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canvas morainevailey.edu/course/42201/assignments/832775?retum_to=https%3A%2F%2Fcanvas morainevalley.edu%2Fcalendar 23view name a month 20 WIWITEITSMESEROWE es Elabus 1. Suppose that in a recent market period, the following relationship existed between the price of tablet devices and the quantity supplied and quantity demanded. dizzes dules Price Quantity Demanded Quantity Supplied Lab and $330 100 million 40 million stering 340 90 million 60 million laborations 350 80 million 80 million 360 70 million 100 million co Weber 370 60 million 120 million a). What are the equilibrium price and quantity? 1 point b) If the industry price is $340, is there a shortage or surplus of tablet devices? How much is the shortage or surplus? 1 point Cl. If the industry price is $370, is there a shortage or surplus of tablet devices? How much is the shortage or surplus? 1 point 2. Give an example of a complement and a substitute in consumption for each of the following items. 2 Points 1. Eggs 2. Tennis racquets 3. Coffee 4. Cars 3. What effect will each of the following have on the demand for small automobiles such as the Mini-Cooper and Smart car? (Demand increase or decrease) 2.5 points 1. Small automobiles become more fashionable 2. The price of large automobiles rises (with the price of small autos remaining the same) 3. Income declines and small autos are an inferior good 4. Consumers anticipate that the price of small autos will greatly come down in the near future. 5. The price of gasoline substantially drops. 4. What effect will each of the following have on the supply of auto tires? (Supply will increase or decrease) 2.5 points 2. Give an example of a complement and a substitute in consumption for each of the following items 2 Points 1. Eggs 2. Tennis racquets 3. Coffee 4. Cars 3. What effect will each of the following have on the demand for small automobiles such as the Mini-Cooper and Smart car? (Demand increase or decrease) 2.5 points 1. Small automobiles become more fashionable. 2. The price of large automobiles rises (with the price of small autos remaining the same). 3. Income declines and small autos are an inferior good. 4. Consumers anticipate that the price of small autos will greatly come down in the near future. 5. The price of gasoline substantially drops. 4. What effect will each of the following have on the supply of auto tires? (Supply will increase or decrease) 2.5 points 1. A technological advance in the methods of producing tires. 2. A decline in the number of firms in the tire industry, 3. An increase in the prices of rubber used in the production of tires. 4. The levying of a per-unit tax on each auto tire sold. 5. The granting of a 50-cent-per-unit subsidy for each auto tire produced Next
