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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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