Quantity Quantity Demanded Price Supplied 9 $ 11 13 10 10 12 11 9 11 12 8 10 13 7 9 14 6 15 5 8 7 Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? Multiple Choice $10 and 10 units $8 and 8 units $9 and 9 units $7 and 9 units

Quantity Quantity Demanded Price Supplied 9 $ 11 13 10 10 12 11 9 11 12 8 10 13 7 9 14 6 15 5 8 7 Refer to the above table. If demand decreased by 4 units at each price and supply decreased by 2 units at each price, what would the new equilibrium price and quantity be? Multiple Choice $10 and 10 units $8 and 8 units $9 and 9 units $7 and 9 units

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter5: Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 1.1P: (Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of...

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(Calculating Price Elasticity of Demand) Suppose that 50 units of a good are demanded at a price of Si per unit. A reduction in price to $0.20 results in an increase in quantity demanded to 70 units. Using the midpoint formula, show that these data yield a price elasticity of 0.25. By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
answer please the last 2 sub questions The estimated demand for Canadian Processed Pork is given byQD = 171 − 20p + 20pB + 3pC + 2Ywhere QD is the quantity of pork demanded (millions of kg), p is the dollarprice per kg, pB is the price of beef per kg, pC is the price of chicken perkg, and Y is average consumer income in thousands of dollars. The supplyfor this market is given byQS = 178 + 40p − 60pB(a) According to the equations, what is the effect of an increase of pCon the market for pork? Specifically, which curve will shift, in whatdirection does the curve shift, and how will the equilibrium priceand quantity change (increase/decrease). On a corresponding graphof the supply and demand, draw the shifting curve and change inequilibrium. Note that no specific numbers are required here. Justthe direction of change.(b) Use the equations to solve for the equilibrium price of pork and quantity of pork as functions of the exogenous variables pB, pC , and Y .These will be linear…
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What effect will each of the following have on the supply of auto tires? Microeconomics chapter 3 Supply is a schedule or curve showing the amounts of a productthat producers are willing to offer in the market at each possibleprice during a specific period. The law of supply states that otherthings equal, producers will offer more of a product at a high pricethan at a low price. Thus, the relationship between price and quantity supplied is positive or direct, and supply is graphed as anupsloping curve.The market supply curve is the horizontal summation of thesupply curves of the individual producers of the product.Changes in one or more of the determinants of supply (resource prices, production techniques, taxes or subsidies, the pricesof other goods, producer expectations, or the number of sellers inthe market) shift the supply curve of a product. A shift to the rightis an increase in supply; a shift to the left is a decrease in supply. Incontrast, a change in the price of the…
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