1. Consider the following supply and demand model of the world tea market (in billions of pounds): Price per Pound Quantity Supplied Quantity Demanded $0.38 $0.37 $0.36 $0.35 $0.34 1. 1,500 1,000 700 600 550 525 600 700 900 1,200 4. Show how the equilibrium price and quantity can be found on the graph. 5. If there is a shortage or surplus at a price of $0.38, calculate its size in billions of pounds and show it on the graph.

1. Consider the following supply and demand model of the world tea market (in billions of pounds): Price per Pound Quantity Supplied Quantity Demanded $0.38 $0.37 $0.36 $0.35 $0.34 1. 1,500 1,000 700 600 550 525 600 700 900 1,200 4. Show how the equilibrium price and quantity can be found on the graph. 5. If there is a shortage or surplus at a price of $0.38, calculate its size in billions of pounds and show it on the graph.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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Please answer fast

1. Consider the following supply and demand model of the world tea market (in billions of pounds):
Price per Pound Quantity Supplied Quantity Demanded
$0.38
$0.37
$0.36
$0.35
$0.34
1.
1,500
1,000
700
600
550
525
600
700
900
1,200
4. Show how the equilibrium price and quantity can be found on the graph.
5. If there is a shortage or surplus at a price of $0.38, calculate its size in billions of pounds and show it on the
graph.

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