Unit 2 Application Problem 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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| 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.
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
kvanolson
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