What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
The table below shows information on the demand and supply for Chicken, where the quantities of Chicken are measured in thousands.
Price Qd Qs
GHS 120 50 36
GHS 150 40 40
GHS 180 32 48
GHS 210 28 56
GHS 240 24 70
Table 1. Demand and Supply for Chicken
a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210?
b. At what price is the quantity supplied equal to 48,000 Chickens?
c. Graph the demand and supply curve for Chickens. Determine the
d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
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