Course Hero Logo

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

Course Hero uses AI to attempt to automatically extract content from documents to surface to you and others so you can study better, e.g., in search results, to enrich docs, and more. This preview shows page 1 - 2 out of 3 pages.

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.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 3 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Spring
Professor
N/A
Tags
Supply And Demand, i i t, quantities of baseball bats

Newly uploaded documents

Show More

Newly uploaded documents

Show More

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture