Exam 3: Demand and Supply

What will happen to the equilibrium price and quantity of coffee if it is discovered to help prevent colds and, at the same time, Brazil and Vietnam emerge in the global market as massive producers of coffee?

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 coffee in terms of cola is

Use the figure below to answer the following questions. Figure 3.4.1 -At price P₃ in Figure 3.4.1,

Complete the following sentence.A surplus

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 $6.The market has ________ leading to ________.

Use the table below to answer the following questions. Table 3.1.1 -Refer to Table 3.1.1.Between 2013 and 2014, the price of coffee relative to the price of tea ________, while the price of coffee relative to the price of cola ________.

Tim Hortons' Risks Tim Hortons has exploded to become a dominant player among quick-serve restaurants. In 2001, it took the risk by switching to centralized production of baked goods, which lowered its labour costs and increased its sales volume. Source: Financial Post, August 12, 2010 -Lower labour costs

Use the figure below to answer the following questions. Figure 3.5.1 -Initially, the demand curve for good A is D₂ in Figure 3.5.1.Suppose good B is a substitute for good A.If the price of B falls

Use the table below to answer the following questions. Table 3.4.1 -Refer to Table 3.4.1.At a price of $3 a unit

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

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.In a television interview, Joe Cool shows off his designer sport t-shirt, setting off a new craze that doubles business at the sportswear establishments.This would be represented as a

Use the figure below to answer the following questions. Figure 3.2.1 -Given Figure 3.2.1, under what condition are consumers willing to buy more than 9,000 apples per week?

The price of good A rises, and the demand curve for good B shifts leftward.We can conclude that

The Genius Software Company has developed an amazing new software package to be used only with Einstein Computers.As a result, the equilibrium price of

Use the table below to answer the following questions. Table 3.4.1 -Refer to Table 3.4.1.The equilibrium quantity is 420 units if

Some sales managers are talking shop.Which one of the following quotations does not refer to a rightward shift of the demand curve?

Use the information below to answer the following questions. Fact 3.5.1 The market for coffee is initially in equilibrium. Pepsi is a substitute for coffee; cream is a complement of coffee. Consider the market for coffee. Assume that all ceteris paribus assumptions continue to hold except for the event listed. -Refer to Fact 3.5.1.If coffee is a normal good, then a decrease in income will

Use the figure below to answer the following questions. Figure 3.4.1 -At price P₂ in Figure 3.4.1, which one of the following is not true?

If we observe a decrease in the equilibrium quantity of good A, we know that

The demand curve is P = 800 - 25QD.The supply curve is P = 500 + 25QS.At market equilibrium, the equilibrium quantity is ________ and the equilibrium price is ________.