(Table: Market for Butter) Use Table: Market for Butter. If the government imposes a price floor of $0.90 per pound of butter, the quantity of butter actually purchased will be million pounds. Table: Market for Butter P Qs $1.20 9.0 12.0 1.10 9.5 11.0 1.00 10.0 10.0 0.90 10.5 9.0 0.80 11.0 8.0 Note: P = price per lb. in $; Qp = Quantity demanded in millions of Ibs.; Os = Quantity supplied in millions of Ibs. %3D %3D 9.0 O 10.5 O 10.0 O 1.5
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- (Figure: Demand and Supply of Sugar) Use Figure: Demand and Supply of Sugar. When the supply curve shifts from Sj to Sz. the new intersection of supply and demand indicates an equilibrium price ofand an equilibrium quantity of 4,000. This supply shift could have resulted from Price (per pound) $50 40 S2 30 25 20 15 10 100 200 300 400 500 600 Quantity of sugar (per month) $15; an increase in wages O$15; an improvement in sugar refining technology O$20; an increase in the number of buyers O$20; an increase in sugar pricesQuestion 2 12 Price 11 10 9 B Demand for Rice 0 -1 D 1 2 3 4 5 6 7 Supply of Rice Quantity of Rice 9 10 11 12 13 In the above graph, at the price of $7 per ton, the country experiences an excess demand of about 5 units of rice. an excess demand of about 3 units of rice. an excess supply of about 3 units of rice. an excess supply of about 6 units of rice.Price (per bushel) $10 9. 8 7. 6. 4 3. 21 2. 4 6 8 10 12 Quantity of wheat (thousands of bushels per period) Reference: Ref 3-6 Figure The Demand and Supply of Wheat (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat. A price of will result in a
- Only typed answer and please answer correctly Reference: Ref 5-1 (Table: The Market for Soda) Look at the table The Market for Soda. If the government imposes a price ceiling of $0.50 per can of soda, the quantity of soda supplied will be: 10 cans. 8 cans. 6 cans. 7 cans.(Figure: Supply and Demand in the Market for Cappuccinos) Use Figure: Supply and Demand in the Market for Cappuccinos. A price ceiling of $4 causes: Price of cappuccinos A $6 $5 C B $4 D E a shortage equal to the distance AB. a surplus equal to the distance AB. a shortage equal to the distance DE. no change in the market. Supply Demand 6 7 9 Quantity of cappuccinos (per week)(Figure: Market Demand for Oranges) Consider the figure Market Demand for Oranges. The amount by which the total If the price of oranges is benefits of oranges to consumers exceed consumers' total expenditures on oranges is called B, this quantity is depicted by the area Price (per bushel) 0 producer surplus; BCD consumer surplus; OCDE consumer surplus; BCD net benefit; OBDE Market Demand Quantity (per period)
- The demand and supply schedule for gas is in a competitive market is shown in the Assume that you know the different prices and the different levels of quantity demanded and quantity supplied of gasoline in The Bahamas per month, other things remaining the same. a table below. NEW Quantity Supplied ('000 Gallons) Price Quantity DEMAND Demanded ($ 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.Given 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.(Figure: Chocolate) If the price in the diagram is $5, what will happen? Price per pound $16 14 12- 10 9 D 20 40 Supply 00 60 100 120 140 160 The price will decrease because of a shortage. O The price will decrease because of a surplus. O The price will increase because of a surplus. O The price will increase because of a shortage. Pounds of chocolate (thousands)
- 3. Consider the following supply and demand model of the World tea supply (in billions of Kwacha) Price per Kg KO.38 КО.37 КО.36 КО.35 КО.34 | Quantity Supplied 1500 | Quantity Demanded 525 1000 600 700 700 600 900 550 1200 a) Using graphs determine the equilibrium price b) If there is a shortage or surplus when the price is KO.38 and KO.34, Calculate its size in billions of Kwacha and show that on the graph.Price (per bushel) $10 6. 5. 2. D. 2. 4. 6. 12. Quantity of wheat (thousands of bushels per period) 8. 10 Reference: Ref 3-6 Figure. The Demand and Supply of Wheat (Figure: The Demand and Supply of Wheat) Use Figure: The Demand and Supply of Wheat. A price of will result in a A) $6; shortageMarket for Gasoline Price (per litre) $5 4 3 2.50 2 1.50 1 0 ***** S1 Reference: Ref 3-4 Figure: Demand and Supply of Gasoline S2 D 100 200 300 400 500 600 Quantity of gasoline (per month) Use the graph for the market for gasoline above. A factor that may have changed supply from S₁ to S₂ is: Select one: O a. increased prices of substitutes in production for gasoline. b. lower labour productivity in gasoline production. O c. better technology in the production of gasoline. d. increased demand.