Use the following graph for the milk market to answer the question below. Price (dollars per gallon) 2.00 1.50 1.00 20 26 28 30 Quantity (millions of gallons) In this market, the equilibrium price is and equilibrium quantity is Multiple Choice $1.50 per gallon: 28 million gallons $1.50 per gallon: 30 million gallons $28 per gallon; 150 million gallons $1.00 per gallon: 36 million gallons. 36

Use the following graph for the milk market to answer the question below. Price (dollars per gallon) 2.00 1.50 1.00 20 26 28 30 Quantity (millions of gallons) In this market, the equilibrium price is and equilibrium quantity is Multiple Choice $1.50 per gallon: 28 million gallons $1.50 per gallon: 30 million gallons $28 per gallon; 150 million gallons $1.00 per gallon: 36 million gallons. 36

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 3PA

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Use the following graph for the milk market to answer the question below. Price (dollars per gallon) 2.00 1.50 1.00 0 20 26 28 30 Quantity (millions of gallons) In this market, the equilibrium price is and equilibrium quantity is Multiple Choice B O $1.50 per gallon; 28 million gallons $1.50 per gallon; 30 million gallons. $28 per gallon; 150 million gallons. 36 $1.00 per gallon; 36 million gallons. D
Given the following data on individual gasoline demand and supply, calculate the market demand and supply, and then answer two questions. Instructions: Enter your responses as a whole number. Price per Gallon $5 $4 $3 Quantity Demanded (Gallons per Day) Ali 1 2 0 1 2 2 Brianna Cole Market Total 3 1 3 $2 $1 4 1 3 5 2 4 Price per Gallon $5 $4 $3 $2 $1 Quantity Supplied (Gallons per Day) Firm A 1 Firm B 2 Firm C 2 Market Total 1 3 2 1 1. 2 0 1 1 a. What is the equilibrium price? per gallon b. Suppose the current price is $5. At this price, how much of a shortage or surplus exists? There would be a (Click to select) of gallons per day. 0 0 0
Use the following graph for the milk market to answer the question below. MA Price (dollars per gallon) 2.00 1.50 1.00 0 20 26 28 30 Multiple Choice S Quantity (millions of gallons) In this market, the equilibrium price is and equilibrium quantity is_____ $1.50 per gallon; 28 million gallons. $1.50 per gallon; 30 million gallons. $28 per gallon; 150 million gallons. 36 $1.00 per gallon; 36 million gallons. D
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.
What is the equilibrium price of a small soda? * Market Demand Schedule Price of a Number Small demanded Soda per day $0.25 $0.50 $0.75 $1.00 890 500 480 470 $1.25 $1.50 $1.75 410 350 280 $2.00 $2.25 240 200 $2.50 $2.75 150 100 O $1.00 $1.25 $1.50 $1.75 not enough information available to determine
Use the diagrams below to answer the following questions: Price per gallon ($) Milk Demand in Gallons 4.00 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.001 A B D 0 1 2 3 4 5 6 7 8 9 10 Quantity (gallons per month) K7 Price per gallon ($) Milk Demand in Quarts 4.00- 3.50- 3.00- 2.50- 2.00- 1.50- 1.00- 0.50- 0.001 A B -D 0 4 8 12 16 20 24 28 32 36 40 Quantity (quarts per month) N The diagram on the left depicts Marley's demand for milk in gallons. If price falls from $2.25 per gallon to $1.75 per gallon, gallons purchased would increase from 3 to 7 gallons (4 gallons) per month. The slope of this demand curve is (Enter your response rounded to three decimal places.) The diagram on the right depicts Marley's demand for milk in quarts. If there is an identical price decline, quarts purchased would increase from 12 to 28 (16 quarts) per month purchased. The slope of this demand curve is (Enter your response rounded to three decimal places.)
-How has Covid-19 affected the market for gasoline? Which of the main influences of supply and demand do you think were responsible for the price changes? (See textbook pages 90-91 and 97-98.) Be specific and explain why and how the “main influences” you chose had an impact on the gasoline market.
Suppose that the quantity demanded and quantity supplied in the market for milk is as follows: Price per Gallon Quantity Demanded Quantity Supplied $5 1000 5000 $4 2000 4500 $3 3500 3500 $2 59 4100 2000 $1 6000 1000 What is the equilibrium price and quantity of milk? price: $4; quantity: 4500 O price: $3; quantity: 3500 .price: $2, quantity: 2000
h. Producers expect the price of hot chocolate to increase next month. If the price of hot chocolate is $.50 per cup above equilibrium. Problem 5: The table below shows the quantities demanded of milk per month by four families at various prices. Price of Gallon of The Berman Milk $3.00 $4.00 $5.00 $6.00 The Harris Family 12 10 The Johnson Family The Patel Family Family 14 10 6 |2 15 12 9 6 7 6 6 If the four families listed are the only demanders in this market and the price of a gallon of milk is $4.00, what is the market quantity demanded? a. If the four families listed are the only demanders in this market and the price of a gallon of milk increases from $4.00 to $5.00, what is the change in the market quantity demanded? b.
Market 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.
Suppose that when milk sells for $4.50 per gallon, the quantity of milk demanded is 3,250 gallons per day and the quantity of milk supplied is 3,860 gallons per day. Will the equilibrium price of milk be greater than, less than, or equal to $4.50 per gallon? O The equilibrium price of milk will be less than $4.50. O There is not enough information to determine whether the equilibrium price of milk will be greater than, less than, or equal to $4.50. O The equilibrium price of milk will be greater than $4.50. O The equilibrium price of milk will be equal to $4.50.
The market for fitness trackers is made up of five firms, and the data in the following table represents each firm's quantity supplied at various prices. Fill in the column for the quantity supplied in the market. Firm Price A 5 $25 50 75 m 7 9 100 11 Quantity supplied by: Firm Firm Firm B C D 0 3 5 7 10 2 5 8 11 3 co c 6 9 Firm E Market 5 6 7 8 Price of fitness trackers ($) 150- 125- 100- 75- 50- 25- 0 5 10 15 20 25 30 35 40 45 50 55 60 Quantity of fitness trackers