1. The following table shows the demand and supply of goods X at various price levels in a market as follows: (a) Draw the demand and supply curves based on the table above. (b) What is the price level formed and the quantity of goods traded at equilibrium conditions. (c) What happens if the price is US $ 35? (d) What happens if the price is US $ 50?

1. The following table shows the demand and supply of goods X at various price levels in a market as follows: (a) Draw the demand and supply curves based on the table above. (b) What is the price level formed and the quantity of goods traded at equilibrium conditions. (c) What happens if the price is US $ 35? (d) What happens if the price is US $ 50?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter5: Buying The Necessities

Section: Chapter Questions

Problem 19AA

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