Question
8. Price Quanitity Quantity Demanded Supplied $7 25 units 8 units 8 23 11 9 21...
8.
Price Quanitity Quantity
Demanded Supplied
$7 25 units 8 units
8 23 11
9 21 15
10 18 18
11 15 23
12 13 29
13 11 33
14 9 36
In the table above answer the following questions:
a. What is the equilibrium price?
b. What is equilibrium quantity demand and supplied?
c. Would price of $13 create a surplus or shortage of how many
units?
d. Would demand increase or quantity demanded increase if
income is increased?
Homework Answers
Answer #1
Solution is in the below pic.
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