Principles of Microeconomics Instructor: Sandhya Patlolla 1. The below table gives the demand and supply schedules for cat food. a) The equilibrium price will be _______________ b) The equilibrium quantity will be___________________ c) If the price is $3.00 per pound of cat food‚ will there be a shortage‚ a surplus? _________________ d) How much is the shortage or surplus equal to _____________________ e) Will the price stay at $3.00 for the long time? Why? f) If the price
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The Concept of Equilibrium and the Equilibrium Constant + What is equilibrium? A state of balance It can be static (like tug o war) It can be dynamic‚ like cars moving across a bridge‚ and like most of the reactions we will be studying + Chemical Equilibrium Occurs when opposing reactions are proceeding at equal rates Rate at which products form is equal to the rate at which reactants disappear Have the illusion that the reaction has stopped +At equilibrium‚ the concentrations
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bDATES PERFORMED: JANUARY 8‚ 2013 CHEMICAL EQUILIBRIUM D.M. TAN1 AND P.B. ALEGRO2 1DEPARTMENT OF MINING‚ METALLURGICAL‚ AND MATERIALS ENGINEERING‚ COLLEGE OF ENGINEERING 2 INSTITUTE OF CHEMISTRY‚ COLLEGE OF SCIENCE UNIVERSITY OF THE PHILIPPINES‚ DILIMAN QUEZON CITY‚ PHILIPPINES RECEIVED JANUARY 15‚ 2013 RESULTS AND DISCUSSION A. Iron- Silver Equilibrium The first part of the experimentation focuses in the iron-silver system. Silver nitrate (AgNO3) was added to ferrous
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Long Run Equilibrium (A) Firm and Industry: A competitive market is made up of a large number of firms with complete freedom of entry. Such firms together are called competitive industry. An industry can be defined as a group of firms producing homogeneous products with freedom of entry and exit and which earn only normal profits. Hence the concept of an industry is applicable only under competitive conditions. There is no fixed size of an industry though the analytical stability of an industry
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ceiling create shortage. How to overcome it? According to the book “Economic Theory in the Malaysian Context”‚ the definition of price ceiling is a legally established maximum price a seller can charge. It means that the price is lower than the equilibrium market price and it cannot go above the ceiling price. The reason that government imposes ceiling price on item such as beef‚ flour‚ sugar and many more is because to ensure that consumers are able to buy these goods at a reasonable price thus prevent
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TITLE Vapour Liquid Equilibrium OBJECTIVE To find the Vapour-Liquid Equilibrium (VLE) relationship for binary mixture and to plot the equilibrium curve. INTRODUCTION The term equilibrium is referred to as when a system is in a static condition and there is absolutely no changes that occur as time goes by. Vapour-liquid equilibrium is a condition where a liquid and its vapor are in equilibrium with each other‚ a condition or state where the rate of evaporation is equal to the rate of condensation
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chemical equilibrium is already achieved. A reaction is said to be at equilibrium when the following conditions exist. 1. 2. 3. Several factors such as temperature‚ concentration and pressure affects the rate of reaction which can cause an effect in the chemical equilibrium. A general rule is used to predict the direction in which an equilibrium reaction will move which is called the Le Chatelier’s Principle. It states that if an external stress is applied to a system at equilibrium‚ the system
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main objective of this experiment was to obtain some experimental measurement of Vapor Liquid Equilibrium for the Ethanol – Water system to verify the literature data. For this the Ethanol – Water system was heated to a certain temperature which is called the equilibrium temperature at atmospheric pressure and equilibrium temperature and compositions of vapor and liquid were measured. At the equilibrium temperature the samples of both vapor and liquid were taken in two different test-tube and the
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Any object that fall to the earth have a constant acceleration due to gravity of -9.80 m/s^2 if air resistance is ignored. If an object is small and have a reasonable mass‚ we can predict the final velocity of the object and the time of fall‚ since smaller objects with smaller mass have less air resistance. Objects with smaller masses have less air resistance because their velocities are smaller. Objects with larger masses‚ on the other hand‚ will have more air resistance because their velocities
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Discovering the equilibrium constant for a reaction is very helpful for understanding that reaction. Knowing the equilibrium constant of a reaction is important because it allows you to calculate how much product will ultimately be formed during a reaction. Moreover‚ it also tells you how a particular mixture of chemicals will react. This is because chemical reactions always occur in the direction which will make the ratio of their products to reactants equal to the equilibrium constant.
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