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- Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?Mỹ Courses / BUSS 20 Test T D 035 20 Qui the quantity supplied and If there is surplus of a good, then the quantity demanded the price will 1 of Select one: 10 B a. Is less than rise tion 19 O b. Is greater than rise O c. Is less than_ fall Finish O d. Is greater than, fall Time Clear my choice Next page s pageHow will each of the following demand and buppyaffects euelionium price and exuelibrium quantityi market: Competitive @Demand deereatee and Sepply is Constant
- Think back to a purchase that you made recently. How would you describe your thinking before you made that purchase?In Class, 10–25 Minutes for Teams For each of thefollowing products, determine at least three differentprices that might be charged. Then survey each of theindividuals within your group to find out how much ofeach product they would buy at each price point foreach of the products. For each product, calculate theprice elasticity of demand to determine whether thedemand is elastic or inelastic.a. Cheese pizzas per monthb. Movie tickets per monthc. Concert tickets per yearAn increase in the demand for tattoos will lead to a: O higher price and a smaller quantity sold. O lower price and a smaller quantity sold O higher price and a larger quantity sold. O lower price and a larger quantity sold.
- Saved Refer to the table below containing the market demand schedule for canoes. Price ($ per canoe) Quantity Demanded (canoes per month) $800 250 700 300 600 350 ok 500 400 nt a. Draw a graph showing the demand curve D. Plot only the endpoints of the curve, 2 points in total, in the graph below. ences Demand for Canoes 900 Tools 800 Demand 700 600 500 400 250 300 200 50 150 350 450 100 400 500 OuantituInaneee nor manth) Mc Graw Hill MacBook Air 888 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 @ 23 $ % & 2 3 4 6. 7 8. E Y w/ Price ($ per canoe)If you wanted to increase demand for your restaurant butare unable to lower prices or increase advertising, whatsteps might you take?Refer to the figure and table to answer the following questions: Price (dollars per ounce) 0.50 0.45 0.40 0.35 0.30 2 0.25 0.20 0.15 0.10 0.05 ABCDEFG с H J A B с Point H to | = D E F G Price (per Ounce) $0.50 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.05 H 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 Quantity Demanded (ounces per show) 21 Quantity Demanded (Ounces per Show) 1 2 4 6 9 12 16 20 25 30 Instructions: In part a, round your responses to one decimal place. In part b, round your responses to two decimal places. a. Compute the price elasticity between points C and D and points H and I. Point C to D = b. Compute the total revenue at points C, D, H, and I. At point C = $ At point D = $ At point H = $ At point I = $ c. If there is a price decrease, total revenue will increase when demand is (Click to select)
- How will each of tbe pollowing demand Supplyaffecti eqpilbrius and "equilibium queatity Lompetitive narketi Supply and demand diagsams and feice in Also se to ansuer. ) Demand inereaser and Suply is Constantvork 4 Compatibility Mode Search ences Mailings Review View Help Text Box EAa A 而、前。 AaBbCcl AaBbCcI AaBbC AaB AaBbc 田。 1 Normal T No Spac... Heading 1 Title Subtit. Paragraph Styles 2. Suppose that the government determines that the price of high speed internet service is too high. In order to reduce the price, it proposes three alternative price ceilings: $20 a month, $40 a month, and $60 a month. The demand and supply schedules for high speed internet service are given below. Quantity demanded (millions of connections) 220 Quantity supplied (millions of connections) Price $15 $20 200 10 $25 180 20 $30 $35 $40 160 40 140 60 120 80 $45 100 100 $50 $55 80 130 60 170 $60 $65 40 210 20 250 a. In the absence of government intervention, i. What is the equilibrium price? 11. What is the equilibrium quantity? b. If the government enacts a price ceiling of $20 per month, i. What will be the price? What will be the quantity traded? What will be the excess demand? 11. 111 Focus hp 米 fs fg f9…Pricing with Market Power and Consumer SurplusPat’s Patriotic Tattoosis the only tattoo parlor in town.Pat tattoos only images of the American flag. Thereare 20 consumers whoare willing to buy a tattoo. Each consumeris interested in buying only onetattoo,butthey vary in their willingness to pay. One consumeris willing to pay $20for a tattoo; anotheris willingto pay $19; a third, $18, down to the consumerleast willing to pay whohasareservationprice of $1. The Effects of Price DiscriminationUse the exampleofPat’s Patriotic Tattoos to make some conclusions abouttheeffects of pricediscrimination.8. What happensto consumersurplusif a firm successfully price discriminates?9. What happenstothefirm’s profits if it successfully price discriminates?10. What happensto the quantity supplied by a successful price-discriminating monopoly firm compared with a nonprice-discriminating monopoly firm?11. How doesthe quantity supplied by a successful price-discriminating monopoly firm compare.with the…
