1. The table below shows information on the demand and supply for Chicken, where the quantities of Chicken thousands. are measured in Price Qd 50 Qs GHS 120 36 GHS 150 40 40 GHS 180 32 48 GHS 210 28 56 GHS 240 24 70 Table 1. Demand and Supply for Chicken 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 quantities of Chicken thousands. are measured in Price Qd 50 Qs GHS 120 36 GHS 150 40 40 GHS 180 32 48 GHS 210 28 56 GHS 240 24 70 Table 1. Demand and Supply for Chicken 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?

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

1. The table below shows information on the
demand and supply for Chicken, where the
quantities of Chicken
thousands.
are
measured in
Price
Qd
Qs
GHS 120
50
36
GHS 150
40
40
GHS 180
32
48
GHS 210
28
56
GHS 240
24
70
Table 1. Demand and Supply for Chicken
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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Give with diagram mandatory