Price |
Supply |
Demand |
0 |
1,600 |
|
20 |
1,500 |
|
40 |
1,400 |
|
60 |
1,300 |
|
80 |
1,200 |
|
100 |
1,100 |
|
120 |
1,000 |
|
140 |
900 |
|
160 |
800 |
|
180 |
700 |
|
200 |
600 |
a. Price Supply Demand
0 0 1600
20 300 1500
40 560 1400
60 780 1300
80 960 1200
100 1100 1100
120 1200 1000
140 1260 900
160 1280 800
180 1260 700
200 1200 600
Supply at price 20 is 300 i.e 1500/100 *20
a. A short run competitive equillibrium is a situation in which, given in the firms in the market, the price is such that the total amount the firms wish to supply is equal to the total amount the consumers wish to demand.
b. At 100 price 1100 flu vacines are supplied and demand and hence a point of equillibrium.
Get Answers For Free
Most questions answered within 1 hours.