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Chapter 3: Q 17. (page 78)
How can you locate the equilibrium point on a demand and supply graph?
On a demand and supply graph, the equilibrium point can be found where the demand and supply curves intersect
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When the price is above the equilibrium, explain how market forces move the market price to equilibrium. Do the same when the price is below the equilibrium.
What is consumer surplus? How is it illustrated on a demand and supply diagram?
Explain why the following statement is false: 鈥淚n the goods market, no seller would be willing to sell for less than the equilibrium price.鈥�
Table 19. 5 illustrates the market's demand and supply for cheddar cheese. Graph the data and find the equilibrium. Next, create a table showing the change in quantity demanded or quantity supplied, and a graph of the new equilibrium, in each of the following situations:
a. The price of milk, a key input for cheese production, rises, so that the supply decreases by 80 pounds at every price.
b. A new study says that eating cheese is good for your health, so that demand increases by 20% at every price.
What is the difference between the supply and the quantity supplied of a product, say milk? Explain in words and show the difference on a graph with the
supply curve for milk.
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