Services
Discover
Homeschooling
Ask a Question
Log in
Sign up
Filters
Done
Question type:
Essay
Multiple Choice
Short Answer
True False
Matching
Topic
Business
Study Set
Macroeconomics Study Set 43
Quiz 3: Part A: Demand, Supply, and Market Equilibrium
Path 4
Access For Free
Share
All types
Filters
Study Flashcards
Question 41
Essay
Demand is represented by the equation, P = 80 - 0.3QD and supply by the equation P = 30 + 0.2QS.(a) Determine the equilibrium price and quantity.(b) What are the economic effects of a price ceiling at $41? (c) What are the economic effects of a price ceiling at $72? (d) What are the economic effects of a price floor at $62? (e) What are the economic effects of a price floor at $37?
Question 42
Essay
What are the consequences of reduced supply of lettuce for equilibrium price and quantity?
Question 43
Essay
What are the consequences for equilibrium price and quantity if there is an equal increase in the supply and demand for sushi?
Question 44
Essay
(a) Determine the equilibrium price and quantity if demand is represented by the equation, P = 40 - .2QD and supply by the equation P = 10 + .4QS.(b) Suppose demand changes and is now represented by the equation P = 52 - .2QD.Has demand increased or decreased? What is the new equilibrium price and quantity? (c) Suppose instead supply changes and is now represented by the equation P = 16 + .4QS.Has supply increased or decreased? What is the new equilibrium price and quantity?
Question 45
Essay
Explain the consequences on the primary and secondary markets for pre-setting below equilibrium prices for the popular women's figure skating event at the Olympic games?
Question 46
Essay
Determine the equilibrium price and quantity in each of the following.(a) Demand is represented by the equation, P = 28 - .2QD and supply by the equation P = 8 + .3QS.(b) Demand is represented by the equation, P = 30 - .5QD and supply by the equation P = 5 + .5QS.(c) Demand is represented by the equation, P = 20 - .3QD and supply by the equation P = 4 + .2QS.
Question 47
Essay
What are the consequences for equilibrium price and quantity if the supply of gasoline has decreased and the demand for gasoline has increased? Assume that the increase in demand outweighs the decrease in supply.