warm_up_feb_6_K___W - c. the quantity supplied will be 4 d....

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Econ 002 Kyle and Wissink Warm-up Markets Feb 6 Figure 1.1 below, we have observed the quantities that each will be willing and able to purchase at each price, _________ 1 If the market price is $1.00 per unit, using Figure 1.1 above, a. .the market quantity demanded could be 14 or 10 or 2 or 5 b. the market quantity demanded will be only 14, the highest number c. the market quantity demanded will be 31 d. the quantity demanded will be 2, the smallest _________ 2. If the market price rises from $1.50 to $2.00 per unit, using Figure 1.1 above, a. . Angela’s demand will fall by 2 b. Angela’s quantity demanded will fall by 2 c. supply must fall by 2 d. demand will fall Figure 1.2 below, we have observed the quantities that each will be willing and able to sell at each price, _________ 3 If the market price is $1.00 per unit, using Figure 1.2 above, a.. the quantity supplied could be 1 or 2 b. the quantity supplied will be only 2, the highest number
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Unformatted text preview: c. the quantity supplied will be 4 d. the quantity supplied will be 1, the smallest _________ 4. Using Figure 1.1 and 1.2 above, the market equilibrium will be: a.. Price is $2.00 and Quantity is 14 b. Price is $1.00 and Quantity is 31 c. Price is $1.50 and Quantity is 9 d. Price is $2.50 and Quantity is 24 _________ 5. Using Figure 1.1 and 1.2 above, if the price is $1.00 per unit a.. there will be a market shortage b. there will be excess demand c. quantity demanded will be greater than quantity supplied Page 1 of 2 Price of the Good Aaron Angela Austin Alyssa $0.00 20 16 6 8 0.50 18 12 6 6 1.00 14 10 2 5 1.50 12 8 4 2.00 6 6 2 2.50 4 Price of the Good Zelda Zenia Zoe Zeus $0.00 0.50 2 1 1.00 1 2 1 1.50 2 4 2 1 2.00 3 6 3 2 2.50 4 8 4 3 Econ 002 Kyle and Wissink Warm-up Markets Feb 6 d. all of the above are correct e. the price cannot be different from the market equilibrium price Page 2 of 2...
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This note was uploaded on 02/22/2009 for the course ECON 002 taught by Professor Staff during the Spring '06 term at Cornell University (Engineering School).

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warm_up_feb_6_K___W - c. the quantity supplied will be 4 d....

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