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Macro-Economics

Unit 2 Application Problem 1

QuestionAnswer
What is the equilibrium price of bicycles? The equilibrium price is $300. *Equilibrium is the point where quantity demanded and quantity supplied are equal or the point on the graph where the 2 lines meet.
What is the equilibrium quantity of bicycles? The equilibrium quantity is 50. *Equilibrium is the point where quantity demanded and quantity supplied are equal or the point on the graph where the 2 lines meet.
If the price of bicycles were $100, is there a surplus or a shortage? There is a shortage. *Consumers want to buy 70, but suppliers are only willing to provide 30 at a price of $100.
If the price of bicycles were $100, how many units of surplus or a shortage are there? There is a shortage of 40 units. *Consumers want to buy 70, but suppliers are only willing to provide 30 at a price of $100.
If the price of bicycles were $100, resulting in a shortage, would the price of bicycles rise of fall. The price would rise to reach equilibrium. *The equilibrium price is $300, so the economic forces would push the price up from $100 to $300 in response to the shortage.
If the price of bicycles were $400, is there a surplus or a shortage? There is a surplus. *Consumers want to buy 40, but suppliers are willing to provide 60 at a price of $400.
If the price of bicycles were $400, how many units of surplus or a shortage are there? There is a surplus of 20 units. *Consumers want to buy 40, but suppliers are willing to provide 60 at a price of $400.
If the price of bicycles were $400, resulting in a surplus, would the price of bicycles rise of fall. The price would fall to reach equilibrium. *The equilibrium price is $300, so the economic forces would push the price down from $400 to $300 in response to the surplus.
Created by: kvanolson