Below are supply and demand schedules for calzones at a local pizzeria. Use the information in these tables to answer the following five questions.
Demand
P: $13 $12 $11 $10 $9 $8 $7 $6 $5 $4
Q: 20 40 60 80 100 120 140 160 180 200
Supply
P: $4 $5 $6 $7 $8 $9 $10 $11 $12 $13
Q: 10 20 30 40 50 60 70 80 90 100 110
1.What is the equilibrium price? $10 correct
2.At what price is there a shortage of 60 calzones? $8 correct
3.At what price is there a surplus of 60 calzones? $11 incorrect
4. At a price of $13, there is a surplus of how many calzones? 110 incorrect
5. At a price of $10, there is a shortage of how many calzones?
Below are supply and demand schedules for calzones at a local pizzeria. Use the information in these tables to answer the following five questions.
Demand
P: $13 $12 $11 $10 $9 $8 $7 $6 $5 $4
Q: 20 40 60 80 100 120 140 160 180 200
Supply
P: $4 $5 $6 $7 $8 $9 $10 $11 $12 $13
Q: 10 20 30 40 50 60 70 80 90 100 110
1.What is the equilibrium price? $10 correct
2.At what price is there a shortage of 60 calzones? $8 correct
3.At what price is there a surplus of 60 calzones? $11 incorrect
4. At a price of $13, there is a surplus of how many calzones? 110 incorrect
5. At a price of $10, there is a shortage of how many calzones?
Related textbook solutions
Related questions
|
Demand for Umbrellas |
Price |
Supply of Umbrellas |
Surplus (+) or Shortage (-) |
|
90 |
$5 |
0 |
Ā |
|
80 |
$10 |
20 |
Ā |
|
70 |
$15 |
40 |
Ā |
|
60 |
$20 |
60 |
Ā |
|
50 |
$25 |
80 |
Ā |
|
40 |
$30 |
100 |
Ā |
Use the information in the table to fill in the blanks.
a. For $5, there is a (shortage, surplus) of units.
b. For $10, there is a (shortage, surplus) of units.
c. For $15, there is a (shortage, surplus) of units.
Assume the following information for the demand and supply curves for good Z.
| Price (in $) | Demand (in units) | SupplyĀ (in units) |
| 1 | 100 | 10 |
| 2 | 90 | 15 |
| 3 | 80 | 20 |
| 4 | 70 | 25 |
| 5 | 60 | 30 |
| 6 | 50 | 35 |
| 7 | 40 | 40 |
| 8 | 30 | 45 |
| 9 | 20 | 50 |
| 10 | 10 | 55 |
1. Draw the corresponding supply and demand curves.
2. What are the equilibrium price and quantity traded?
3. Would a price of $9 result in a shortage or a surplus? How large?
4. Would a price of $3 result in a shortage or a surplus? How large?
5. If the demand for Z increases by 15 units at every price, what would be the new equilibrium price and quantity traded be?
6. Given the original demand for Z, if the supply of Z were increased by 15 units at every price, what would be the new equilibrium price and quantity traded be?
Reference: Ref 3-16 __(Table) In the table, at a price of $12: |
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a.Ā a shortage of 20 units occurs. b.Ā equilibrium output is achieved. c.Ā a surplus of 40 units occurs. d.Ā a surplus of 20 units occurs. Ā Ā Ā |
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