Microeconomics (12th Edition) (Pearson Series in Economics)
12th Edition
ISBN: 9780133872293
Author: Michael Parkin
Publisher: PEARSON
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Question
Chapter 3, Problem 19APA
(a)
To determine
Shortage or surplus.
(b)
To determine
Buyer’s choice.
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What are the factors that caused the consumer surplus?
a. Is the quantity demanded higher or lower than at the equilibrium price?
b. What about the quantity supplies?
c. Is there a shortage in the market? If so, how much?
What would happens to the quantity demanded if the price of bottled water rose from $1.00 to $1.50?
A. Quantity demanded will increase and there will be a shortage.
B. Quantity demanded will increase and there will be a surplus.
C. Quantity demanded will decrease and there will be a surplus.
Chapter 3 Solutions
Microeconomics (12th Edition) (Pearson Series in Economics)
Ch. 3.1 - Prob. 1RQCh. 3.1 - Prob. 2RQCh. 3.1 - Prob. 3RQCh. 3.2 - Prob. 1RQCh. 3.2 - Prob. 2RQCh. 3.2 - Prob. 3RQCh. 3.2 - Prob. 4RQCh. 3.2 - Prob. 5RQCh. 3.3 - Prob. 1RQCh. 3.3 - Prob. 2RQ
Ch. 3.3 - Prob. 3RQCh. 3.3 - Prob. 4RQCh. 3.3 - Prob. 5RQCh. 3.4 - Prob. 1RQCh. 3.4 - Prob. 2RQCh. 3.4 - Prob. 3RQCh. 3.4 - Prob. 4RQCh. 3.4 - Prob. 5RQCh. 3.5 - Prob. 1RQCh. 3.5 - Prob. 2RQCh. 3.5 - Prob. 3RQCh. 3 - Prob. 1SPACh. 3 - Prob. 2SPACh. 3 - Prob. 3SPACh. 3 - Prob. 4SPACh. 3 - Prob. 5SPACh. 3 - Prob. 6SPACh. 3 - Prob. 7SPACh. 3 - Prob. 8SPACh. 3 - Prob. 9SPACh. 3 - Prob. 10SPACh. 3 - Prob. 11APACh. 3 - Prob. 12APACh. 3 - Prob. 13APACh. 3 - Prob. 14APACh. 3 - Prob. 15APACh. 3 - Prob. 16APACh. 3 - Prob. 17APACh. 3 - Prob. 18APACh. 3 - Prob. 19APACh. 3 - Prob. 20APACh. 3 - Prob. 21APACh. 3 - Prob. 22APACh. 3 - Prob. 23APACh. 3 - Prob. 24APACh. 3 - Prob. 25APACh. 3 - Prob. 26APACh. 3 - Prob. 27APA
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- If the economy goes into a recession and income fall, what happen in the market for inferior good?arrow_forwardThere is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games. Why do shortages and surpluses exist for different games?arrow_forwardExercise 1: Read and graph the supply and demand schedules bebw to find the price where the market is at equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal) Price per Video Game in dollars) Quantity Demanded (in millions) Quantity Supplied (in millons) 100 100 1100 90 200 1000 300 900 70 400 800 60 500 700 50 600 600 40 700 500 30 800 400 20 900 300 10 1000 200 1100 100 888888888arrow_forward
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