Please use the image for question 201200010080S600 1200 18001. Use the graph above to answer the following questions:a. Equilibrium Price =_; Equilibrium Quantity =b. If the price is $120 is the market in equilibrium?c. Will there be a surplus or a shortage?d. If so, what is the size of the surplus or shortage?e. If the market is not in equilibrium, do you expect the price to change? Do youDemand Q = 20-2PSupply Q = 5 + 3Pexpect the price to increase? Decrease?

Approach to solving the questionTo analyze this market equilibrium problem, we1. Reviewed the graph…

Answered: 20 120 00 100 80 S 600 1200 1800 1. Use…

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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Please no written by hand and no image
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Am. 115.

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