Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 16 Oct 2017 My Price 7.00

supply and demand schedules

Suppose we have the following market supply and demand schedules for bicycles:

a. Plot the supply curve and the demand curve for bicycles in Exhibit 1.

b. What is the equilibrium price of bicycles?

c. What is the equilibrium quantity of bicycles?

d. If the price of bicycles were $100. is there a surplus or a shortage? How many units of surplus or shortage are there? will this cause the price to rise or fill?

e. If the price of bicycles were $400, is there a surplus or a shortage? How many units of surplus or shortage are there? Will this cause the price to rise or fall?

f. Suppose that the bicycle maker's labor union bargains for an increase in its wages. Furthermore, suppose this event raises the cost of production, makes bicycle manufacturing less profitable, and reduces the quantity supplied of bicycles by 20 units at each price of bicycles. Plot the new supply curve and the original supply and demand curves in Exhibit 2. What is the new equilibrium price and quantity in the market for bicycles?

Answers

Maurice Tutor
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Status NEW Posted 16 Oct 2017 02:10 PM My Price 7.00

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