ASU Supply Schedule for Fast Food Supply Curve & Quantity Demanded Worksheet

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ppenjs23

Economics

Albany State University

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Chapter 03 Problem Set Directions: Use the five problems below to help guide you in answering a series of questions on the Blackboard course page. I would go through these problems in detail first before trying to answer questions. 1. In Kingsbury County, there is a supply schedule for fast food. Here is the table below: Price Quantity Supplied 4.00 3,000 4.50 3,500 5.00 4,000 5.50 4,500 6.00 5,000 a. Draw a supply curve where you plot price on the vertical axis and quantity on the horizontal axis. b. When the price rises from $4.50 to $5.50, how much does quantity supplied increase or decrease? 2. In Kingsbury County, there is a demand schedule for fast food. Here is the table below: Price Quantity Demanded 4.00 5,000 4.50 4,500 5.00 4,000 5.50 3,500 6.00 3,000 a. Draw a demand curve where you plot price on the vertical axis and quantity on the horizontal axis. b. When the price rises from $4.50 to $5.50, how much does quantity demanded increase or decrease? 3. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 3,000 5,000 4.50 3,500 4,500 5.00 4,000 4,000 5.50 4,500 3,500 6.00 5,000 3,000 a. Draw the supply and demand curve based on the table above. b. What is the equilibrium price and quantity? c. If fast food restaurants set the price at $5.50, then how would markets react? Would it be in equilibrium or would it be a surplus or shortage? d. If fast food restaurants set the price at $4.50, then how would markets react? If it is not in equilibrium, then how would they respond in order to get back to equilibrium? 4. In Kingsbury County, there is a demand and supply schedule for fast food. Here is the table below: Price Quantity Supplied Quantity Demanded 4.00 3,000 5,000 4.50 3,500 4,500 5.00 4,000 4,000 5.50 4,500 3,500 6.00 5,000 3,000 a. There was a report saying that eating fast food is much more hazardous than expected. Assuming ceteris paribus, how would equilibrium price and quantity change? b. Suppliers are raising the price on potatoes. Assuming ceteris paribus, how would equilibrium price and quantity change? c. Incomes for Kingsbury residents fall and fast food is considered an inferior good. Assuming ceteris paribus, how would equilibrium price and quantity change? 5. Refer to Figure 3.18 in the textbook that deals with the U.S. Postal Service. Try to match which of the statements would match Figure 3.18 (a) Shift in Supply and Figure 3.18 (b) Shift in Demand. a. People are finding it easier to pay bills online. b. The price of paper is rising.
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Chapter 03 Problem Set
Directions: Use the five problems below to help guide you in answering a series of questions on
the Blackboard course page. I would go through these problems in detail first before trying to
answer questions.
1. In Kingsbury County, there is a supply schedule for fast food. Here is the table below:
Price
Quantity Supplied
4.00
3,000
4.50
3,500
5.00
4,000
5.50
4,500
6.00
5,000

a. Draw a supply curve where you plot price on the vertical axis and quantity on the
horizontal axis.

b. When the price rises from $4.50 to $5.50, how much does quantity supplied increase
or decrease?


When the prices rices from $4.5 to $5.5...


Anonymous
Excellent! Definitely coming back for more study materials.

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