Question

Use the table below to answer the following questions. Table 3.5.3 CoolU Demand and supply schedules for designer sport t-shirts at Quantity Demanded month) Price Quantity Supplied (dollars per 4shirt) (t-shirts per month) (t-shirts per 150 160 170 180 190 200 210 220 230 240 240 220 180 160 140 120 10 12 38) Refer to Table 35.3. A new store opens up on the edge of campus, Great Wild North Sportswear, 38)_ which has the capacity to do as much business as all the existing businesses. The quantity of t-shirts supplied doubles at each price. The new equilibrium price is and the new equilibrium quantity is t-shirts per month. C8: 400 A) 4; 400 B) 3; 300 D) 0; 400 E) 16; 200 Ise the table beloxo to answer the following questions Table 3.5.4 Quantities demanded and supplied in equilibrium before and after a drought strikes potato farms Region 1 Region 2 before after before after before after 3 50 50 60 100 30 10 5 50 4 20 50 39) Refer to Table 3.5.4. In Region 1, potatoes and hamburgers are 39) A) complements. B) substitutes. C) normal goods. D) inferior goods. E) unrelated goods. 40) In Table 3.5.4 potatoes and rice are 40) A) substitutes in Region 2 and complements in Region 1. B) substitutes in Region 1 and complements in Region 2. C) complements in both regions. D) unrelated goods in both regions. E) substitutes in both regions.

Answer 1

Price	Quantity Supplied	Quantity Demanded
(dollars per tshirt)	(tshirts per month)	(tshirts per month)
3	300	300
4	320	280
5	340	260
6	360	240
7	380	220
8	400	200
9	420	180
10	440	160
11	460	140
12	480	120

38) Therefore as per the table above, the new equilibrium price is $ 3 and the new equilibrium quantity is 300 tshirts per month

The correct answer is option B) 3,300

39) In region 1 Potatoes and hamburgers are complements (i.e. option A) since when quantity of potatoes reduce quantity of hamburgeres reduce as well

40)

The correct answer is option E i.e. substitutes in both region

In region 1 & 2 Potatoes and rice are substitutes since when quantity of potatoes reduce quantity of increases.