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Questions and Answers

(1101 solutions)

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The following graph presents the market for bikes in 2016. Between 2016 and 2017, the equilibrium quantity of bikes remained constant, but the equilibrium price of bikes decreased. Given this information, you can conclude that between 2016 and 2017, the supply of bikes    and the demand for bikes    .
Make changes to the graph to illustrate your answer by showing the positions of the supply and demand curves in 2017.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.`


The following graph presents the market for bikes in 2016. Between 2016 and 2017, the equilibrium quantity of bikes remained constant, but the equilibrium price of bikes decreased. Given this information, you can conclude that between 2016 and 2017, the supply of bikesincreased   and the d...

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Posted by Cleveland on August 30, 2024

13. How shifts in demand and supply affect equilibrium

Consider the market for pens. Suppose that new research has been published stating that the process of writing, erasing, and rewriting improves memorization, leading parents to avoid giving their children pens in favor of pencils. Further, the price of ink, a major input in the pen production process, has increased sharply.
On the following graph, labeled Scenario 1, indicate the effect these two events have on the demand for and supply of pens.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Next, complete the following graph, labeled Scenario 2, by shifting the supply and demand curves in the same way that you did on the Scenario 1 graph.
Compare both the Scenario 1 and Scenario 2 graphs. Notice that after completing both graphs, you can now see a difference between them that wasn't apparent before the shifts because each graph indicates different magnitudes for the supply and demand shifts in the market for pens.
Use the results of your answers on both the Scenario 1 and Scenario 2 graphs to complete the following table. Begin by indicating the overall change in the equilibrium price and quantity after the shift in demand or supply for each shift-magnitude scenario. Then, in the final column, indicate the resulting change in the equilibrium price and quantity when supply and demand shift in the direction you previously indicated on both graphs. If you cannot determine the answer without knowing the magnitude of the shifts, choose Cannot determine.
Equilibrium Object
Change in Equilibrium Objects
Scenario 1Scenario 2When Shift Magnitudes Are Unknown
Price            
Quantity            
True or False: When both the demand and supply curves shift, you can always determine the effect on price and quantity without knowing the magnitude of the shifts.

Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.Your AnswerScenario 1DemandSupply012345678910109876543210PRICE (Dollars per pen)QUANTITY (M...

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Posted by Cleveland on August 30, 2024

Market equilibrium and disequilibrium

The following graph shows the monthly demand and supply curves in the market for jackets.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
Market for Jackets
 
Price
(Dollars per jacket)
 
Quantity Demanded
(Jackets)
 
Quantity Supplied
(Jackets)
The equilibrium price in this market is
per jacket, and the equilibrium quantity is
 jackets per month.
Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices.
PriceShortage or SurplusShortage or Surplus AmountPressure
(Dollars per jacket)(Jackets)
42    
    
18    
    

he following graph shows the monthly demand and supply curves in the market for jackets.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amo...

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Posted by Cleveland on August 30, 2024

12. Market equilibrium and disequilibrium

The following graph shows the monthly demand and supply curves in the market for kettles.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
Market for Kettles
 
Price
(Dollars per kettle)
 
Quantity Demanded
(Kettles)
 
Quantity Supplied
(Kettles)
The equilibrium price in this market is
per kettle, and the equilibrium quantity is
 kettles per month.
Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices.
PriceShortage or SurplusShortage or Surplus AmountPressure
(Dollars per kettle)(Kettles)
60    
    
40    
    

The equilibrium price in this market is$50per kettle, and the equilibrium quantity is250 kettles per month.Points:1 / 1Close ExplanationExplanation:The market equilibrium occurs at the price at which quantity demanded equals quantity supplied. In this case, the demand and supply curves intersec...

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Posted by Cleveland on August 30, 2024

11. Disequilibrium

Suppose the market for trucks is unregulated. In other words, the price of trucks can adjust freely based on supply and demand forces.
If a shortage exists in the truck market, then the current price must be    than the equilibrium price. For equilibrium to be reached in the market, you would expect    .

Suppose the market for trucks is unregulated. In other words, the price of trucks can adjust freely based on supply and demand forces.If a shortage exists in the truck market, then the current price must belower   than the equilibrium price. For equilibrium to be reached in the market, you...

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Posted by Cleveland on August 30, 2024

10. Market equilibrium

The following table presents the monthly demand and supply in the market for boots in San Francisco.
PriceQuantity DemandedQuantity Supplied
(Dollars per pair of boots)(Pairs of boots)(Pairs of boots)
201,100200
40900400
60800500
80600900
1005001,200
On the following graph, plot the demand for boots using the blue point (circle symbol). Next, plot the supply of boots using the orange point (square symbol). Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in the market for boots.
Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.

The following table presents the monthly demand and supply in the market for boots in San Francisco.PriceQuantity DemandedQuantity Supplied(Dollars per pair of boots)(Pairs of boots)(Pairs of boots)201,1002004090040060800500806009001005001,200On the following graph, plot the demand for boots using t...

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Posted by Cleveland on August 30, 2024
The following graph plots the market for pizzas in Chicago, where you can assume there are always over 1,000 pizzerias. Suppose an innovation in the baking process makes it possible to produce more pizzas at a lower cost than ever before.
Show the effect of this change on the market for pizzas by shifting one or both of the curves on the following graph, holding all else constant.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.

Show the effect of this change on the market for pizzas by shifting one or both of the curves on the following graph, holding all else constant.Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to ...

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Posted by Cleveland on August 30, 2024
he following graph plots the market for gyros in Detroit, where there are always over 1,000 gyro trucks. Suppose the price of french fries decreases. (Assume that people regard gyros and french fries as complements.)
Show the effect of this change on the market for gyros by shifting one or both of the curves on the following graph, holding all else constant.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.

The following graph plots the market for gyros in Detroit, where there are always over 1,000 gyro trucks. Suppose the price of french fries decreases. (Assume that people regard gyros and french fries as complements.)Show the effect of this change on the market for gyros by shifting one or both of t...

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Posted by Cleveland on August 30, 2024

8. Shifts in supply or demand I

The following graph plots the market for electric guitars in Detroit, where there are always over 1,000 music stores. Suppose the Surgeon General issues a public statement saying that consuming electric guitars is good for your health.
Show the effect of this change on the market for electric guitars by shifting one or both of the curves on the following graph, holding all else constant.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Now suppose Congress passes a tax cut that increases the income of Detroit residents.
If electric guitars are a normal good, this will cause the demand for electric guitars to    .

Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.Your AnswerDemandSupplyPRICE (Dollars per guitar)QUANTITY (Guitars)D1  D2 Su...

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Posted by Cleveland on August 30, 2024

Shifts in supply or demand I

The following graph plots the market for scones in Houston, where there are always over 1,000 bakeries. Suppose Houston experiences an unexpected flood of tourists due to a major conference.
Show the effect of this change on the market for scones by shifting one or both of the curves on the following graph, holding all else constant.
Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to its original position, just drag it a little farther.
Now suppose Congress passes a new tax that decreases the income of Houston residents.
If scones are a normal good, this will cause the demand for scones to    .

Show the effect of this change on the market for scones by shifting one or both of the curves on the following graph, holding all else constant.Note: Select and drag one or both of the curves to the desired position. Curves will snap into position, so if you try to move a curve and it snaps back to ...

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Posted by Cleveland on August 30, 2024