The information given in the schedule below shows the various prices that could prevail in the market, along with corresponding quantities demanded and supplied. Draw the market. Remember to label all pertinent parts (axes, curves, equilibrium price and quantity). Price per unit QD per week QS per week
$1.00 500 million units 100 million units
$2.00 400 million units 200 million units
$3.00 300 million units 300 million units
$4.00 200 million units 400 million units
$5.00 100 million units 500 million units
1. What is the equilibrium price and quantity in the market?
2. If the price of the good is $4, would a shortage or surplus exist in the market? What would be the size of the surplus or shortage?
3. How would the price in the market change to correct the surplus or shortage?

The typical consumer's food basket in the base year 2015 is as follows: 30 chickens at $4 each 10 hams at $5 each 10 steaks at $8 each a chicken feed shortage causes the price of chickens to rise to $5.00 each in the year 2016. hams rise to $7.00 each, and the price of steaks is unchanged. a. calculate the change in the "cost-of-eating" index between 2015 and 2016. year cost of the basket 2015 $ 2016 $ instructions: enter your responses rounded to one decimal place. the official cost-of-eating index has by %. b. suppose that consumers are completely indifferent between two chickens and one ham. for this example, how large is the substitution bias in the official "cost-of-eating" index? the in the cost-of-eating index is %. the of inflation in the cost of eating reflects substitution bias.

Which stage of group development involves members introducing themselves to each other?

Plastic and steel are substitutes in the production of body panels for certain automobiles. if the price of plastic increases, with other things remaining the same, we would expect: a) the demand curve for plastic to shift to the left. b) the price of steel to fall. c) the demand curve for steel to shift to the left d) nothing to happen to steel because it is only a substitute for plastic. e) the demand curve for steel to shift to the right