1. Supply and Demand Schedules for Baseballs (76 points) Supply Schedule Price Quantity Supplied $3.00 $4.00...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
1. Supply and Demand Schedules for Baseballs (76 points) Supply Schedule Price Quantity Supplied $3.00 $4.00 $5.00 $6.00 $7.00 25000 30000 35000 40000 45000 Demand Schedule Price Quantity Demanded $3.00 $4.00 $5.00 $6.00 $7.00 100000 80000 60000 40000 20000 a. Graphically represent the supply and demand schedules in a supply curve and demand curve, respectively, on the same graph. Do not put the two curves on separate graphs. What are the equilibrium price and quantity in this example? b. c. At each price from the schedules above, determine whether there exists a shortage or surplus of the baseballs in the market and state the size of this shortage or surplus. d. If the price of cowhide, an input or resource used in the production of the baseballs, were to decrease, show how this would impact your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as C and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. e. Suppose the price of baseball gloves (a complement good) was to increase. Show what impact this higher priced complement good will have on your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as BG and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. f. Returning to the schedules at the start of the question, suppose the government intervened and stated that the price for the baseballs was to be set at $4.00, would they be setting a price ceiling OR a price floor, so as to impact the market as per the definition of what a price control is intended to do? Explain. g. What quantity of baseballs would be sold at the price of $4.00, based upon the schedules that you graphed in part a? 1. Supply and Demand Schedules for Baseballs (76 points) Supply Schedule Price Quantity Supplied $3.00 $4.00 $5.00 $6.00 $7.00 25000 30000 35000 40000 45000 Demand Schedule Price Quantity Demanded $3.00 $4.00 $5.00 $6.00 $7.00 100000 80000 60000 40000 20000 a. Graphically represent the supply and demand schedules in a supply curve and demand curve, respectively, on the same graph. Do not put the two curves on separate graphs. What are the equilibrium price and quantity in this example? b. c. At each price from the schedules above, determine whether there exists a shortage or surplus of the baseballs in the market and state the size of this shortage or surplus. d. If the price of cowhide, an input or resource used in the production of the baseballs, were to decrease, show how this would impact your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as C and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. e. Suppose the price of baseball gloves (a complement good) was to increase. Show what impact this higher priced complement good will have on your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as BG and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. f. Returning to the schedules at the start of the question, suppose the government intervened and stated that the price for the baseballs was to be set at $4.00, would they be setting a price ceiling OR a price floor, so as to impact the market as per the definition of what a price control is intended to do? Explain. g. What quantity of baseballs would be sold at the price of $4.00, based upon the schedules that you graphed in part a? 1. Supply and Demand Schedules for Baseballs (76 points) Supply Schedule Price Quantity Supplied $3.00 $4.00 $5.00 $6.00 $7.00 25000 30000 35000 40000 45000 Demand Schedule Price Quantity Demanded $3.00 $4.00 $5.00 $6.00 $7.00 100000 80000 60000 40000 20000 a. Graphically represent the supply and demand schedules in a supply curve and demand curve, respectively, on the same graph. Do not put the two curves on separate graphs. What are the equilibrium price and quantity in this example? b. c. At each price from the schedules above, determine whether there exists a shortage or surplus of the baseballs in the market and state the size of this shortage or surplus. d. If the price of cowhide, an input or resource used in the production of the baseballs, were to decrease, show how this would impact your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as C and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. e. Suppose the price of baseball gloves (a complement good) was to increase. Show what impact this higher priced complement good will have on your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as BG and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. f. Returning to the schedules at the start of the question, suppose the government intervened and stated that the price for the baseballs was to be set at $4.00, would they be setting a price ceiling OR a price floor, so as to impact the market as per the definition of what a price control is intended to do? Explain. g. What quantity of baseballs would be sold at the price of $4.00, based upon the schedules that you graphed in part a? 1. Supply and Demand Schedules for Baseballs (76 points) Supply Schedule Price Quantity Supplied $3.00 $4.00 $5.00 $6.00 $7.00 25000 30000 35000 40000 45000 Demand Schedule Price Quantity Demanded $3.00 $4.00 $5.00 $6.00 $7.00 100000 80000 60000 40000 20000 a. Graphically represent the supply and demand schedules in a supply curve and demand curve, respectively, on the same graph. Do not put the two curves on separate graphs. What are the equilibrium price and quantity in this example? b. c. At each price from the schedules above, determine whether there exists a shortage or surplus of the baseballs in the market and state the size of this shortage or surplus. d. If the price of cowhide, an input or resource used in the production of the baseballs, were to decrease, show how this would impact your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as C and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. e. Suppose the price of baseball gloves (a complement good) was to increase. Show what impact this higher priced complement good will have on your graph for the baseballs. In other words, show if the supply curve or the demand curve shifts, based upon the determinants of demand and determinants of supply from the book and the notes (both curves will not shift) and show the direction in which the curve will shift. Label what you did as BG and explain what has occurred on the graph to the equilibrium price and quantity and explain why you shifted the curve you did. f. Returning to the schedules at the start of the question, suppose the government intervened and stated that the price for the baseballs was to be set at $4.00, would they be setting a price ceiling OR a price floor, so as to impact the market as per the definition of what a price control is intended to do? Explain. g. What quantity of baseballs would be sold at the price of $4.00, based upon the schedules that you graphed in part a?
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
The following tables show the domestic supply and demand schedules for bushels of flaxseed (used as an edible oil and a nutrition supplement) in the United States and Kazakhstan, with prices measured...
-
The accompanying table shows the supply and demand schedules for used copies of the second edition of this textbook. The supply schedule is derived from offers at Amazon.com. The demand schedule is...
-
The following are the assumed supply and demand schedules for hamburgers in College town: a. Plot the supply and demand curves and indicate the equilibrium price and quantity. b. What effect would a...
-
In Problems 25 54, solve each system. Use any method you wish. 2xxy + y = 8 xy = 4
-
In the position shown, bar AB has an angular velocity of 4 rad/s clockwise. Determine the angular velocity of bars BD and DE. 250 mm B -200 mm 75 mm D E 150 mm
-
What actions can be taken to reduce these risks? You began operating a small general electric contracting company two years ago. Originally, it was just you and your cousin, but it has grown to five...
-
Duck Petroleum hires a drilling contractor to drill a well to the depth of 8,000 feet at a cost of $300,000. The $300,000 cost includes $5,000 for surface casing. Any drilling to be completed after...
-
In The Effect of Nozzle Design on the Stability and Performance of Turbulent Water Jets (Fire Safety Journal, Vol. 4, August 1981), C. Theobald describes an experiment in which a shape measurement...
-
The officer of a corporation responsible for the firm's published financial statements would be most concerned about pronouncements of the: Multiple Choice A. FASB. B. AICPA. C. GASB. D. SEC. E. IRS.
-
Calculate the account balance for the following accounts: Service Revenue Accounts Payable Salaries Expense Cash Dr. Cr. Dr. Cr. Dr. Cr. Cr. 9,500 3,200 4,500 1,050 Dr. 6,740 1,720 495 2,500 8,720...
-
"I AM MEDIA LITERATE!" The purpose of this paper is to critically examine a specific media product, and create an argument based on your analysis. Here are several approaches to this (these are just...
-
Section 3 Resolving Disputes: Evaluating legal and non-legal responses. Total marks /20 In a report format (1000-1500 words), respond to the following question: "Assess the effectiveness of dispute...
-
Explain the role of ethics in the supervisor's decision making process and ethical organizations .? Ethical Consideration" " Decision Making, Problem Solving and Ethics"by Mosley, Pietri and Mosley,
-
Is it important, given the tragic events at high schools in the United States, that students be searched to verify they are not carrying weapons? How do we balance the rights of students to be safe...
-
Art receives a semi-monthly salary of $855.73 and works a regular workweek of 40 hours. (a) What is Art's hourly rate of pay? (b) If Art's gross earnings in one pay period were $974.22, for how many...
-
On March 1, 2020, Turtle Trucking Company issues $400,000, 10-year bonds, dated January 1, 2020, at 102 plus accrued interest. These bonds have a stated interest rate of 5 percent, payable...
-
ACCT 11 Required information [The following information opplies to the questions displayed below.] The following year-end information is taken from the December 31 adjusted trial balance and other...
-
In a certain school district, 3% of the faculty use none of their sick days in a school year. Find the probability that 5 faculty members selected at random used no sick days in a given year.
-
Explain how the following factors affect the dollars exchange rate under a system of market-determined exchange rates: (a) A rise in the U.S. price level, with the foreign price level held constant;...
-
What are the effects of transportation costs on international trade patterns?
-
Assume that the nation of Spain is small and unable to influence the Brazilian (world) price of steel. Spains supply and demand schedules are illustrated in Table. Assume that Brazils price is $400...
-
Feng Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $42,300. The machines useful life is estimated at 10 years, or 363,000 units of...
-
In early January 2004, LabTech purchases computer equipment for $147,000 to use in operating ac tivities for the next four years. It estimates the equipments salvage value at $30,000. Prepare tables...
-
Cemer Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase price is $225,000 for the lot plus $120,000 for the...
Study smarter with the SolutionInn App