1. The table below shows information on the demand and supply for Chicken, where the Price GHS 120 GHS 150 quantities of Chicken are measured in thousands. as 36 50 40 32 28 40 48 GHS 180 GHS 210 GHS 240 rable 1. Demand and Supply for Chicken 56 70 24 a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
1. The table below shows information on the demand and supply for Chicken, where the Price GHS 120 GHS 150 quantities of Chicken are measured in thousands. as 36 50 40 32 28 40 48 GHS 180 GHS 210 GHS 240 rable 1. Demand and Supply for Chicken 56 70 24 a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Answers needed to parts a, b, c, and d.
Transcribed Image Text:1. The table below shows information on the demand and supply for Chicken, where the
quantities of Chicken are measured in thousands.
Price
ad
as
GHS 120
50
36
GHS 150
GHS 180
GHS 210
GHS 240
Table 1. Demand and Supply for Chicken
40
40
32
28
48
56
70
24
a. What is the quantity demanded and the quantity supplied of Chicken at a price of
GHS 210?
b. At what price is the quantity supplied equal to 48,000 Chickens?
c. Graph the demand and supply curve for Chickens. Determine the equilibrium price
and quantity from the graph?
d. If the price was GHS 120, what would the quantities demanded and supplied be?
Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
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