(3) (1) Qd (2) Qd (4) Qs (5) Qs Price 50 40 $10 70 80 60 50 9. 60 70 80 60 8 50 60 90 70 40 50 10θ 80 6 30 40 Refer to the above table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $9:

(3) (1) Qd (2) Qd (4) Qs (5) Qs Price 50 40 $10 70 80 60 50 9. 60 70 80 60 8 50 60 90 70 40 50 10θ 80 6 30 40 Refer to the above table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $9:

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

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apters 3 & 4 A
(5)
Qs
(4)
(2)
Qd
(3)
(1)
Qd
Price
Qs
50
40
$10
70
80
60
50
60
70
80
60
8
50
60
90
70
7
40
50
100
80
30
40
Refer to the above table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the
price were artificially set at $9:

a surplus of 20 units would occur.
demand would change from columns (3) and (2) to columns (3) and (1).
the market would clear.
a shortage of 20 units would occur.

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