User Account

All Pages

Describe the gum market and explain how the price adjusts

Assignment Help Microeconomics
Reference no: EM131611602

Question: The demand and supply schedules for gum are:

                                 Quantity                   Quantoty
    Price                     demanded                  supplied
(cents per pack)              (millions of packs a week)

       20                         180                          60

       40                         140                         100

       60                         100                         140

       80                           60                         180

a. Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

b. Suppose that the price of gum is 30¢ a pack. Describe the situation in the gum market and explain how the price adjusts.

Reference no: EM131611602

Questions Cloud

What are the two primary ways that firms raise common equity : What are the two primary ways that firms raise common equity? Should the component costs be estimated on a before or after-tax basis? Why?
Significance of use cases of uml specification : MN404 - Fundamentals of Operating Systems and Java Programming - discuss the significance of use cases of UML specification.
What are your thoughts on convergence project undertaking : Based on the progress made to date, what are your thoughts on the convergence project undertaking
Elements in terms of an industry culture : Language would focus on these elements in terms of an industry culture. For example, is there a special vocabulary or terminology used for the profession?
Describe the gum market and explain how the price adjusts : Suppose that the price of gum is 70¢ a pack. Describe the situation in the gum market and explain how the price adjusts.
Explain societal trends have influenced students : What are the similarities or differences that you can identify between students on campus today versus 20 years ago
What is the effect of trade discounts on sales revenues : Kimmel Company uses the net method of accounting for sales discounts. What is the effect of trade discounts on sales revenues and accounts receivable? Why
Define and describe npv as it pertains to the new cafe : Calculate the payback period (P/B) and the net present value (NPV) for the project. Define and describe Net Present Value (NPV) as it pertains to the new cafe.
The satellite development project : Imagine the team working on the satellite development project was a virtual team in which team members were unable to meet in person.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd