devry econ312n week 2 homework latest done on 15th may all correct answer 100 % [ all 35 answers ]

1

In the market for cell phones, the price of a cell phone
falls and nothing else changes.
Show the effect in the graph. Draw either a new demand curve
or an arrow along the curve

The demand curve for
cell phones hilts rightward when and it shifts leftward when

A the price of a cell phone falls; the price of a cell phone
rises

8 the price of a call from a cell phone falls or producers
announce that cell phone prices will fall next month; the price of a call from
a land-line phone rises, or cell phones become more popular

C the price of a
call from a cell phone falls price from call from land line rises and cell
phones become more popular; producers announce that cell phone prices will fall
next month

D producers announce that cell phone prices will
fall next month; the price of a call from a cell phone falls, the price of a
call from a land-line phone rises, or cell phones become more popular

2

Mildred and Robert are the only buyers in the market for
DVDs.

Mildred buys 9 DVDs
when the price of a DVD is $8.00, 8 DVDs when the price of a DVD is $10.00, and
5 DVDs a month when the price of a DVD is $12.00.

Robert buys 17 DVDs a month when the price of a DVD is
$8.00, 4 DVDs when the price of a DVD is $10.00, and zero DVDs when the price
of a DVD is $12.00.

In the market for DVDs, the quantity demanded
WA, increases as the price falls

OB. increases as the
price rises

QC. at $10.00 a DVD
is 8 DVDs a month

D. at $8.00 a DVD is less than the quantity demanded at
$10.00 a DVD

OE. at $W.® a DVD is
4 DVDs a month

3

When timber mills produce logs they also produce sawdust,
which is made into pressed wood. In the market for timber beams, the price of a
timber beam rises and nothing else changes.

Show the effect in the graph. Draw either a new supply curve
or an arrow along the curve showing
the direction of change
The supply curve of timber beams shifts rightward when and
it shifts leftward when
QA. the price of a timber beam is expected to rise next year
or a new law decreases the supply of timber beams; the price of sawdust rises
or new technology lowers the cost of producing timber beams W

b. the price of
sawdust rises or new technology lowers the cost of producing timber beams; the
price of a timber beam is expected to rise next year or a new law decreases the
supply of timber beams

0 c. the price of
sawdust rises if the price of a timber beam is expected to rise next year; new
technology lowers the cost of producing timber beams or a new law decreases the
supply of timber beams

OD the price of a timber beam rises; the price of a timber
beam falls

4

Annie, Kathleen, and Elizabeth are the only sellers of
cheesecakes in an isolated village.
The table shows the quantity of cheesecakes that they supply
at various prices.
When the price of a cheesecake is $6.00, how many
cheesecakes are supplied in the market in a week?
When the price of a cheesecake is $6.00, the quantity of
cheesecakes supplied in the market in a week is

Table price 6 7
8 9
Annie 4000 550
7000 850
Kath 0 1000 200 300
Eliza 0 150
300 450

5

The graph shows the supply curve of running shoes.
Now the wage rate of workers who make running shoes falls
and all other influences on selling plans remain the same.
Draw a curve that shows what happens to the supply of
running shoes today. Label it.
Check that your new supply curve obeys the law of supply.

6

The table shows the demand and supply schedules for
chocolate bars.

What is the equilibrium
price and equilibrium quantity of chocolate bars?

The equilibrium price is $ a chocolate bar. The equilibrium quantity
is chocolate bars a day.

7

The United States does not allow oranges from Brazil (the
world’s largest producer of oranges) to enter the United States. If Brazilian
oranges were sold in the United States, oranges and orange juice would be
cheaper.

Use the laws of
demand and supply to explain whether the above statement is true or false.

In your explanation,
distinguish between a change in demand and a change in the quantity demanded
and between a change in supply and a change in the quantity supplied.

1. The statement is .

2. Allowing Brazil to enter the U.S. market for oranges
would
3. Oranges are orange juice so that which would

8

The table shows the demand and supply schedules for mouse
pads.

The equilibrium price
of a mouse pad is and the equilibrium quantity is pads a
week.
If the price of a mouse pad is $2.50, there is a of mouse pads. The price of a pad
the quantity demanded and the quantity supplied The market moves to
an equitbrium.

Now a rise in the
price of a computer decreases the quantity demanded by 6 pads a week at each
At the original equilibrium price a occurs.

The price of a mouse pad the quantity demanded and the
quantity supplied .

The new equilibrium price is a pad.

QA. shortage; falls;
decreases; increases; $2.00

B. surplus; rises; increases; decreases; $2.25

C surplus; falls;
increases; decreases; $2.00

D. shortage; rises; decreases; increases; $2.25

9

The table shows the demand and supply schedules for energy
bars.

What is the market
equilibrium in the energy bar market?

The equilibrium price is $ a bar. The equilibrium quantity is bars a day.
Question is complete.
Price (dollars per bar) Quantity demanded (bars Quantity
supplied per day) 2.50 3,000 1,000 2.75 2,500 1,500 3.00 2,000 2,000 3.25 1,500
2,500 3.50 1,000 3,000

10

The table shows the demand and supply schedules for candy.
If the price of a bag of candy is $4.00, occurs in the market for candy.
To restore market eqtabrium, the price of a bag of candy .
the quantity demanded and the quantity supplied

When the market reaches eqtabrium, the is eliminated.

OVA, falls; increases; decreases; surplus

OB. falls; decreases; increases; shortage

QC. rises; increases;
decreases; shortage

OD. falls; decreases; increases; surplus

QE. rises; decreases; increases; shortage

11

The table shows the demand and supply schedules for candy.

A fire knocks out a
large candy factory and the quantity supplied changes by 200 bags at each Price

At the same time, people realize candy causes tooth decay
and the quantity of candy demanded 3.50 3,300 300 changes by 1,200 bags at each
price

A surplus occurs at the original equilibrium price

True false

The price to its
new equilibrium price and the equilibrium quantity

12

Draw a demand curve for football tickets. Label it D.

Draw a supply curve of football tickets. Label it S.

. Draw a point at the equilibrium price and quantity. i..
?
The equilibrium quantity

A. is the quantity supplied at the equilibrium price, but
not necessarily the quantity demanded

B. is any quantity at which the quantity supplied is greater
than or equal to the quantity demanded

Oc. is the quantity demanded at the equilibrium price, but
not necessarily the quantity sold GYP.

D
and equilibrium price
are determined at the intersection of the supply curve and the demand

13

The table gives the demand and supply schedules for
hamburgers.

What are the equilibrium price and equilibrium quantity in
the market for hamburgers?

The equilibrium price is S a hamburger.
The equilibrium quantity is
hamburgers per day.

14

When heavy rain ruined the banana crop in Central America,
the price of bananas rose from $0.90 a pound to $1.10 a pound.

Banana sellers sold
fewer bananas, but their total revenue remained unchanged.

The quantity of bananas by percent.
A. unit elastic

B. Elastic

C. inelastic

15