1.The supply and demand functions are given as follows:

Qx = 2/3P + 150andQx= -1/3P + 450

If the government imposes aprice ceilingof $120, the resulting excessdemand(or shortage) will be_____________?

2.TheAruba Tourism Authorityestimates that the demand and supplyfor its scuba diving tours is given by the following functions:

Qx =6,000 - 20PandQx = 30P - 2000

Suppose that thedemand for scuba diving tours increases, and the the new demand curve is given by the following function:

Qx = 7,000 - 20P

What is thenewequilibrium pricefor scuba diving tours (after the increase in demand)?

3.Suppose thatsupply and demand functions forGood Xare given as follows:

Qx = 5P+10andQx = -3P+50

Theequilibrium(or "market clearing")quantityis:_____________.

4.A movement along the supply curve, caused by a change in the price of a good or service, is known as a change in________.

5.The supply and demand functions are given as follows:

P =3Q +10andP = -1/2Q + 80

Theequilibriumpriceis_____________.

6.The production possibility frontier is a graph that shows

7.The supply and demand functions are given as follows:

Qx = 2/3P + 150andQx= -1/3P + 450

If the government imposes aprice ceilingof $120, the resulting excessdemand(or shortage) will be_____________?

8. The supply and demand functions are given as follows:

P =3Q + 10andP = -1/2Q + 80

The equilibrium price is_____________.

9.A change in the price of a good or service will result in a change in ________________.