Ray_Tammie_Week 2 Chapter Review Questions.docx

Ray_Tammie_Week 2 Chapter Review Questions.docx - Running...

Info icon This preview shows pages 1–3. Sign up to view the full content.

Running head: WEEK TWO CHAPTER REVIEW QUESTIONS 1 Week Two Chapter Review Questions Tammie Ray Wilmington University / Economics
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

WEEK TWO CHAPTER REVIEW QUESTIONS 2 Week Two Chapter Review Questions Total Product Total Fixed Cost Total Variable Cost Total Cost Marginal Cost 0 60 $0.00 60 0 1 60 $45.00 105 45 2 60 $85.00 145 42.5 3 60 $120.00 180 40 4 60 $150.00 210 37.5 5 60 $185.00 245 37 6 60 $225.00 285 37.5 7 60 $270.00 330 38.57 8 60 $325.00 385 40.63 9 60 $390.00 450 43.33 10 60 $465.00 525 46.5 Please see the following situations and my educated thoughts as to how supply, equilibrium price, and quantity would be affected in each scenario. a. A new technology is developed to pick peaches. In this case mass production impacts supply. The result would produce excess supply which means the quantity supplied exceeds the quantity demanded at the current market price. This will cause a market disequilibrium and prices will be on a downward pressure (Mandel, 2012). b. The government allows more furniture imports from China. This would create a supply shift, meaning, the supply of furniture increases causing the supply curve to shift right. The equilibrium price would reduce because this furniture would be
Image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.
  • Summer '16
  • Barbara Delaney

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern