A.The following table gives the supply and demand for orchid leis in Hawaii.
Price ($/unit) | Quantity demanded (thousands) | Quantity supplied (thousands) |
5 | 24 | 8 |
10 | 20 | 12 |
15 | 16 | 16 |
20 | 12 | 20 |
25 | 8 | 24 |
The equilibrium price of orchid leis is $ U1syIiEJmco= and the equilibrium quantity of orchid leis is zhw5AiG32jY= thousand.
С. The following table gives the supply and demand for orchid leis in Hawaii.
Price ($/unit) | Quantity demanded (thousands) | Quantity supplied (thousands) |
5 | 24 | 8 |
10 | 20 | 12 |
15 | 16 | 16 |
20 | 12 | 20 |
25 | 8 | 24 |
Assume the Hawaiian lei industry now increases its use of orchids from Thailand, allowing it to increase the supply of orchids by 8,000 units at every price. Complete the table below using this new information along with the table above.
Price ($/unit) | Quantity demanded (thousands) | Quantity supplied (thousands) |
5 | 7dfNq0tWt7c= | zhw5AiG32jY= |
10 | Tu9IG1n3UyE= | Tu9IG1n3UyE= |
15 | zhw5AiG32jY= | 7dfNq0tWt7c= |
20 | DDH6Tw1RFEk= | KCanRrrS1fI= |
25 | L6bSXEGJIC8= | M2l5iUDUXlw= |
The new equilibrium price is $ Pz2PEfhsNWI= per lei and the new equilibrium quantity is Tu9IG1n3UyE= thousand.
E. The following table gives the supply and demand for orchid leis in Hawaii.
Price ($/unit) | Quantity demanded (thousands) | Quantity supplied (thousands) |
5 | 24 | 16 |
10 | 20 | 20 |
15 | 16 | 24 |
20 | 12 | 28 |
25 | 8 | 32 |
Now assume that luxury hotels in Hawaii begin cost-cutting measures and no longer present guests with leis upon check-in. This reduces demand for orchid leis by 8,000 units at every price. Complete the table below using this new information.
Price ($/unit) | Quantity demanded (thousands) | Quantity supplied (thousands) |
5 | zhw5AiG32jY= | zhw5AiG32jY= |
10 | DDH6Tw1RFEk= | Tu9IG1n3UyE= |
15 | L6bSXEGJIC8= | 7dfNq0tWt7c= |
20 | h4XZagboIgc= | KCanRrrS1fI= |
25 | 1Wh3cvJ2xF4= | M2l5iUDUXlw= |
The new equilibrium price is $DYU2tVvtzEQ= per lei and the new equilibrium quantity is zhw5AiG32jY= thousand.
G. The following table gives the supply and demand for orchid leis in Hawaii.
Price ($/unit) | Quantity demanded (thousands) | Quantity supplied (thousands) |
5 | 16 | 16 |
10 | 12 | 20 |
15 | 8 | 24 |
20 | 4 | 28 |
25 | 0 | 32 |
Now assume that severe monsoons and civil unrest in Thailand lead to a reduction in orchid production by an amount equivalent to 8,000 orchid leis supplied at every price. Complete the table below using this new information.
Price ($/unit) | Quantity demanded (thousands) | Quantity supplied (thousands) |
5 | zhw5AiG32jY= | L6bSXEGJIC8= |
10 | DDH6Tw1RFEk= | DDH6Tw1RFEk= |
15 | L6bSXEGJIC8= | zhw5AiG32jY= |
20 | h4XZagboIgc= | Tu9IG1n3UyE= |
25 | 1Wh3cvJ2xF4= | 7dfNq0tWt7c= |
The new equilibrium price is $Pz2PEfhsNWI= per lei and the new equilibrium quantity is DDH6Tw1RFEk= thousand.