 $6 10 14 $7 11 13 $8 $9 12 13 12 11 $10 14 10 The United States can import widgets from China at $4 each and from Mexico at $5 each. The United States imposes a tariff of $2 on each of its widget imports. Suppose that the United States and Mexico form a free- trade area. How much trade in widgets is diverted in the U.S.-Mexican free-trade area?arrow_forwardPlease help with #7arrow_forward...arrow_forward
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