# solve all Table 3: Demand Function Price Qd 12 0 9 11 6 22 3 33 0 44 13. Consider Table 3. Graph this demand curve. Make sure you fully

solve all Table 3: Demand Function Price Qd

12 0

9 11 6 22 3 33 0 44 13. Consider Table 3. Graph this demand curve. Make sure you fully label your graph.

Calculate the inverse demand function and the demand function.

is the quantity demanded if price is 8? Interpret this number. is the price elasticity of demand between a price of $9 and $12? also interpret this

number. Table 4: Supply Function Price Q5

12 32

9 24

6 16 3 8 0 0 14. Consider Table 4. a. Graph this supply curve. Make sure you fully label your graph. b. Calculate the inverse supply function and the supply function. c. is the quantity supplied if price is 8? Interpret this number. d. is the price elasticity of demand between a price of $9 and $12? also interpret this number. Table 5: Supply And Demand Functions Price Qd Q3

12 0 32

9 11 24

6 22 16

3 33 8

0 44 0 15. Consider Table 5. a. is the equilibrium price and quantity? b. The number of consumers increases. This causes consumers to demand two more goods at every

price. is the new equilibrium price and quantity? 16. Consider Table 5. a. Say there is a price ﬂoor of $10. would be the result? A complete answer should mention

whether its binding, the amount sold in the market, and the existence / size of a shortage / surplus. b. Say there is a price ceiling of $10. would be the result? A complete answer should mention

whether its binding, the amount sold in the market, and the existence / size of a shortage / surplus. 17. When income rises from $50 to $52, quantity demanded of chicken increases from 2 pounds

to 3 pounds a month. a. is income elasticity?

b. How do you interpret this number? c. How do you categorize this product? 18. When the price of cheese rises from $2 to $3 a pound, quantity demanded of salsa rises

from 2 to 4 bottles a month. a. is cross-price elasticity?

b. How do you interpret this number? c. How do you categorize this product?

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