Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: Price $4 8 12 Quantity Demanded 10,000 tickets 8,000 6.000 Quantity Supplied 8,000 tickets 8,000 8.000
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- In an analysis of the market for paint, an economist discovers the facts listed below. State whether each of these changes will affect supply or demand, and in what direction. There have recently been some important cost-saving inventions in the technology for making paint. Paint is lasting longer so that property owners need not repaint as often. Because of severe hailstorms, many people need to repaint now. The hailstorms damaged several factories that make paint, forcing them to close down for several months.What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…
- Covid-19 pandemic has affected various economic sectors around the world. Consider face mask is a normal good; there is an impact on this good due to the pandemic. Illustrate and explain the impact of the demand and supply of face mask with the help of a diagram/graph by showing the impact before the pandemic, during the pandemic and after the pandemic.Suppose that the price of basketball tickets at yourcollege is determined by market forces. Currently, thedemand and supply schedules are as follows:Price Quantity Demanded Quantity Supplied$4 10,000 tickets 8,000 tickets 8 8,000 8,000 12 6,000 8,000 16 4,000 8,000 20 2,000 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. What are the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. The additional students will have the following demand schedule:Price Quantity Demanded$4 4,000 tickets 8 3,000 12 2,000 16 1,000 20 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the new demand schedule for theentire college. What will be the newequilibrium price and quantity?Refer to the table below containing the market demand and supply schedules for leather jackets. Price ($ per jacket) $300 Quantity Demanded (jackets per year) Quantity Supplied (jackets per year) 7,000 10,000 250 8,000 8,000 200 9,000 10,000 11,000 6,000 4,000 150 ok 100 2,000 nt a. Draw a graph showing the market demand and supply curves, D and So, and the associated equilibrium point. Use the line tools ences provided to plot only the 2 endpoints of each curve. Indicate each equilibrium point with the tool provided. Market Demand and Supply for Leather Jackets 350 Tools 300 So 250 200 Eo S1 150 100 E1 50 4 6. 8. 10 12 14 16 18 Faw Price ($ per jacket)
- al The dernand and supply schedules for wine are above. Plot both in a graph. Find the equilibrium price and quantity b) if the price of wine is currently $30, what is this situation called in the market? Plot this scenario in same graph in part (a) c) For part (b), how big is the gap between what consumers want and what suppliers want? d) What would eventually happen to price and quantity in the market in part (b)?Suppose we have the following market supply and demand schedules forbicycles: a. Plot the supply curve and the demand curve for bicyclesb. What is the equilibrium price of bicycles?c. What is the equilibrium quantity of bicycles?d. If the price of bicycles were €100, is there a surplus or a shortage? How many units ofsurplus or shortage are there? Will this cause the price to rise or fall ?the table below shows the market demand and supply of shoes. use the information in the table to answer the questions that follows price ( c ) quantity demanded quantity supplied 2 24,000 4,000 4 20,000 8,000 6 16,000 12,000 8 12,000 16,000 10 8,000 20,000 12 4,000 24,000 a) with quantity on the x-axis and price on the y-axis draw on the same graph the demand and supply curves. b) from the graph: (i) determine the equilibrium price and quantity (ii) with examples from the table, describe the relationship between price and quantity supplied ( c) if price is fixed at Ghc 6.0, what will be the effect on (i) quantity demanded (ii) quantity supplied (iii) the market?
- Directions: Read each scenario. Illustrate the change in demand or change in quantity demanded for the good mentioned in each scenario on the graphs provided. Write if it was a change in demand or a change in quantity demanded. List the determinant. 1. TheMarketinquestionisthebagelmarket.If the price of cream cheese rises, what do you expect to happen to the demand for bagels? A). Will the demand change (shift of the curve) of will the quantity demanded change (movement along the line)? Answer:______________________________________ B). If demand changes, will the curve shift to the right (increase in demand) or shift to the left (decrease in demand)? Please draw this on the graph above. C). If the demand changes, what is the factor or determinant affecting the change? Please see Supply/Demand Cheat Sheet...Hint: income (normal or inferior good, complement or substitute good), prices of related goods, tastes, expectations, population or numbers of buyers?…3 of 5 School of Business Department of Economics Problem 3 Given the below figure of fruit snack market. The market is currently at Dz and at point (a). Quontity ruit anacks a) Which movement reflects an increase in demand? b) Which movement reflects a decrease demand? c) Which movement reflects a decrease quantity demand but NOT a decrease in demand? School of Business Department of Economics Problem 4 Illustrate graphically and describe what will happen to the market demand in each of the below cases. 1. The price of Nescafe decreased; how will this affect the market for coffee mate?Draw a correctly labeled graph of ONLY the market demand, if Angel, Nadia, and Sally are the only consumers in the market. Price $5 $10 $15 $20 $25 Angel's Quantity Demanded 9 6 4 1 1 Sally's Quantity Demanded 7 6 4 32 2 Nadia's Quantity Demanded 10 6 3 1 0