Macroeconomics

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  • Topic: Supply and demand, Economic equilibrium, Partial equilibrium
  • Pages : 3 (515 words )
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  • Published : February 11, 2013
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Macroeconomics|
Assignment 1: Demand Illustration
|
Market Subject- Blueberries Cultivated/ Produced|

Price Per Pound ($)| Quantity Demanded Per Year (lbs)|
$5.10| 2|
$4.60| 3|
$4.10| 4|
$3.60| 5|
$3.10| 6|
Personal Demand:

Market Demand:
Price Per Pound ($)| Quantity Demanded Per Year(lbs)|
$5.10| 170,000,000|
$4.60| 180,000,000|
$4.10| 190,000,000|
$3.60| 200,000,000|
$3.10| 210,000,000|

Increase in Demand:
Price Per Pound ($)| D1 (before income rises) Quantity Demanded Per Year| D2 (after income rises) Quantity Demanded Per Year| $5.10| 170,000,000 lbs| 200,000,000 lbs|
$4.60| 180,000,000 lbs| 210,000,000 lbs|
$4.10| 190,000,000 lbs| 220,000,000 lbs|
$3.60| 200,000,000 lbs| 230,000,000 lbs|
$3.10| 210,000,000 lbs| 240,000,000 lbs|

Price Per Pound ($)| D1 (before price of subs. falls) Quantity Demanded Per Year| D2 (after price of subs. Falls) Quantity Demanded Per Year| $5.10| 170,000,000 lbs| 140,000,000 lbs|
$4.60| 180,000,000 lbs| 150,000,000 lbs|
$4.10| 190,000,000 lbs| 160,000,000 lbs|
$3.60| 200,000,000 lbs| 170,000,000 lbs|
$3.10| 210,000,000 lbs| 180,000,000 lbs|
Decrease in Demand:

One Firm’s Supply:
Price Per Pound ($)| Quantity Supplied Per Year(lbs)|
$5.10| 170,000 lbs|
$4.60| 180,000 lbs|
$4.10| 190,000 lbs|
$3.60| 200,000 lbs|
$3.10| 210,000 lbs|

Market Supply:
Price Per Pound ($)| Quantity Demanded Per Year(lbs)|
$5.10| 210,000,000|
$4.60| 200,000,000|
$4.10| 190,000,000|
$3.60| 180,000,000|
$3.10| 170,000,000|

Increase in Supply:
Price Per Pound ($)| S-1 (before tech. improves) Quantity Demanded Per Year| S-12 (after price of subs. Falls) Quantity Demanded Per Year| $5.10| 210,000,000 lbs| 500,000,000 lbs|
$4.60| 200,000,000 lbs| 400,000,000 lbs|
$4.10| 190,000,000 lbs| 300,000,000 lbs|
$3.60| 180,000,000 lbs| 200,000,000 lbs|
$3.10|...
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