Exam 4: The Market Forces of Supply and Demand: Part A

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Scenario 4-1 Suppose the demand schedule in a market can be represented by the equation ,where is the quantity demanded and is the price.Also,suppose the supply schedule can be represented by the equation ,where is the quantity supplied. -Refer to Scenario 4-1.What is the equilibrium quantity in this market?

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Question 21

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if the price of this good increases.

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Question 22

Suppose the supply and demand of corn both increase.As a result,what will happen to the equilibrium price and equilibrium quantity in the market?

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Question 23

Figure 4-29 -Refer to Figure 4-29.If the price increases from $5 to $6,how does the quantity demanded change?

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Question 24

Fill in the table below,showing whether equilibrium price and equilibrium quantity go up,go down,stay the same,or change ambiguously.

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Question 25

If income rises in the market for an inferior good,will the demand curve for the inferior good shift to the right or to the left?

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Question 26

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if a news report stated that the price of this good was expected to increase next week.

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Question 27

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.What are the values of the equilibrium price and quantity?

(Short Answer)

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Question 28

If the demand for a good increases at the same time as the supply of the same good decreases,what will happen to the equilibrium price and quantity of the good?

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Question 29

Figure 4-30 -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Which curve(s)shift(s)and in which direction?

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Question 30

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if the price of a substitute for this good becomes more expensive.

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Question 31

Does a change in the price in a market result in a shift of the demand curve or in a movement along the demand curve?

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Question 32

Suppose goods A and B are complements.If the price of good A increases,will the demand for good B increase or decrease?

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Question 33

Figure 4-29 -Refer to Figure 4-29.The movement from S1 to S2 is a

(Short Answer)

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Question 34

Studies show that lower cigarette prices are associated with greater use of marijuana;therefore,tobacco and marijuana are

(Short Answer)

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Question 35

Scenario 4-1 Suppose the demand schedule in a market can be represented by the equation ,where is the quantity demanded and is the price.Also,suppose the supply schedule can be represented by the equation ,where is the quantity supplied. -Refer to Scenario 4-1.Suppose the supply curve shifts to .What is the new equilibrium price and quantity in this market?

(Short Answer)

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Question 36

Suppose researchers discover a new,lower cost method of producing calculators.As a result,will the supply of calculators increase or decrease?

(Short Answer)

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Question 37

Suppose goods A and B are substitutes.If the price of good A increases,will the demand for good B increase or decrease?

(Short Answer)

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Question 38

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Exam 4: The Market Forces of Supply and Demand: Part A

Figure 4-28 ​ -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if the price of this good increases.

Suppose the supply and demand of corn both increase.As a result,what will happen to the equilibrium price and equilibrium quantity in the market?

Figure 4-29 ​ -Refer to Figure 4-29.If the price increases from $5 to $6,how does the quantity demanded change?

Fill in the table below,showing whether equilibrium price and equilibrium quantity go up,go down,stay the same,or change ambiguously.

If income rises in the market for an inferior good,will the demand curve for the inferior good shift to the right or to the left?

Figure 4-28 ​ -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if a news report stated that the price of this good was expected to increase next week.

Figure 4-31 Consider the market for 2-packs of light bulbs below. ​ -Refer to Figure 4-31.What are the values of the equilibrium price and quantity?

If the demand for a good increases at the same time as the supply of the same good decreases,what will happen to the equilibrium price and quantity of the good?

Figure 4-30 ​ -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Which curve(s)shift(s)and in which direction?

Figure 4-28 ​ -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if the price of a substitute for this good becomes more expensive.

Does a change in the price in a market result in a shift of the demand curve or in a movement along the demand curve?

Suppose goods A and B are complements.If the price of good A increases,will the demand for good B increase or decrease?

Figure 4-29 ​ -Refer to Figure 4-29.The movement from S1 to S2 is a

Studies show that lower cigarette prices are associated with greater use of marijuana;therefore,tobacco and marijuana are

Suppose researchers discover a new,lower cost method of producing calculators.As a result,will the supply of calculators increase or decrease?

Suppose goods A and B are substitutes.If the price of good A increases,will the demand for good B increase or decrease?

Ten Principles of Economics

Ten Principles of Economics: How People Make Decisions

Ten Principles of Economics: How People Interact

Ten Principles of Economics: How the Economy As a Whole Works

Ten Principles of Economics: Part A

Ten Principles of Economics: Part B

Thinking Like an Economist

Thinking Like an Economist: The Economist As Scientist

Thinking Like an Economist: The Economist As Policy Adviser

Thinking Like an Economist: Why Economists Disagree

Thinking Like an Economist: Lets Get Going

Thinking Like an Economist: Graphing a Brief Review

Thinking Like an Economist: Part A

Thinking Like an Economist: Part B

Interdependence and the Gains From Trade

Interdependence and the Gains From Trade: A Parable for the Modern Economy

Interdependence and the Gains From Trade: Comparative Advantage the Driving Force of Specialization

Interdependence and the Gains From Trade: Applications of Comparative Advantage

Interdependence and the Gains From Trade: Conclusion

Interdependence and the Gains From Trade: Part A

Interdependence and the Gains From Trade: Part B

The Market Forces of Supply and Demand

The Market Forces of Supply and Demand:Markets and Competition

The Market Forces of Supply and Demand: Demand

The Market Forces of Supply and Demand: Supply

The Market Forces of Supply and Demand: Supply and Demand Together

The Market Forces of Supply and DemandConclusion How Prices Allocate Resources

The Market Forces of Supply and Demand: Part B

Elasticity and Its Applications

Elasticity and Its Applications: The Elasticity of Demand

Elasticity and Its Applications: The Elasticity of Supply

Elasticity and Its Applications: Three Applications of Supply,demand,and Elasticity

Elasticity and Its Applications: Part A

Elasticity and Its Applications: Part B

Supply Demand and Government Policies

Supply Demand and Government Policies: Controls on Prices

Supply Demand and Government Policies: Taxes

Supply Demand and Government Policies: Part A

Supply Demand and Government Policies: Part B

Consumers Producers and the Efficiency of Markets

Consumers Producers and the Efficiency of Markets: Consumer Surplus

Consumers Producers and the Efficiency of Markets: Producer Surplus

Consumers Producers and the Efficiency of Markets: Market Efficiency

Consumers Producers and the Efficiency of Markets: Conclusion Market Efficiency and Market Failure

Consumers Producers and the Efficiency of Markets: Part A

Consumers Producers and the Efficiency of Markets: Part B

Application the Cost of Taxation

Application the Cost of Taxation: The Deadweight Loss of Taxation

Application the Cost of Taxation: The Determinants of the Deadweight Loss

Application the Cost of Taxation: Deadweight Loss and Tax Revenue As Taxes Vary

Application the Cost of Taxation: Conclusion

Application the Cost of Taxation: Part A

Application the Cost of Taxation: Part B

Application International Trade

Application International Trade: The Determinants of Trade

Application International Trade: The Winners and Losers From Trade

Application International Trade: The Arguments for Restricting Trade

Application International Trade: Conclusion

Application International Trade: Part A

Application International Trade: Part B

Measuring a Nations Income

Measuring a Nations Income: The Economy's Income and Expenditure

Measuring a Nations Income: The Measurement of GDP

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if the price of this good increases.

Figure 4-29 -Refer to Figure 4-29.If the price increases from $5 to $6,how does the quantity demanded change?

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if a news report stated that the price of this good was expected to increase next week.

Figure 4-31 Consider the market for 2-packs of light bulbs below. -Refer to Figure 4-31.What are the values of the equilibrium price and quantity?

Figure 4-30 -Refer to Figure 4-30.In this market for iPhones,the technology improves while all other factors remain constant.Which curve(s)shift(s)and in which direction?

Figure 4-28 -Refer to Figure 4-28.Using the points on the figure,describe the change that would occur if the price of a substitute for this good becomes more expensive.

Figure 4-29 -Refer to Figure 4-29.The movement from S1 to S2 is a