How are the calculations made for this problemthe table

Assignment Help Microeconomics

Reference no: EM13377278

How are the calculations made for this problem
The table below shows the demand and supply schedules for mouse pads

Price Quantity Demanded Quantity Supplied

(dollars per pad) (mouse pads per week)

3.00 160 120

4.00 150 130

5.00 140 140

6.00 130 150

7.00 120 160

8.00 110 170

a. What is the market equilibrium?_______________

b. If the price of a mouse pad is $7.00, describe the situation in the market. Explain how market equilibrium is restored.

c. What is the market equilibrium if a fall in the price of a computer changes the quantity demanded of mouse pads by 20 a week at each

price.

d. Explain what happens to the market equilibrium in part a and how the market adjusts if new voice-recognition software changes the quantity demanded by 10 mouse pads a week at each price and at the same time the cost of producing a mouse pad falls and changes the quantity supplied by 30 a week at each price.

Reference no: EM13377278

Questions Cloud

How are the following calculations are madewhen income : how are the following calculations are made?when income increased by 10 the quantity of memberships of athletic clubs

Consider the following demand schedule for movie : consider the following demand schedule for movie ticketsprice nbsp nbsp nbsp nbsp nbspnbsp quantity demanded

Amy industries and wholesales small tool it sell the tool : amy industries and wholesales small tool. it sell the tool to a large group of regular customer and make most sale by

On january 15 2011 leno inc which has a march 31 year-end : on january 15 2011 leno inc. which has a march 31 year-end entered into a transaction to sell the land and building

How are the calculations made for this problemthe table : how are the calculations made for this problemthe table below shows the demand and supply schedules for mouse padsprice

Mary and sarah are contemplating transferring property to : mary and sarah are contemplating transferring property to start a new company mamps incorporated that will manufacture

Question 1determine whether the following benefits are : question 1determine whether the following benefits are fringe benefits or exempt fringe benefits and where applicable

What is the effect of the equilibrium price and quantity of : what is the effect of the equilibrium price and quantity of orange juice of the following events if they occur one at a

Bike company starts with 3000 cash to finance its business : bike company starts with 3000 cash to finance its business plan of producing bike helmets using a simple assembly

User Account

All Pages