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1. Name the two curves on the right 1. Market Demand curve for socks that we b. 310 2. Assume Demand curve for socks is

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1. Name the two curves on the right 1. Market Demand curve for socks that we b. 310 2. Assume Demand curve for socks is depicted by Dberska and Supply curve for socks is depicted by Socke: Now determine the following if the price of socks - 56/pair 2. Q 50 million pairs/month the new Spain) (where in format des de force) for the many of us with a ble to buy 3 b. Grocka - (where abbreviation formality supplied) wild) D- 6 C Excers Supply of socks at S6/paine de one seconde Casamenteleck will cause the d. What market force would eliminate the Excess Supply of socks fall the librumpere 3. Assume Demand curve is depicted by Rob & Supply curve is depicted by Sock, now determine the follomini if the price of socks - $4/pair a. See b. Ciek c. Excess Demand for socks - (ie the needs) d. What market force would climinate the Excess Demand? 4. Assume Demand curve is depicted by D& Supply curve is depicted by S. now determine the market equilibrium price of social (w) and the market equilibrium quantity of socks (www) do not omit the proper units a. De b. c. what is truc about w and is at this market equilibrium price 1.60 million pairs/month & 2.6.60 million pairs/month, (e. if Duru-Bmw 5. Determine the new market equilibrium price (pwecks) and the new equilibrium quantity (if demand (D) increases by 30million pairs at every price, because more buyers enter this market (hint: find a new demand curve, keeping supply curve constant. i.e. Supply stay at S. a. p. 56/pair b.dk 80 million pairs/month c. what is true about an de and locks at the new market equilibrium price ir 6. Determine the new market equilibrium price (p) and the new equilibrium quantity (qacheif supply (S) decreases by 30 million pairs at every price, because there are fewer sellers of shoes (hint: find new supply curve, keeping demand eurve constant, is.) b. qo'locks a. pack c. what is true about ock and a.socks at the new market equilibrium price 7. write one sentence to express the law of demand (Leitere upward movement et dowwwwd movement along the demand curre) a. an upward movement along the demand curve te b. dowoward movement along the demand curve ale a 8. write one sentence to express the law of supply (le either and movement or downward movement inng the supply curve) aan upward movement along the wpply curve states b. a dowoward movement along the supply curve states: 9. State the expected relationship between price of socks and the size of Excess Supply of socks The higher the price of socks is chave the equilibrium price of socks (psa), the greater is the size of Excess Suppl of socks 10. State the expected relationship between the price of socks and the Excess Demand for pant socks 11. State the expected consequence of a change in demand on in equilibrium price packs) and the the equilibrium quantity ( ) 12. State the expected consequence of a change in supply and the change in equilibrium price ( pk.) and the equilibrium quantity(a vecks) If demand curve increases, then the equilibriuos price will increase and the equilibrium quantity will increase but if demand curve decreases then the equilibrium price will decrease and the equilibrium quantity will decrease If supply curve increases, then the equilibrium price will and the equilibrium quantity will if supply curve decreases, then the equilibrium price will and the equilibrium quantity will

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