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![Dollars
9
490
MC
ATC
9
MR
Output
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Refer to the diagram. Equilibrium price is
Mutiple Choice](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F018b6d75-6390-4e2a-aa74-5d53025e611a%2Fa1f41550-4ac2-4f43-b5b9-052c98a43618%2F9emu3s_processed.jpeg&w=3840&q=75)
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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 is the difference between the demand and the quantity demanded of a product, say milk? Explain in words and show the difference on a graph with a demand curve for milk.What does a downward-sloping demand curve mean about how buyers in a market will react to a higher price?
- If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded of that product, will another 10 decrease in the price cause another 3 increase (no more and no less) in quantity demanded?As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of miller goods? Explain.Explain all the reasons why a decrease in a products price would lead to an increase in purchases.
- Suppose both of these events took place at the same time. Combine your analyses of the impacts of the iPod and the tariff Induction to determine the likely impact on the equilibrium price and quantity of Sony Walkman-type products. Shaw your answer graphically.Consider the demand for hamburgers. If the price of a substitute good (for example, hot dogs) increases and the price of a complement good (for example, hamburger buns) increases, can you tell for sure what will happen to the demand for hamburger? Why or why not? Illustrate your answer with a graph.What is the difference between the supply andthe quantity supplied of a product, say milk? Explainin words and show the difference on a graph with thesupply curve for milk.
- Answer Asap Plzz Calculate the equilibrium price. Suppose that demand and supply of apples are described by the following equations: P = 100 - 3Q (demand) P = 20 + Q.Table 3.9 illustrates the market's demand andsupply for cheddar cheese. Graph the data and find theequilibrium. Next, create a table showing the change inquantity demanded or quantity supplied, and a graph ofthe new equilibrium, in each of the following situations:a. The price of milk, a key input for cheeseproduction, rises, so that the supply decreases by80 pounds at every price.b. A new study says that eating cheese is good foryour health, so that demand increases by 20% atevery price.Draw a supply and demand diagram to illustrate the effect on equilibrium price andquantity traded for an inferior good of an increase in income
