Table 4-16 The following table shows the supply and demand schedules in a market. |Quantity Demanded |Quantity Supplied (units) (units) 50 40 30 20 Price (S) 15 30 45 60 75 10 10 1. Refer to Table 4-16. Draw the supply & demand curves. 2. Refer to Table 4-16. What is the equilibrium price in this market? 3. Refer to Table 4-16. What is the equilibrium quantity in this market? 4. Refer to Table 4-16. At a price of $2, will there be a surplus or shortage of units in this market? 5. Refer to Table 4-16. At a price of $8, how large of a surplus will there be in this market? 6. Refer to Table 4-16. If the supply curve shifts to the right, will the price in this market rise or fall?

Table 4-16 The following table shows the supply and demand schedules in a market. |Quantity Demanded |Quantity Supplied (units) (units) 50 40 30 20 Price (S) 15 30 45 60 75 10 10 1. Refer to Table 4-16. Draw the supply & demand curves. 2. Refer to Table 4-16. What is the equilibrium price in this market? 3. Refer to Table 4-16. What is the equilibrium quantity in this market? 4. Refer to Table 4-16. At a price of $2, will there be a surplus or shortage of units in this market? 5. Refer to Table 4-16. At a price of $8, how large of a surplus will there be in this market? 6. Refer to Table 4-16. If the supply curve shifts to the right, will the price in this market rise or fall?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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