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- what is the main problem in demand and supplyWhat happens to the price and the quantity boughtand sold in the cocoa market if countries producingcocoa experience a drought and a new study is releaseddemonstrating the health benefits of cocoa? Illustrateyour answer with a demand and supply graph.Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands. a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?c. Graph the demand and supply curve for bicycles.How can you determine the equilibrium priceand quantity from the graph? How can youdetermine the equilibrium price and quantityfrom the table? What are the equilibrium priceand equilibrium quantity?d. If the price was $120, what would the quantitiesdemanded and supplied be? Would a shortageor surplus exist? If so, how large would theshortage or surplus be?
- How does supply and demand work in everyday life?Do you use water for things that are beyond what is nec- essary to sustain life? What if the price of water in your home tripled? How would you respond? Are there activi- ties that you would change or stop doing? Briefly explain. Does your demand for water obey the law of demand?Graph the following data on social and market demand: Im pretty sure I have the graph correct but I am unsure how to find the anwsers to the questions. Price ($) 20 18 16 14 12 10 Market quantity demanded (units per month) 10 20 30 40 50 60 Social quantity demanded (units per month) 20 30 40 50 60 70 Does this product have external benefits or external costs? How large ($) is that externality
- Shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands.a. What is the quantity demanded and the quantity supplied at a price of $210? b. At what price is the quantity supplied equal to 48,000? c. Graphthedemandandsupplycurveforbicycles. How can you determine the equilibrium price and quantity from the graph? How can you determine the equilibrium price and quantity from the table? What are the equilibrium price and equilibrium quantity? d. If the price was $120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?18. Briefly explain whether each of the following represents a pub- lic good. a. A chef salad sold at the cafeteria in the county courthouse b. Palm trees planted along the median of the Pacific Coast Highway c. A Doppler radar station built at Chicago's O'Hare International Airport d. A new roller coaster at Cedar Point, an amusement park in Sandusky, Ohio e. A new fleet of police cars for the Oklahoma City Police Department f. The Vietnam Memorial in Washington, D.C. 1'CCSaved Refer to the table below containing the market demand schedule for canoes. Price ($ per canoe) Quantity Demanded (canoes per month) $800 250 700 300 600 350 ok 500 400 nt a. Draw a graph showing the demand curve D. Plot only the endpoints of the curve, 2 points in total, in the graph below. ences Demand for Canoes 900 Tools 800 Demand 700 600 500 400 250 300 200 50 150 350 450 100 400 500 OuantituInaneee nor manth) Mc Graw Hill MacBook Air 888 DII F1 F2 F3 F4 F5 F6 F7 F8 F9 @ 23 $ % & 2 3 4 6. 7 8. E Y w/ Price ($ per canoe)
- what is a rationing mechanism?At the start of 2010 the UK was hit extremely As a cold weather including snow and ice. As result there was major increase in demand for a salt to put on the roads to make them fater, However, the supply of salt in the UK comes mainly from 3 salt mines. The storage was to great that at one point to use less hard shoulder the government ordered council on the roads & stopped gritting the moto 4 notorways. the to the less geht Problem in the past meant councils had been instructed to hold a few days of worth to make Salt but this stock of the was not enough coldest period roads safe in what was fince 1963. I Drew the Supply curve that represents supply of salt. the why did the councils keep Stocks of salt ? "As it was severe winter, the demand of salt was high to for geathing & Supply couldn't keep pace with lit started to stock salt. so the councils I. Add to your first diagram a long curve for salt. Explain your diagram. run supplyillustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of thenewequilibrium, ineachofthefollowingsituations: a. The price of milk, a key input for cheese production,rises,sothatthesupplydecreasesby 80 pounds at every price. b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price.
