ECON102 Chapter 3-4: Review exercise_chapter 3 and 4.docx

• School: University of Waterloo
• Department: Economics
• Course: ECON102
• Professor: Wokia Kumase

Document Summary

Use the figure below to answer the following questions. Original equilibrium at 1: refer to figure 3. 5. 2, which represents the market for beans. If the price of peas, a substitute for beans rises, what is the new beans equilibrium, ceteris paribus: 8, 3, 9, 5, 6, refer to figure 3. 5. 2, which represents the market for beer. If the price of pizza, a complement of beer rises, what is the new beer equilibrium, ceteris paribus: 8, 3, 9, 5, 6. The supply curve is p = 300 + 20q: the demand curve is p = 700 - 20q equilibrium quantity is ________ and the equilibrium price is ________, 10; 500, 500; 10, 0. 10; 20, 20; 0. 10, 400; 40. S: this question deals with demand and supply and refers you to the table below, given the table, graph the demand and supply curves for flashlights. Make certain to label equilibrium price and equilibrium quantity.