Market Equilibrium Worksheet 1. The following table shows the supply and demand schedules in a market...

Market Equilibrium Worksheet

1. The following table shows the supply and demand schedules in a market for sandals.

Price ($)	Quantity Demanded (units)	Quantity Supplied (units)
0	50	0
2	40	15
4	30	30
6	20	45
8	10	60
10	0	75

What is the equilibrium price in the sandals market?

What is the equilibrium quantity in the sandals market?

At a price of $2, will there be a surplus or shortage of sandals in this market?

At a price of $8, how large of a surplus will there be in this market?

If the supply curve shifts to the right, will the price in this market rise or fall?

Expert Solution

Rahul Sunny answered 1 year ago

The following schedules shows the demand and supply for a product. Schedule 1: Demand of individual...

The following schedules shows the demand and supply for a product. Schedule 1: Demand of individual consumers Schedule 2: Supply from individual producers Schedule 1 Schedule 2 Price Consumer X Consumer Y Consumer Z Price Producer A Producer B Producer C 10 40 40 60 10 20 20 20 20 35 35 50 20 25 30 25 30 30 30 40 30 30 40 30 40 25 25 30 40 35 50 35 50 20 20 20 50 40 60...

1. [Market Equilibrium] Following table shows information about the demand for apples in the wholesale market....

1. [Market Equilibrium] Following table shows information about the demand for apples in the wholesale market. Price, P ($/lb) Quantity Qd (lbs) 10 0 8 4 6 8 4 12 2 16 (a) Draw a graph with Price (P) on the vertical axis and Quantity demanded (Qd) on the horizontal axis? (b) Write the equation for this inverse demand function. (c) What is the quantity demanded when P = $3/lb? Following table shows information about the supply of 20 lbs...

The table below shows the supply and demand schedules for sales of bags of chips. PRICE...

The table below shows the supply and demand schedules for sales of bags of chips. PRICE (dollars/bag) QUANTITY DEMANDED QUANTITY SUPPLIED (bags/week) $1.00 200 110 $1.25 175 130 $1.50 150 150 $1.75 125 170 $2.00 100 190 Question 1: What is the market equilibrium? Question 2: Describe the situation in the chip market if the price were $1.75 per bag. Question 3: If the price is $1.75/bag, explain how the market reaches equilibrium. Question 4: A bad year for potatoes...

The following table shows the weekly demand and supply in the market for orange juice in...

The following table shows the weekly demand and supply in the market for orange juice in Houston. Price Quantity Demanded Quantity Supplied (Dollars per gallon of orange juice) (Gallons of orange juice) (Gallons of orange juice) 2 500 50 4 400 150 6 300 200 8 200 300 10 100 450 On the following graph, plot the demand for orange juice using the blue point (circle symbol). Next, plot the supply of orange juice using the orange point (square symbol)....

Change in Demand or Supply from Market Equilibrium and Policy The following table displays the demand...

Change in Demand or Supply from Market Equilibrium and Policy The following table displays the demand for kale in a small suburban town in East Kansas. Due to a recent article describing the health benefits to kale gaining popularity, the quantity of kale demanded increased by 10lbs at every price point. Price (dollars per pound) Old Quantity Demanded (lbs) New Quantity Demanded (lbs) Quantity Supplied (lbs) $1.50 30 10 $1.75 25 15 $2.00 20 20 $2.25 15 25 $2.50 10...

Table 1 below shows the schedule of demand and supply in the Market for Michigan wine....

Table 1 below shows the schedule of demand and supply in the Market for Michigan wine. Use this table to answer the following questions. Table 1 - Demand & Supply in the Market for Michigan Wine Market Price (P ) Quantity Demanded (Qd ) Quantity Supplied (Qs ) $0 150 0 $10 125 50 $20 100 100 $30 75 150 $40 50 200 $50 25 250 $60 0 300 Explain why a price of $40 cannot be an equilibrium price...

The table below shows aggregate demand and aggregate supply schedules in a hypothetical economy, Acadia. Aggregate...

The table below shows aggregate demand and aggregate supply schedules in a hypothetical economy, Acadia. Aggregate Demand and Aggregate Supply Schedules for Acadia Real GDP (AD0) (AD1) (AS0) (AS1) Price Level (2012 = 100) (2012 $ billions) 125 180 205 220 245 120 190 215 215 240 115 200 225 200 225 110 210 235 185 210 105 220 245 165 190 a. Draw a graph showing Acadia's AD0, AD1, AS0 and AS1. Using the tools given below plot only...

Table 1 below shows the schedule of demand and supply in the Market for Michigan wine. Use this table to answer the following questions.

Table 1 below shows the schedule of demand and supply in the Market for Michigan wine. Use this table to answer the following questions.MarketPrice (P )QuantityDemanded (Qd )Quantity Supplied (Qs )$01500$1012550$20100100$3075150$4050200$5025250$600300Explain why a price of $40 cannot be an equilibrium price in this market.Draw a figure (call it Figure 1) representing the Market for Michigan wine (i.e. demand and supply curves). Be sure to fully label the graph. You can assume that demand and supply are continuous between points.On Figure...

The following table sets the demand and the supply schedules for flower bouquet on a normal ...

The following table sets the demand and the supply schedules for flower bouquet on a normal weekend. 16 marks Price of a flower bouquet Quantity demanded Quantity supplied (Flower bouquet per week) 7 90 30 9 80 35 12 50 50 19 40 70 24 25 80 What is the market equilibrium price and quantity? Why? Describe the situation in the flower market if the price of a flower bouquet...

Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules...

Refer to Table 3.1 to answer the following question Table 3.1 Individual Demand and Supply Schedules Quantity Demanded by Price Alejandro Ben Carl Market $8.00 8 4 2 _____ 6.00 12 4 4 _____ 4.00 20 4 6 _____ 2.00 22 4 6 _____ Quantity Supplied by Price Avery Brandon Cassandra $8.00 60 4 6 _____ $6.00 42 4 4 _____ $4.00 24 4 2 _____ $2.00 6 4 0 _____ In Table 3.1, the equilibrium market quantity is Multiple...

Question