1. Given the following data, identify the amount of shortage or surplus that would exist at a price of (a) $5.00 (b) $3.00 (c) $1.00 What is the equilibrium price? How would the equilibrium price and quantity change if Alice left the market? Price $5.00 $4.00 $3.00 $2.00 $1.00 Quantity demanded Al 1234 5 Betsy 0 111 2 Casey 2 2 33 4 Daisy 1344 6
1. Given the following data, identify the amount of shortage or surplus that would exist at a price of (a) $5.00 (b) $3.00 (c) $1.00 What is the equilibrium price? How would the equilibrium price and quantity change if Alice left the market? Price $5.00 $4.00 $3.00 $2.00 $1.00 Quantity demanded Al 1234 5 Betsy 0 111 2 Casey 2 2 33 4 Daisy 1344 6
Principles of Microeconomics
7th Edition
ISBN:9781305156050
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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Question
![1. Given the following data, identify the amount of shortage or surplus that would exist at a price
of
(a) $5.00
(b) $3.00
(c) $1.00
What is the equilibrium price? How would the equilibrium price and quantity change if Alice left
the market?
Price $5.00 $4.00 $3.00 $2.00 $1.00
Quantity demanded
Al 1234 5
Betsy 0 111 2
Casey 2 23 3 4
Daisy 1 344 6
Eddie 1223 5
Market Total
Price $5.00 $4.00 $3.00 $2.00 $1.00
Quantity supplied
Alice 3 3 33 3
Butch 7 54 4 2
Connie 6 4 3 31
Dutch 6 5 4 30
Ellen 4 22 2 1
Market Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F0205915a-7141-4359-946f-77b55f1c0375%2F8334d299-14de-48e2-ac69-48977802e2f1%2Fe8ysh7b_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. Given the following data, identify the amount of shortage or surplus that would exist at a price
of
(a) $5.00
(b) $3.00
(c) $1.00
What is the equilibrium price? How would the equilibrium price and quantity change if Alice left
the market?
Price $5.00 $4.00 $3.00 $2.00 $1.00
Quantity demanded
Al 1234 5
Betsy 0 111 2
Casey 2 23 3 4
Daisy 1 344 6
Eddie 1223 5
Market Total
Price $5.00 $4.00 $3.00 $2.00 $1.00
Quantity supplied
Alice 3 3 33 3
Butch 7 54 4 2
Connie 6 4 3 31
Dutch 6 5 4 30
Ellen 4 22 2 1
Market Total
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