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- Fully explain the difference between a change in supply and a change in quantity supplied.According to the graph above, what is the quantity supplied and quantity demanded at $50?Suppose a decrease in the world demand for desktop computers causes the price of desktop computers to fall from $600 to $500. Before the fall in demand, Juna, a local computer dealer in Japan, used to produce 9,000 desktop computers and exported 50 percent of it to other countries every week. However, after the fall in demand, Juna reduced its production to 8,000 units and exports only 40 percent of its total output.a. What are the changes in the quantity sold to domestic consumersb. What are the changes in the consumer surplus?c. Sketch a diagram to illustrate the changes for Juna.
- The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collectedExplain the concept of changes in price and impact on changes in quantity demanded and quantity supplied. Graphically illustrateHow are quantity supplied and quantity demanded affected by changes in prices? Give an example of how these quantities might change if the price decreases.
- Demand for cookies is of the following form: P=20-4QD, where QD is millions of cookies demanded per year and P is price in US dollars. Supply of cookies of the following form: P=6+Qs, where QS is millions of cookies supplied per year and P is price in US dollars. a. What is the equilibrium quantity of cookies traded? Solve the equation, showing your work. b. Graph the supply and demand curves, marking their intersection. Be sure to label intercepts, equilibrium, etc. c. The government imposes a tax of $2 per cookie on producers of cookies. What is the new equilibrium quantity of cookies traded? Solve the equation, showing your work. d. In a graph, show how the supply curve has shifted. What price do consumers now pay? After paying the tax, how much to producers receive.What is diminishing prices?The following graphs show the relationship between the price of peaches and the quantity of peaches supplied in two different regions, the North and the and South. Assume that the two lines are parallel. In the North, if the price goes down by $0.40 per pound, then the quantity supplied in the North goes down by 600 pounds per year. If the price of peaches goes down by $0.40 in the South, what will happen to the quantity supplied? A. There is not enough information given to determine the supply change in the South. B. The quantity will decrease by 600 pounds per year. C. The quantity will increase by 600 pounds per year. D. The quantity will increase by 300 pounds per year.
- Cho's Quantity Supplied Bob's Quantity Supplied Price (Dollars per pair) (Pairs) (Pairs) 10 16 20 16 32 30 24 44 40 28 52 50 32 56 On the following graph, plot Bob's supply of shoes using the green points (triangle symbol). Next, plot Cho's supply of shoes using the purple points (diamond symbol). Finally, plot the market supply of shoes using the orange points (square symbol). Note: Line segments will automatically connect the points. Remember to plot from left to right. 60 Bob's Supply 50 40 Cho's Supply 30 Market Supply 20 10 16 32 48 64 80 96 QUANTITY (Pairs) PRICE (Dollars per pair)In the early 2000s the price of gasoline rose, causing the demand for hybrid cars to rise. As a result the price of hybrid cars rose. This made _____________ rise. Should the missing words be the supply or the quantity supplied?explain what is the difference between a “change in supply” and a “change in quantity supplied
