HomeworkLib
Question

Use the following data to draw the supply and demand curves on the accompanying graph. Price $8 Quantity denanded Quantity su
Instructions: Enter your responses as whole numbers a. What is the equilibrium price? b. If the current price is $7. @ What k
business   economics   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

10 8. Demand 4 Supply 1 2 4 5 6 7 8 3 Price($) in st 3. Quantity

a) The equilibrium price is $5.

b) i) Ans: Surplus

    ii) Ans: 4

Explanation:

If current price is $7, demand is 4 and supply is 8. The surplus amount is 8 - 4 = 4

c) i) Ans: Shortage

    ii) Ans: 2

Explanation:

If current price is $4, demand is 7 and supply is 5. The shortage amount is 7 - 5 = 2

0 0
Add a comment
Know the answer?
Add Answer to:
Use the following data to draw the supply and demand curves on the accompanying graph. Price...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • The following graph shows the monthly demand and supply curves in the market for calendars.

    12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for calendars. Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quantity supplied at that price. You will not be graded on any changes you make to this graph. The equilibrium price in this market is _______  per calendar, and the equilibrium quantity is _______  calendars bought and sold...

  • The following graph shows the monthly demand and supply curves in the market for hats.

    12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for hats. Use the graph input tool to help you answer the following questions. Enter an amount into the Price field to see the quantity demanded and quantity supplied at that price. You will not be graded on any changes you make to this graph. The equilibrium price in this market is _______  per hat, and the equilibrium quantity is _______  hats bought and sold...

  • 37. The following figure illustrates the demand and supply curves for a good in a competitive...

    37. The following figure illustrates the demand and supply curves for a good in a competitive market. Refer to the figure above. What is the equilibrium price of this good? a. $8 b. $7 c. $5 d. $3.50 38. The following figure illustrates the demand and supply curves for a good in a competitive market. Refer to the figure above. Suppose a price ceiling of $3.50 is imposed on this market. What would be a consequence of this price control...

  • Assume that the market can be represented by the supply and demand curves: Qs = 6P...

    Assume that the market can be represented by the supply and demand curves: Qs = 6P - 60 Qp = 60 - 4P If the price is 14 (P=14) then the quantity (Q) at market disequilibrium would result in A shortage of 20 units A surplus of 20 URT A surplus cf2units A shortage units n

  • The following graph shows the monthly demand and supply curves in the market for calendars.

     12. Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for calendars. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. The equilibrium price in this market is _______  per calendar, and the equilibrium quantity is...

  • Use the accompanying graph to answer these questions. a. Suppose demand is D and supply is...

    Use the accompanying graph to answer these questions. a. Suppose demand is D and supply is S0. If a price ceiling of $6 is imposed, what are the resulting shortage and full economic price? Shortage: Full economic price: $ b. Suppose demand is D and supply is S0. If a price floor of $12 is imposed, what is the resulting surplus? What is the cost to the government of purchasing any and all unsold units? Surplus:  units Cost to government: $...

  • 12: Market equilibrium and disequilibrium The following graph shows the monthly demand and supply curves in the market for hats.

    12: Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for hats. Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.The equilibrium price in this market is $_______  per hat, and the equilibrium quantity is _______...

  • 1. Draw the supply and demand for wheat on a graph, and indicate the equilibrium price...

    1. Draw the supply and demand for wheat on a graph, and indicate the equilibrium price and quantity. Suppose rice and wheat are consumption substitutes, and corn and wheat are production substitutes. Describe and show what happens in the market for wheat when 2 events occur at the same time: 1) the price of corn increases, and 2), a drought (lack of rain) occurs in rice-growing regions, causing the supply of rice to fall.. Suppose the drought in rice has...

  • 1, Graph the demand and supply curves and show the equilibrium price and quality. 2, At...

    1, Graph the demand and supply curves and show the equilibrium price and quality. 2, At a price of $3 per gallon, would there be a surplus or shortage of gasoline? How much would the surplus or shortage be? Indicate the surplus or shortage on the graph. 3, At a price of $6 per gallon, would there be a surplus or shortage of gasoline? How much would the surplus or shortage be? Show the surplus or shortage on the graph.

  • not sure what equation to use to find the supply and demand curves Unit 7-Market Intervention:...

    not sure what equation to use to find the supply and demand curves Unit 7-Market Intervention: Price Ceilings and Floors, Taxes Suppose that the demand curve for coffee is Q = 10-P and the supply curve is Q = P. Draw the supply and demand curves below. NWU1000 2 3 4 5 6 7 8 9 10 1. What is the equilibrium price and quantity? 2. What is total surplus, consumer surplus, and producer surplus? 3. Suppose the government implemented...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT