• Hello I need with my Economic homework the questions are on the screenshots and I only need help with the odds only .
  

2:06 PM Thu Mar 4 .II . 61% I H passport.carnegielearnmg.com //9 21. So, as a result of the change in consumer preferences, the price of gadgets increased , the quantity demanded increased units, and the quantity supplied increased units. Price is a way for buyers and sellers to communicate with each other. It signals a change in the market for a good. Fill in each blank in questions 2225 with the correct word. 22. When a market experiences a shortage, price will 23. When a shortage occurs, supply and demand work together to inuence price and move the market toward 24. When a market experiences a surplus. price will 25. When a surplus occurs, supply and demand work together to inuence price and move the market toward Apply what you have learned in this section by completing the following extension activity. 26. Collaborate to Comprehend In a small group, read the denitions of the topic-related vocabulary words surplus and shortage. Using the dictionary, collaborate to break the vocabulary words down into their roots and afxes. Next, look at Exhibit 6-3 in your text. Work together to make sure you understand each of the graphs. Ask questions as needed to conrm your understanding. Finally, take turns reading the whole section aloud. If you encounter words you do not know, collaborate to use the context of each word to determine its meaning. 2:05 PM Thu Mar 4 .II ? 61% I H passport.carnegieleaming.com CHAPTER 6, SECTION 1 Price: Supply and Demand Together In a market. supply and demand work together to determine the price of a good. Write your answers to questions 1-6 in the blanks provided to be sure you understand the different market conditions and how they affect price. 1. What market condition exists when quantity supplied is greater than quantity demanded? 2' What happens to price when the market condition in question 1 exists? 3. What market condition exists when quantity demanded is greater than quantity supplied? 4. What happens to price when the market condition in question 3 exists? 5. What market condition exists when quantity demanded is equal to quantity supplied? 6. Do markets tend to move toward shortage, surplus, or equilibrium? Suppose that in the market for gadgets, the quantities demanded and supplied at various prices are as shown in the following table, and answer question 7. SUPPLY AND DEMAND IN THE GADGET MARKET Quantity Price Demanded Supplied 5' ~20 $0.10 450 50 SI .10 $0.20 400 100 s: 90 $0.30 350 150 $0.40 300 200 50'9" $0.50 250 250 5\"" $0.60 200 300 3 59'7\" $0.70 150 350 E $0.60 $0.80 100 400 so 50 . . . $0.40 7. Use the information in the table to draw the supply and demand curves for the gadget mar- 505\" ket on the following gridi Label the vertical axis $0.20 \"Price\" and label the horizontal axis \"Quantity.\" $0.10 Use the prices and quantities demanded in the table to plot the demand curve. Label it D]. Use 0 "'0 20 30 . 4\" 50 50 the prices and quantities supplied in the table to ouamy plot the supply curve. Label it 8,. Price: Supply and Demand Together 2:05 PM Thu Mar 4 .II ? 61% I H passport.carnegieleaming.com 8. T eequi irium priceinl egacgetmar etis 9. At the equilibrium price, sellers want to sell gadgets and buyers want to buy gadgets. 10. If the price of gadgets rises to $0.70, sellers will want to sell gadgets and buyers will want to buy gadgets 11. A price rise to $0.70 will result in a of gadgets. 12. If the market condition in question 11 exists, prices will and price will settle at _ 13. 1f the price of gadgets falls to $0.30, sellers will want to sell gadgets and buyers will want to buy gadgets 14. A price fall to $0.30 will result in a of gadgets. 15. If the market condition in question 13 exists, prices will and price will settle at Now assume that as a result of dunging consumer preferences, gadgets become the newest fad, and respond to questions 16 and 17. 16. Will this change in consumer preferences cause a change in demand or quantity demanded? 17. Use the demand schedule below to draw a second demand curve on the grid in question 7. Label this second demand curve D2. Price Quantity demanded $0.10 550 $0.20 500 $0.30 450 $0.40 400 $0.50 350 $0.60 300 $0.70 250 $0.80 200 Use the graph in question 7, which now shows demand curves D. and D1 and supply curve 51, to answer questions 1821. 18. The new equilibrium price in the gadget market is 19. At the new price, sellers want to sell gadgets and buyers want to buy _ gadgets. 20. Is the gadget market described by D; and S, in a state of shortage, surplus, or equilibrium