EBK INTERMEDIATE MICROECONOMICS AND ITS
12th Edition
ISBN: 9781305176386
Author: Snyder
Publisher: YUZU
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Question
Chapter 1, Problem 1.1P
(a)
To determine
Graphical representation of supply and
(a)
Expert Solution
Explanation of Solution
The figure (1) below represents the graphical representation of given demand and supply curves. Here, X- axis measures the quantity (Q) and Y-axis measures price (P).
The downward sloping curve is demand curve (DD) and the upward sloping curve is supply curve (SS).
(b)
To determine
Algebraic equation of supply and demand curves.
(b)
Expert Solution
Explanation of Solution
As shown in figure (1) above, the given points lie along two straight lines.
Use following point slope formula to calculate algebraic equation:
To calculate algebraic equation of demand curve, plug (700,1) and (600,2) in (1).
To calculate algebraic equation of supply curve, plug (100,1) and (300,2) in (1).
Thus, equations of demand (QD) and supply (QS) curves are as follows:
(c)
To determine
Excess demand of the good if the market price is zero.
(c)
Expert Solution
Explanation of Solution
Excess demand refers to a situation where market demand is more than market supply at the given market price. It can be calculated by subtracting market demand from market supply.
(d)
To determine
(d)
Expert Solution
Explanation of Solution
Excess supply refers to a situation where market supply is more than market demand at the given market price. It can be calculated by subtracting market supply from market demand.
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Chapter 1 Solutions
EBK INTERMEDIATE MICROECONOMICS AND ITS
Ch. 1.2 - Prob. 1MQCh. 1.2 - Prob. 2MQCh. 1.3 - Prob. 1TTACh. 1.3 - Prob. 2TTACh. 1.4 - Prob. 1TTACh. 1.4 - Prob. 2TTACh. 1.4 - Prob. 1MQCh. 1.4 - Prob. 2MQCh. 1.4 - Prob. 1.1MQCh. 1.4 - Prob. 1.2MQ
Ch. 1.5 - Prob. 1TTACh. 1.5 - Prob. 2TTACh. 1 - Prob. 1RQCh. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - Prob. 8RQCh. 1 - Prob. 9RQCh. 1 - Prob. 10RQCh. 1 - Prob. 1.1PCh. 1 - Prob. 1.2PCh. 1 - Prob. 1.3PCh. 1 - Prob. 1.4PCh. 1 - Prob. 1.5PCh. 1 - Prob. 1.6PCh. 1 - Prob. 1.7PCh. 1 - Prob. 1.8PCh. 1 - Prob. 1.9PCh. 1 - Prob. 1.10P
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