PRICE (Dollars per pound) North South APPLES (Thousands of pounds per year) in the North, if the price goes up by $0.20 per pound, then the quantity supplied in the North goes up by 100 pounds per goes up by $0.20 in the South, what will happen to the quantity supplied? The quantity will increase by 100 pounds per year. The quantity will increase by 50 pounds per year. There is not enough information given to determine the supply change in the South. The quantity will decrease by 100 pounds per year.
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- The demand and supply schedule for gas is in a competitive market is shown in the Assume that you know the different prices and the different levels of quantity demanded and quantity supplied of gasoline in The Bahamas per month, other things remaining the same. a table below. NEW Quantity Supplied ('000 Gallons) Price Quantity DEMAND Demanded ($ per gallon) ($ per gallon) ('000 Gallons) 4.00 52,000 48,000 4.50 50,000 50,000 5.00 48,000 52,000 5.50 46,000 54,000 6.00 44,000 56,000. Construct the information given in the table in the space provided.Provide examples and/or latest news or updates of the supply and demand in USAPrice (dollars per gallon) 5.50 5.00 4,50 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0 DNovember Djuly os 100 200 300 400 500 600 Quantity (gallons per day) 2. The graph above shows the demand and supply of ice cream in a small town in July and November. In July, the equilibrium price is $3.00 and the equilibrium quantity is 200 gallons of ice cream a day. In November, the equilibrium price is $2.50 and the equilibrium quantity is 100 gallons a day. a. What happens to consumer surplus and producer surplus in November compared to July? Calculate the amount of consumer/producer in November and July. b. Calculate the amount of total surplus in November and July.
- Price ($/cup) 4 3.5 3 2.5 2 1.5 1 0.5 0 0 10 20 Original Supply A decrease in the price of coffee beans. New Demand Original Demand 30 40 50 60 70 80 90 Quantity (cups/hour) New Supply The figure above refers to the market for coffee. What might cause a shift from the original demand curve to the new demand curve? Check all that apply. An increase in the price of tea (a substitute for coffee). A decrease in income if coffee is an inferior good. An expectation that coffee prices will fall in the future. A decrease in the price of cream (a complement to coffee)Price ($/cup) 3.5 3 88 2.5 2 1.5 1 0.5 0 10 20 Original Supply New Supply New Demand Original Demand 30 40 50 60 70 80 90 Quantity (cups/hour) The figure above refers to the market for coffee. What might cause shift from the original supply curve to the new supply curve? Check all that apply. An increase in the price of tea (a substitute for coffee). An expectation that coffee prices will fall in the future. A decrease in the price of coffee beans. A storm in that wipes out a large part of the coffee crop. A new technology that reduces the cost of making coffee.53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8 a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000?
- The table below presents the market supply schedule for roses in an average month. In February in anticipation of St. Valentine's Day rose growers increase the quantity of roses they supply to the market by 50% at every price. Market Supply of Roses Price (dollars per dozen) 8.00 9.88 16.00 Price (dollars) 12.80 13.88 LL Quantity of Roses Supplied (dozens) AVE Average Month 200 225 250 275 Instructions: Round your answers to 1 decimal place a. Fill in the values in the supply schedule for the quantity of roses supplied in February. b. Draw the market supply curve for roses during an average month (S) and also draw the market supply curve for February (SFeb Instructions: Use the tools provided '3' and 'Sreb' to plot each line point by point (7 points each) Ⓡ 398 325 Min dozen 350 Supply of Roses 400 175 February Quantity (dozens) 550 Tools (V) a SECO c. At a market price of $11.00, what will be the quantity supplied of roses during the month of February? ThGiven the following data on individual gasoline supply and demand, calculate the market supply and demand, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 Quantity Demanded (Gallons per Day) $4 $3 $2 Al Betsy Casey Daisy Eddie Market Total 1 0 2 1 3 1 2 2 3 1 1 3 4 2 W N 4 1 3 4 3 $1 5 2 4 6 5 Price per Gallon Quantity Supplied (Gallons per Day) $5 $4 $3 $2 $1 Firm A Firm B Firm C Firm D Firm E Market Total 3 3 2 7 5 3 6 4 3 6 5 3 4 2 2 2 W N 3 1 2 1 3 2 0 2 1 a. What is the equilibrium price? $ per gallon b. Suppose the current price is $4. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day.The market for rice has the following supply and demand schedule. -What is the equilibrium price and quantity? -Calculate the revenue at equilibrium. -Quantity supplied is reduced by 30 tonnes. Calculate the new quantity supplied. What is the new equilibrium price and quantity now? -Calculate the new revenue. Did it increase or decrease? Price ($) Quantity demanded (tonnes) Quantity supplied (tonnes) 2 110 50 4 95 65 6 80 80 8 65 95 10 50 110 12 35 125
- Draw a supply and demand curve for oil. The government says we can no longer import oil from overseas, what happens to the supply or demand of oil? Why?What are the theory/theories that provide an explanation for the reason for cause and consequences of rising food price within a country.60 PRICE (Dollars per keyboard) 54 48 42 36 30 24 18 12 6 0 0 Supply Demand 100 200 300 400 500 600 700 800 900 1000 QUANTITY (Keyboards) The equilibrium price in this market is Market for Keyboards Price (Dollars per keyboard) Quantity Demanded (Keyboards) per keyboard, and the equilibrium quantity is 18 580 Quantity Supplied (Keyboards) 420 keyboards bought and sold per month.