What is the equilibrium quantity of bicycles

Assignment Help Business Economics

Reference no: EM13772056

Suppose we have the following market supply and demand schedules for bicycles:

Price Quantity Demanded Quantity Supplied
$100 70 30
$200 60 40
$300 50 50
$400 40 60
$500 30 70
$600 20 80

a. Plot the supply curve and the demand curve for bicycles.
b. What is the equilibrium price of bicycles?
c. What is the equilibrium quantity of bicycles?
d. If the price of bicycles were $100, is there a surplus or a shortage? How many units of surplus or shortage are there? Will this cause the price to rise or fall?
e. If the price of bicycles were $400, is there a surplus or a shortage? How many units of surplus or shortage are there? Will this cause the price to rise or fall?

Reference no: EM13772056

Questions Cloud

Characteristics of various types of provider organizations : Explain the salient characteristics of various types of provider organizations, including mission, program goals and objectives, staffing requirements, and policies and procedures.

Evaluate the potential effectiveness of model positioning : Evaluate the potential effectiveness of the model positioning of motivation, and propose at least one action that the organization can take in order to apply the concept.

What is the :: called in c++ : What is the :: called in C++ when used like this std::endl; In my main file, what line of code prevents me from having to put std before every endl

Write a main program that first reads all available meals : Write a main program that first reads all available meals from a file called menu.txt. Write a function called create_event. This function is be called if a customer of the company wants to book an event.

What is the equilibrium quantity of bicycles : Suppose we have the following market supply and demand schedules for bicycles: Price Quantity Demanded Quantity Supplied $100 70 30 $200 60 40 $300 50 50 $400 40 60 $500 30 70 $600 20 80. Plot the supply curve and the demand curve for bicycles. What ..

Pieces of nutrition education serve : How will you ensure they will be motivating? How did you use art and design principles to enhance the quality of each?

Fire engineering-safety professional-safety & health : You are welcome to select from any of these: Firehouse, Fire Engineering, Safety Professional, Safety & Health, ESH Today, ISHN Global, International Fire Protection, and others. You are required to follow all rules and regulations relative to res..

Define the sociological perspective or imagination : Define the sociological perspective or imagination, cite its components, and explain how they were defended by C. Wright Mills.

Write a program that calculates class average : Write a program that calculates class average and number of students who are following average score ranges: over 90 80.00 - 89.99 70.00 - 79.99 65.00 - 69.99 less than 65 Your program must meet following requirements Must use one dimensional arra..

User Account

All Pages