Problems
1. Given the information in Table 2, draw a graph of the demand and supply curves in Figure 4.
Table 2
|
Price |
Quantity Demanded |
Quantity Supplied |
|
$20 |
1 |
25 |
|
19 |
3 |
24 |
|
18 |
6 |
22 |
|
17 |
10 |
18 |
|
16 |
16 |
10 |
|
15 |
24 |
2 |
2. Equilibrium price is $______16.25__________; equilibrium quantity is _____
__________14_____________ (See Figure 4).
3. Given the information in Table 3, draw a graph of the demand and supply curves on Figure 5.
Table 3
|
Price |
Quantity Demanded |
Quantity Supplied |
|
$15 |
1 |
27 |
|
14 |
4 |
25 |
|
13 |
9 |
21 |
|
12 |
16 |
12 |
|
11 |
22 |
6 |
|
10 |
26 |
2 |
4. Equilibrium price is $_____12.25___________; equilibrium quantity is _14______.
5. In Figure 6, draw a new supply curve indicating a decrease in supply. Indicate the new equilibrium price and quantity.
6. In Figure 7, draw a new demand curve indicating an increase in demand. Indicate the new equilibrium price and quantity.
7. Given the information in Table 4, make your best estimate of equilibrium price and quantity. This is not the question where you draw a graph.
Table 4
|
Price |
Quantity Demanded |
Quantity Supplied |
|
$6 |
12 |
19 |
|
5 |
18 |
13 |