Exam 3: Demand and Supply

Use the table below to answer the following questions. Table 3.5.3 Demand and supply schedules for designer sport t-shirts at CoolU -Refer to Table 3.5.3.A new store opens up on the edge of campus, Great Wild North Sportswear, which has the capacity to do as much business as all the existing businesses.The quantity of t-shirts supplied doubles at each price.In addition, in a television interview, Joe Cool shows off his designer sport t-shirt, setting off a new craze that doubles business at the local sportswear establishments.The quantity of t-shirts demanded doubles at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ t-shirts per month.

Suppose the price of a football is $20.00 and the price of a basketball is $10.00.The ________ of a football is ________.

Good A is a normal good if

An increase in the price of ground beef

Use the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU -Refer to Table 3.5.2.Professor Hyper publishes a new study, showing that coffee raises the test performance of students.Students double their demand for coffee and the quantity of coffee demanded at each price doubles.The new equilibrium price is $________, and the new equilibrium quantity is ________ cups a day.

Use the table below to answer the following questions. Table 3.5.4 Quantities demanded and supplied in equilibrium before and after a drought strikes potato farms -In Table 3.5.4 potatoes and rice are

Use the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU -Refer to Table 3.5.2.The equilibrium price is $________ and the equilibrium quantity is ________ cups a day.

The demand curve for knobs is P = 75 - 6QD and the supply curve for knobs is P = 35 + 2QS.What is the equilibrium price of a knob?

Use the table below to answer the following questions. Table 3.5.3 Demand and supply schedules for designer sport t-shirts at CoolU -Refer to Table 3.5.3.Suppose that the price of a designer sport t-shirt is $10.The market has ________ leading to ________.

An increase in income

A technological improvement in the production of good A

Use the figure below to answer the following questions. Table 3.5.2 Demand and Supply Schedules for Cups of Coffee each day at CoolU -Refer to Table 3.5.2.A premature frost destroys half the coffee trees and the supply of coffee is cut in half.The new equilibrium price is $________ and the new equilibrium quantity is ________ cups a day.

Use the table below to answer the following questions. Table 3.5.1 The Market for Car-Seat Heaters -Refer to Table 3.5.1.Suppose a problem develops with car-seat heaters - they malfunction and occasionally cause serious burns.As a result, demand decreases by 100 heaters at each price.The new equilibrium price is $________ and the new equilibrium quantity is ________ heaters per month.

Today, the price of peanuts increases.Peanut butter producers and peanut butter consumers expect that the price of peanut butter will rise in the future.In the current market for peanut butter, the equilibrium price rises and the equilibrium quantity increases.It must be the case that

The opportunity cost of good A in terms of good B is equal to the

If we observe a rise in the equilibrium price of good A, we know that the demand for A has

Use the table below to answer the following questions. Table 3.1.1 -Refer to Table 3.1.1.In 2014, the relative price of cola in terms of tea is

All shredded wheat producers have decided to add a new ingredient, the "crunch enhancer" to shredded wheat.Crunch enhancer keeps cereals crisper longer in milk and, as a result, consumers decide they like shredded wheat more than before.What happens to the supply and demand curves for shredded wheat now that it costs more to produce and consumers like it better?

Which of the following events leads to a rise in the price of oranges?

Use the figure below to answer the following questions. Figure 3.4.1 -At price P₁ in Figure 3.4.1,