21. Refer to Table 4-15. If only Brook Mountain and Cascade Waters operate in this market, what
is the market quantity supplied when the price is $3.00 per case?
22. Refer to Table 4-15. Assuming these are the only four suppliers in this market, the function for
market supply can be written as QS=
23. Refer to Table 4-15. Assuming these are the only four suppliers in this market and the function
for market demand is QD=1000-100P, where QD is the quantity demanded and P is the price,
what is the equilibrium price?
24. Refer to Table 4-15. Assuming these are the only four suppliers in this market and the function
for market demand is QD=1000-100P, where QD is the quantity demanded and P is the price,
what is the equilibrium quantity?
25. Refer to Table 4-15. Assume these are the only four suppliers in this market and the function
for market demand is QD=1000-100P, where QD is the quantity demanded and P is the price. If
the price is $6 per case, is there a shortage or surplus, and how large is the shortage or surplus?
26. Refer to Figure 4-30. In this market for iPhones, the technology improves while all other
factors remain constant. Which curve(s) shift(s) and in which direction?
27. Refer to Figure 4-30. In this market for iPhones, the technology improves while all other
factors remain constant. Explain the change(s) in the equilibrium price and quantity.
28. Refer to Figure 4-30. In this market for tablet computers, more suppliers enter the market and
the price of laptops, a substitute good, increases, while all other factors remain constant. Which
curve(s) shift(s) and in which direction?
29. Refer to Figure 4-30. In this market for tablet computers, more suppliers enter the market and
the price of laptops, a substitute good, increases, while all other factors remain constant. Explain
the change(s) in the equilibrium price and quantity.
30. If corn is an input into the production of ethanol, will a decrease in the price of corn increase the
supply of ethanol or decrease the supply of ethanol?
31. Suppose researchers discover a new, lower cost method of producing calculators. As a result, will
the supply of calculators increase or decrease?
Figure 4-31
Consider the market for 2-packs of light bulbs below.
32. Refer to Figure 4-31. What are the values of the equilibrium price and quantity?
33. Refer to Figure 4-31. At a price of $3, is there a shortage or surplus, and how large is the
shortage/surplus?
34. Refer to Figure 4-31. At a price of $6, is there a shortage or surplus, and how large is the
shortage/surplus?
35. Refer to Figure 4-31. Suppose there is an improvement in technology in this market and the
price of lamps, a complementary good, increases. What changes do you predict in the equilibrium
price and quantity?
Table 4-16
The following table shows the supply and demand schedules in a market.
Price ($)
Quantity
Demanded
(units)
Quantity
Supplied
(units)
0
50
0
2
40
15
4
30
30
6
20
45
8
10
60
10
0
75
36. Refer to Table 4-16. What is the equilibrium price in this market?
37. Refer to Table 4-16. What is the equilibrium quantity in this market?
38. Refer to Table 4-16. At a price of $2, will there be a surplus or shortage of units in this market?
39. Refer to Table 4-16. At a price of $8, how large of a surplus will there be in this market?
40. Refer to Table 4-16. If the supply curve shifts to the right, will the price in this market rise or
fall?
41. Refer to Scenario 4-1. What is the equilibrium price in this market?
42. Refer to Scenario 4-1. What is the equilibrium quantity in this market?
43. Refer to Scenario 4-1. Suppose the price is currently equal to 10 in this market. Is there a
shortage or surplus in this market, and how large is the shortage/surplus?
44. Refer to Scenario 4-1. Suppose the price is currently equal to 18 in this market. Is there a
shortage or surplus in this market, and how large is the shortage/surplus?
45. Refer to Scenario 4-1. Suppose the supply curve shifts to . What is the new
equilibrium price and quantity in this market?
46. Suppose the supply and demand of corn both increase. As a result, what will happen to the
equilibrium price and equilibrium quantity in the market?
47. If the supply of tennis balls, a complement to tennis racquets, decreases, what will happen to the
equilibrium price of tennis balls and to the equilibrium price of tennis racquets?
48. If the supply of pencils, a substitute for pens, increases, what will happen to the equilibrium price
of pencils and to the equilibrium price of pens?
49. If the price of steel, an input into the production of automobiles, rises, and at the same time the
price of gasoline rises, what will happen to the equilibrium price and quantity of automobiles?
50. If the demand for a good increases at the same time as the supply of the same good decreases,
what will happen to the equilibrium price and quantity of the good?