Chapter 1, Section 1.4, Question 027 One of the tables below represents a supply curve; the other represents a demand curve. Table 1 8 66 165 230 P ($/unit) q (quantity) 32 10 108 20 312 35 5 15 25 30 Table 2 181 130 117 P ($/unit) q (quantity) 165 10 149 15 142 20 124 30 5 25 35 (a) Which table represents which curve? Why? Table 1 is the demand curve since as price increases the quantity sold decreases, and Table 2 is the supply curve because while the price increases, the quantity supplied increases. Table 1 is the supply curve because while the price increases, the quantity supplied increases, and Table 2 is the demand curve since as price increases the quantity sold decreases. Table 1 is the supply curve because while the price increases, the quantity supplied decreases, and Table 2 is the demand curve since as price increases the quantity sold increases. Table 1 is the demand curve since as price increases the quantity sold increases, and Table 2 is the supply curve because while the price increases, the quantity supplied decreases. (b) At a price of $162, approximately how many items would consumers purchase? items (c) At a price of $162, approximately how many items would manufacturers supply? items (d) Will the market push prices higher or lower than $162? Since supply exceeds demand at a price of $162 , the shift would be to a lower price. Since demand exceeds supply at a price of $162, the shift would be to a higher price. 0 0 0 0 Since supply exceeds demand at a price of $162, the shift would be to a higher price. Since demand exceeds supply at a price of $162 , the shift would be to a lower price. (e) Which of the following prices would lead to consumers buying at least 20 items? Select all that apply. $127 $128 $180 0 0 0 0 0 0 $149 O $143 $181 (f) Which of the following prices would lead to manufacturers supplying at least 20 items. Select all that apply. $235 $320 $67 $103 $8 $230