| 1 | |||
| Price | QTY D | QTY S | |
| $ 1,000 | 2000 | 3500 | |
| $ 800 | 2500 | 2500 | |
| $ 600 | 3000 | 1500 | |
| A. Create a scatter plot of this data. Add a trendline and the equation of the line. | |||
| B. At a price of $1000, is there an excess quantity supplied, or an excess quantity demanded? How much is the excess supply, or surplus amount? | How much is the demand and supply at $600? | ||
| C. If the price is $600 is there an excess in supply, or demand? What is the excess supply? Is there are shortage or surplus? How do you know? | |||
| D. At what price and quantity combination is equilibrium? | |||
| E. What is the slope of the demand curve equation? | |||
| F. What is the slope of the supply curve equation? | |||
| 2 | |||
| Price | QD | QS | |
| $ 330 | 100 | 40 | |
| $ 340 | 90 | 60 | |
| $ 350 | 80 | 80 | |
| $ 360 | 70 | 100 | |
| $ 370 | 60 | 120 | |
| A. Create a scatter plot of this data. Add a trendline and the equation of the lines. | |||
| B. Identify the price and quantity combination for equilibrium. | |||
| C. Is there a shortage or s surplus at $350? | |||
| D. Is there a shortage or surplus at $365? | |||
| E. Is there a shortage or surplus at $345? How do you know? | |||
| 3 | |||
| Price | QD | QS | |
| $ 200 | 2000 | 1200 | |
| $ 300 | 1800 | 1400 | |
| $ 400 | 1600 | 1600 | |
| $ 500 | 1400 | 1800 | |
| $ 600 | 1200 | 2000 | |
| A. Create a scatter plot of this data. Add a trendline and the equation of the lines. | |||
| B. What is the market equilibrium? What is the price, and quantity combination for equilibrium? | |||
| C. At Price = $500, is there a shortage or surplus? | |||
| D. At Price = $200, is there a shortage or surplus? | |||
| 4 | Price | QD | QS |
| $ 12 | 96 | 104 | |
| $ 11 | 98 | 102 | |
| $ 10 | 100 | 100 | |
| $ 9 | 102 | 98 | |
| $ 8 | 104 | 96 | |
| A. Create a scatter plot of this data. Add a trendline and the equation of the lines. | |||
| B. What is the market equilibrium? What is the price, and quantity combination for equilibrium? | |||
| C. What is the slope of the demand curve? | |||
| D. What is the y-intercept of the supply curve? | |||
| E. At the Price of $11.50 is there a shortage or a surplus? How do you know? |
Question 1
QTY D
2000,800
D
2000 2500 3000 1000 800 600 QTY S
1000 800 600 QTY S
S
3500 2500 1500 1000 800 600
QUANTITY
Price