1. Below is a market schedule for both demand and supply Quantity Demanded (x- axis) 1000 Price (y-axis) Quantity Supplied (x- axis) 200 400 600 2 800 600 6 8 400 200 800 10 1000
1. Below is a market schedule for both demand and supply Quantity Demanded (x- axis) 1000 Price (y-axis) Quantity Supplied (x- axis) 200 400 600 2 800 600 6 8 400 200 800 10 1000
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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Principles of
![1. Below is a market schedule for both demand and supply
Price (y-axis)
Quantity Demanded (x-
axis)
1000
Quantity Supplied (x-
аxis)
200
4
800
400
6
8
10
600
400
200
600
800
1000
a) Using the market schedules, draw the curves and indicate the equilibrium price, equilibrium
quantity
b) On the same curve indicate the area of surplus and shortage in the market.
c) Calculate the surplus quantities in this market
d) Calculate the shortage of quantities in this market
e) Calculate the slope of the demand curve if the initial price was at 8 and new price is 10
f) Calculate the slope of the supply curve if the initial price was at 10 and the new price is 8](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa236eafc-c252-4c95-8901-96319c589421%2F3f2eea15-d173-4da3-aa98-c5b13ace54a1%2Fzqgn26_processed.png&w=3840&q=75)
Transcribed Image Text:1. Below is a market schedule for both demand and supply
Price (y-axis)
Quantity Demanded (x-
axis)
1000
Quantity Supplied (x-
аxis)
200
4
800
400
6
8
10
600
400
200
600
800
1000
a) Using the market schedules, draw the curves and indicate the equilibrium price, equilibrium
quantity
b) On the same curve indicate the area of surplus and shortage in the market.
c) Calculate the surplus quantities in this market
d) Calculate the shortage of quantities in this market
e) Calculate the slope of the demand curve if the initial price was at 8 and new price is 10
f) Calculate the slope of the supply curve if the initial price was at 10 and the new price is 8
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