25. Assume the following information for the demand and supply curves for good Z. Price $10 9 8 7 6 65432 1 Demand Quantity Demanded 10 20 30 40 50 60 70 80 90 100 Price $1 2 3 4 5 6 7 8 9 10 a. Draw the corresponding supply and demand curves. b. What are the equilibrium price and quantity traded? c. Would a price of $9 result in a shortage or a surplus? How large? Supply Quantity Supplied 10 15 20 25 30 35 40 45 50 55

25. Assume the following information for the demand and supply curves for good Z. Price $10 9 8 7 6 65432 1 Demand Quantity Demanded 10 20 30 40 50 60 70 80 90 100 Price $1 2 3 4 5 6 7 8 9 10 a. Draw the corresponding supply and demand curves. b. What are the equilibrium price and quantity traded? c. Would a price of $9 result in a shortage or a surplus? How large? Supply Quantity Supplied 10 15 20 25 30 35 40 45 50 55

ECON MACRO

5th Edition

ISBN:9781337000529

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 3.4P

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