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Author Question: In the figure above, if the price is 8 a unit, is there a shortage or surplus and what is the amount ... (Read 81 times)

penza

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on: Jun 29, 2018
In the figure above, if the price is 8 a unit, is there a shortage or surplus and what is the amount of any shortage or surplus? What is the equilibrium price and quantity?
 
  What will be an ideal response?

Question 2

Pointy Stone State Park is the sole employer of naturalists in the area. The table above provides information about the supply of naturalists and the value of marginal product of labor for naturalists.
 
  On the last naturalist hired, Pointy Stone State Park will earn a profit of A) zero.
  B) 100 per week.
  C) 150 per week.
  D) 200 per week.


onowka

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Reply #1 on: Jun 29, 2018
Answer to Question 1

At a price of 8 there is a surplus because the quantity supplied exceeds the quantity demanded. The amount of the surplus is 4 units per month. The equilibrium price is 4 a unit and the equilibrium quantity is 3 units per month.

Answer to Question 2

C


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