It is not graded it is a practice question. 4. The following table shows information on the demand and supply for apples at alocal farmers' market:Price (dollars) Qd (apples) Qs (apples)5616482440323240244816560.40.81.21.62.02.4Question: What is the equilibrium price of an apple? Explain how you found thatnumber. For this question the 100-word minimum does not apply. However, youdo need more than a number to get full credit. You also need to explain how yougot that number.

Demand is amount of a good that consumers are willing and able to purchase at different price…

4. The following table shows information on the demand and supply for apples at a local farmers' market: Price (dollars) Qd (apples) Qs (apples) 56 16 48 24 40 32 32 24 16 0.4 0.8 1.2 1.6 2.0 2.4 40 48 56 Question: What is the equilibrium price of an apple? Explain how you found that number. For this question the 100-word minimum does not apply. However, you do need more than a number to get full credit. You also need to explain how you got that number.

4. The following table shows information on the demand and supply for apples at a local farmers' market: Price (dollars) Qd (apples) Qs (apples) 56 16 48 24 40 32 32 24 16 0.4 0.8 1.2 1.6 2.0 2.4 40 48 56 Question: What is the equilibrium price of an apple? Explain how you found that number. For this question the 100-word minimum does not apply. However, you do need more than a number to get full credit. You also need to explain how you got that number.

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

It is not graded it is a practice question.

4. The following table shows information on the demand and supply for apples at a
local farmers' market:
Price (dollars) Qd (apples) Qs (apples)
56
16
48
24
40
32
32
40
24
48
16
56
0.4
0.8
1.2
1.6
2.0
2.4
Question: What is the equilibrium price of an apple? Explain how you found that
number. For this question the 100-word minimum does not apply. However, you
do need more than a number to get full credit. You also need to explain how you
got that number.

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