Assignment ID: FG133082294
Consider the following demand/supply schedules for Whey Protein Powder, used to build muscle in weight training…
Price (P)…………….Quantity demanded………………Quantity Supplied…………….Surplus/Shortage
($/Pound) (Pounds/month) (Pounds/month)
40.00……………………………0………………………………………. 600
35.00………………………….100………………………………………500
30.00…………………………. 200……………………………………..400
25.00…………………………..300……………………………………..300
20.00……………………………400…………………………………….200
15.00…………………………….500…………………………………….100
10.00…………………………….600……………………………………….0
Questions:
1-Draw a diagram of the market for Whey protein powder, showing the demand and supply curves.
2-What is the equilibrium price and quantity of Whey powder exchanged in the market?
3-Suppose that the local health store decides to charge $20 per pound for Whey powder? Is there a surplus or shortage at this price? Explain. How would the market price adjust as a result?
4-Explain how each of the following changes would affect either the demand side or supply side of Whey protein powder. Draw a separate diagram for each case and show the effect on equilibrium price and quantity…
a-There is an increase in income (all else equal)
b-The price of whey, used to produce the protein powder, increases (all else equal)
c-Gyms reopen after Covid-19 is under control (all else equal)
d-There’s a decrease in the price of Soy protein powder, a substitute in consumption for Whey protein powder (all else equal)
e-There’s an increase in the price of whey protein powder (all else equal)
WE ALL KNOW CLASSWORK IS BORING. RELY ON OUR PROFESSIONAL TUTORS TO HELP YOU WITH ALL YOUR CLASS WORK ESSAYS & ASSIGNMENTS. ORDER YOUR CUSTOM PAPER FOR 15% DISCOUNT. USE CODE SAVE15
The post Draw a diagram of the market for whey protein powder » Full Grade appeared first on Cheap Accounting Tutors.
