Demand-supply and the determination of market price

Assignment Help Microeconomics

Reference no: EM13140331

Demand, supply and the determination of market price

1. For a particular week in June, three families - Smith, Jones and Brown - have the demand schedule for strawberries shown below. Assuming these three families comprise the whole market, calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?

719_Determination of market price.png

Now suppose that favourable weather conditions produce a bumper crop. Growers will be willing to sell more at each of the old prices. This causes a shift of the whole supply function. Plot this new supply function from the data in column B. What are the new equilibrium price and quantity?

Reference no: EM13140331

Questions Cloud

What will be the pressure in the cylinder : A gas cylinder containing 6.38 mol of neon has pressure of 491mmHg at 295k. If 3.22 mol helium is added at constant temp and pressure, what will be the pressure in the cylinder

Draw conclusions of calorie content of two types of hot dogs : You have the lab analyze the number of calories in each of the hot dog samples with the results below. What conclusions can you draw concerning the calorie content of the two types of hot dogs?

How much was company contribution margin : During the year the company manufactured 95,000 units and sold 80,000 units. If the average selling price per unit was $20, how much was company’s contribution margin?

Government-wide financial statements : what amount should be recognized as property tax revenues related to the 2007 levy on the government-wide financial statements?

Demand-supply and the determination of market price : Calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?

Managerial finance-relevant scripture : Several factors, both internal and external, impact a company's stock price, and the subsequent perceived valuation of a company. Sometimes that perceived value matches that of the financial statements, and other times it is vastly different.

What would washington report for service revenue : During 2011, Washington paid salaries of $14,000, and on December 31, 2011, the company accrued salaries of $1,200. What would Washington report for service revenue for 2011?

How many grams of o2 are needed : How many grams of O2 are needed to react with 20.9 grams of Mg?

Explain capacitor and electric automobile : Do you think that an electric automobile based on capacitive energy storage is feasible?

User Account

All Pages