Cameron University Principles of Microeconomics Questions UNIT 4 You do not have to send me the graphs, you do them to be able to answer the questions.
Price (dollars per sandwich)
Quantity demanded (sandwiches per hour)
Quantity supplied
(sandwiches per hour)
0
400
0
1
350
50
2
300
100
3
250
150
4
200
200
5
150
250
6
100
300
7
50
350
8
0
400
Table 1
Table 1 shows the demand and supply schedules for sandwiches. Use Table 1 to work Problems 4 through 7.
1. Calculate the equilibrium price of a sandwich, the consumer surplus, and the producer surplus. What is the efficient quantity of sandwiches?
2.(Not related to the question above)
Factories produces goods that we consume and export, but they are also responsible for the polluting the environment. Based on your understanding chapter 4, what type of externality does pollution create and what are the different recommendations for controlling pollution?
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All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures…
All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures…
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All answered must be typed using Times New Roman (size 12, double-spaced) font. No pictures…