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CRX2_101_Sp11 - In Class Exercise 2 Prof Potepan ECON...

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1 In Class Exercise 2 E CON 101.01 I NTRO M ICROECONOMICS Prof. Potepan 7 Sept. 2011 1. Answer the following by referring to the graph of demand shown below: a. At a price of $40, how much quantity is demanded? b. What price would consumers be willing to pay to get a quantity of 75 units? 2. Answer the following by referring to the graph of supply shown below: a. At a price of $30, what is the quantity supplied? b. What price would producers need to get in order to supply a quantity of 100 units? $0 $10 $20 $30 $40 $50 $60 0 25 50 75 100 125 Price Quantity D 1 $0 $10 $20 $30 $40 $50 $60 0 25 50 75 100 125 Price Quantity S 1 D 1
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2 3. Answer the following by referring to the graph of supply and demand shown below: a. What is the equilibrium price and quantity? b. If the price were $30, how much quantity would be demanded? c. If the price were $30, how much quantity would be supplied? d. If the price were $30, would there be equilibrium or disequilibrium? e. If you answered disequilibrium, would it be a shortage or surplus?
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