Practice Quiz

 Essay regarding Practice Questions

п»їPractice Quiz upon Graphing

Answer Key

1) Using the data in the stand below, what is the equilibrium quantity and equilibrium value for a cellular telephone? В­В­В­

Draw a graph to demonstrate equilibrium cost and result.

ANSWER: Supply and demand intersection is where equilibrium price sama dengan 50 and equilibrium amount = 70

2) The graph listed below illustrates the industry for personal computers. If the number of computer purchasers increases and technology improvements, how will sense of balance price and output wanting to buy computers be affected?

Assume the changes in technology and number of buyers are similar in size (in terms of how much they switch the supply or demand curve). Show the effect of these adjustments on the chart.

SOLUTION: Shift towards the right in both supply and demand. Equilibrium output increases plus the equilibrium cost depends on the size of the changes in demand and provide. In this case, the equilibrium price stays the same

3) The graph under illustrates the market for water in bottles. If the makers of bottled water switch to applying improved technology, show the a result of these alterations on the graph. What will happen towards the equilibrium price and output in the market for pcs after the modify?

ANSWER: Shift to the right in supply only. Sense of balance output improves and the balance price decreases.

4) Graphically demonstrate effect of a rise in the cost of the tomato marinade on the balance price and output looking for pizza?

SOLUTION: Shift left in source only. Balance output decreases and the balance price increases.