thinking Areos al r me mother\'s F Name Spts score: Ch. 3a Homework Note: larger
ID: 1141437 • Letter: T
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thinking Areos al r me mother's F Name Spts score: Ch. 3a Homework Note: larger demand or supply lines are always located towards the right side of the graph and numbers close but not exactly lined-up are okay. $10 7 1. Equilibrium (where two lines cross) between the smaller supply (to the upper left) and demand is at Q and $ 6 2. Equilibrium between the larger supply and demand is atQ and $ 3 3. Starting with 40Q at $6 each, more quantity demanded is with 60Q at $4 each or Q at $ 0 30 40 60 70 100Q 4. Starting with 40Q at $6 each, less quantity-demanded is shown-Q at $. 5. Starting with 60Q at $4 each, more quantity supplied is shown by Q at $- 6. Starting with 60Q at $4 each, less quantity supplied is shown by Q at $ 7. Starting with 60Q at $4 each, less supplyis shown by 40Q at $6 each orQ at S (less quantity supplied and less supply sound the same but are different) 8. If government limits the larger supply to making only 40Q, these 40 can be supplied for a cost each of $ 9. The price to ration quantity demanded to only 40Q on the demand curve is $ 10. Between the rationing price of $_ and the lower cost to supply each unit of $ is a difference of $per unit and equals the rent each unit is paid. Taxes are an example of rents and this rent could be a tax. 11. The rent per each unit multiplied times the 40Q makes for total rents of $_ answers in wrong order: 3 33 334666677 30 40 40 60 60 70 100 120Explanation / Answer
(1) Equilibrium with smaller supply is at 40Q and $6.
(2) Equilibrium with larger supply is at 60Q and $4.
(3) More quantity demanded is with 70Q and $3 (along the demand curve).
(4) Less quantity demanded is with 30Q and $7 (along the demand curve).
NOTE: As per Answering Policy, 1st 4 parts have been answered.
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