# Econ 102 Homework Chapter 4.pdf - 1 ECON 102 HOMEWORK...

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1IIIIIIIIIIECON 102 HOMEWORK CHAPTER 41.In the table below,information ontheconditions of demandandsupply for baseballbat s,where quantities of baseball bats are measured in thousands.(5points)PriceQuantity Demanded inthousandsQuantity Supplied in Thousands\$507030\$806034\$1105242\$1404850\$1704464A)What is the quantity demanded and the quantity supplied at a price of\$140?Thequantitydemand is 48 thousandandthe quantitysuppliedis50thousandB)At whatpriceis the quantity supplied equal to 42,000?\$110C)Does the quantity demanded rise or fall as price increases? Explain.Thequantityof demandfalls asprices increase;thisisthe lawofdemand.Consumerspurchase lessof a goodthe more expensive it becomes.D)Does the quantity supplied rise or fall as price increases? Explain.The quantitysuppliedrisesasprices increase,that is the lawof supply.Firmssee an opportunityto makemoreof a profit.

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