EBK PRINCIPLES OF MICROECONOMICS (SECON
2nd Edition
ISBN: 9780393616149
Author: Mateer
Publisher: W.W.NORTON+CO. (CC)
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Question
Chapter 2.A, Problem 1SP
(a)
To determine
Graphical representation of data.
(b)
To determine
Relationship between price and quantity demanded of the commodity.
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Students have asked these similar questions
The following table shows the weekly demand and supply in the market for ice cream in New York City.
Price
Quantity Demanded
Quantity Supplied
(Dollars per gallon of ice cream)
(Gallons of ice cream)
(Gallons of ice cream)
4
2,000
200
8
1,600
600
12
1,200
800
16
800
1,200
20
400
1,800
Based on the preceding table, plot the demand for ice cream on the following graph using the blue points (circle symbol). Next, plot the supply of ice cream using the orange points (square symbol). Finally, use the black point (cross symbol) to indicate the equilibrium price and quantity in the market for ice cream.
DemandSupplyEquilibrium0400800120016002000240024201612840PRICE (Dollars per gallon of ice cream)QUANTITY (Gallons of ice cream
Use the following demand schedule for cherries to draw a
graph of the demand curve. Be sure to label the demand
curve and each axis, and show each point on the demand
curve.
Price (dollars per
bushel)
60
50
40
30
20
Quantity (thousands of
bushels)
40
80
120
160
200
Use the editor to format your answer
The price of crude oil has been increasing. The price of a good rises in two cases, when demand rises or when supply falls, or both. It has been given that there has been a growing demand for crude oil for turning into refined petroleum (increase in demand), along with a decline in its production (fall in supply). It implies that both an increase in demand and a decrease in supply is responsible for the price rise.
Draw a graph to show the information.
Chapter 2 Solutions
EBK PRINCIPLES OF MICROECONOMICS (SECON
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