ECO 365 Week 2 Practice: Market Dynamics and Efficiency Quiz | eBooks | Education

ECO 365 Week 2 Practice: Market Dynamics and Efficiency Quiz

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ECO 365 Week 2 Practice: Market Dynamics and Efficiency Quiz

 

Complete the Week 2 Market Dynamics and Efficiency Quiz in McGraw-Hill Connect®. These are randomized questions. 

Note: You have unlimited attempts available to complete practice assignments. The highest scored attempt will be recorded. These assignments have earlier due dates, so plan accordingly. Grades must be transferred manually to eCampus by your instructor. Don’t worry, this might happen after the due date.

The monthly demand and supply schedules for new cars at a large California dealership are shown in the table below.

 

Market for New Cars

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price (dollars) Quantity of Cars Demanded Quantity of Cars Supplied
$30,000 0 250
25,000 100 225
20,000 200 200
15,000 300 175
10,000 400 150

 

 

If the dealership is currently charging $25,000 for a new car, at the end of the month there will be:

a shortage of 125 cars.

a surplus of 5,000 cars.

a surplus of 125 cars.

a shortage of 5,000 cars.

neither a surplus nor a shortage; the market will be in equilibrium.

 

 

 

The demand and supply schedules for sunscreen at a small beach are shown below.

 

Market for Sunscreen

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Price (dollars per bottle) Quantity of Sunscreen Demanded (bottles) Quantity of Sunscreen Supplied (bottles)
$35 1,000 8,500
30 2,000 7,000
25 3,000 5,500
20 4,000 4,000
15 5,000 2,500
10 6,000 1,000

 

 

Instructions: Enter your answers as a whole number.

 

 

 

 

    1. If the price is $15 per bottle, how many bottles of sunscreen are demanded and supplied?

 

 

 

 

Qd =

Qs =

In this case, there would be upward pressure on the price.

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