It is not graded it is a practice question. 4. The following table shows information on the demand and supply for apples at alocal farmers' market:Price (dollars) Qd (apples) Qs (apples)5616482440323240244816560.40.81.21.62.02.4Question: What is the equilibrium price of an apple? Explain how you found thatnumber. For this question the 100-word minimum does not apply. However, youdo need more than a number to get full credit. You also need to explain how yougot that number.

Demand is amount of a good that consumers are willing and able to purchase at different price…

4. The following table shows information on the demand and supply for apples at a local farmers' market: Price (dollars) Qd (apples) Qs (apples) 56 16 48 24 40 32 32 24 16 0.4 0.8 1.2 1.6 2.0 2.4 40 48 56 Question: What is the equilibrium price of an apple? Explain how you found that number. For this question the 100-word minimum does not apply. However, you do need more than a number to get full credit. You also need to explain how you got that number.

4. The following table shows information on the demand and supply for apples at a local farmers' market: Price (dollars) Qd (apples) Qs (apples) 56 16 48 24 40 32 32 24 16 0.4 0.8 1.2 1.6 2.0 2.4 40 48 56 Question: What is the equilibrium price of an apple? Explain how you found that number. For this question the 100-word minimum does not apply. However, you do need more than a number to get full credit. You also need to explain how you got that number.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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Similar questions

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