# weonomics

posted by .

Original quanity | new quantity . |price. |quanity supplied
demanded demanded
40 12\$ 80
45 11\$ 75
50 10\$ 70
55 9\$ 65
60 8\$ 60
65 7\$ 55
70 6\$ 50
75 5\$ 45

1. what is the equilibrium price and quanity? explain
2.what will occur if the price is instially set a \$12
3.what will occur if the price is originally set at \$5
4.draw a graph that illustrates the information for example

Now suppose that the demand increases by 10 units at each price. fill in the new quanity demanded in table above
5.determine the new equilibrium price and quanity
6.reproduce the graph tha u drew for question 4 and label oringinal demand and supply schedules and labal oringinal equilibium price and quanity. now draw new curves for new equilibrium aon same graph

• weonomics -

take a shot, what do you think?
hint: drawing a graph will help, put Price on the y-axis, Q on the x-axis. and plot Qs and Qd. Equilibrium occurs when Qs=Qd for a given price.

## Respond to this Question

 First Name School Subject Your Answer

## Similar Questions

1. ### economics

assume that the demand and supplu equations for bushels of wheat are as follows Qd=15-(3*P) Qs=1+(4*P) Also assume that, the equilibrium, Qd=Qs solve for equilibrium price by setting quanity demand equal to quanity supplied. what is …
2. ### More Economics

I have an lazy instructor using test bank questions unrelated to my text and need some help. The second question is "anything that makes the efficiency wage rise relative to the market-clearing wage will...A) increase both the quantity …
3. ### More Economics

I have an lazy instructor using test bank questions unrelated to my text and need some help. The second question is "anything that makes the efficiency wage rise relative to the market-clearing wage will...A) increase both the quantity …
4. ### Microeconomics

For each of the following situations for the egg market, describe what the impact on the equilibrium price and equilibrium quanity would be. 1-A sureon general warns that high-cholesterol foods cause heart attacks. - This would cause …
5. ### Economics

As price falls along the elastic portion of a linear demand curve, _______ decrease while _______ increase. Answers. A. only price; quantity demanded , consumer surplus, and consumer expenditures B. consumer surplus and price; quantity …
6. ### ecomonics

I am trying to understand the math part of supply and demand . I am not getting it,I really need help! The question is: The demand and supply functions for sweatshirts are as follows: DEMAND Supply Quanity Quanity demanded(per period) …
7. ### Economics

If demand is price elastic, total revenue is a.directly related to quantity demanded b.inversely related to quantity demanded c.directly related to price d.directly related to price and inversely related to quantity demanded e.not …
8. ### economics

When quantity supplied equals quantity demanded: A. there is disequilibrium B. the marked is cleared C. there is excess quantity demanded. D. there is excess quantity supplied I'm stuck between C and D but I think it's D?
9. ### economics please ?

When quantity supplied equals quantity demanded: A. there is disequilibrium B. the marked is cleared C. there is excess quantity demanded. D. there is excess quantity supplied I'm stuck between C and D but I think it's D?
10. ### ECONOMICS

Data Collected in the imaginary econmomy of Chipolaysia reveals that when the price of dorf decreased by 25%, the quantity of dorf sold increased by 10%, and the quanity of goo demanded decreased by 30%. What is the cross-price of …

More Similar Questions

Post a New Question