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. Draw the demand and supply curves. b. What is the equilibrium price and quantity in this market? c. If the actual price in this market is above the equilibrium price, what moves the market to a state of equilibrium? d. If the actual price in this market is below the equilibrium price, what happens move the market to a state of equilibrium?

. Draw the demand and supply curves. b. What is the equilibrium price and quantity in this market? c. If the actual price in this market is above the equilibrium price, what moves the market to a state of equilibrium? d. If the actual price in this market is below the equilibrium price, what happens move the market to a state of equilibrium?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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a. Draw the demand and supply curves. b. What is the equilibrium price and quantity in this market? c. If the actual price in this market is above the equilibrium price, what moves the market to a state of equilibrium? d. If the actual price in this market is below the equilibrium price, what happens move the market to a state of equilibrium?
6. The cooking oil shop has a demand and supply schedule as follows Price Quantity Request Quantity Offer Price Request Offer 400 135 26 500 104 53 600 81 81 700 68 98 800 53 110 900 39 121
Transcribed Image Text:6. The cooking oil shop has a demand and supply schedule as follows Price Quantity Request Quantity Offer Price Request Offer 400 135 26 500 104 53 600 81 81 700 68 98 800 53 110 900 39 121
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