12. Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for teapots.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Teapots54SupplyIPrice(Dollars per teapot)24QuantityDemanded(Teacots)Quantity Supplied(Teapots)600400423830オ4.DemendQUANTITY TeapotsarchPRICE (Dollars per teapot) 302418Demand120 100 200 300 400 500 600 700 800 900 1000QUANTITY (Teapots)The equilibrium price In this market isper teapot, and the equilibrium quantity isteapots bought and sold per month.Complete the following table by indicating at each price whether there is a shortege or surplus in the market, the amount of that snortage or surplus,and whether this places UDward or downwerd pressure co sricesPriceShortage or Surplus Amount(Dollars per teapot)Shortage or Surplus(Teapots)Pressure4218PRICE (Dollars p

At equilibrium both the demand and supply will meet.

Answered: 60 54 Supply 48 42 36 30 24 18 Demand…

60 54 Supply 48 42 36 30 24 18 Demand 200 300 40t 500 800 TO0 3od eco 1e00 QUANTITY Tespots ch PRICE (Dollars per teapot)

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

12. Market equilibrium and disequilibrium
The following graph shows the monthly demand and supply curves in the market for teapots.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
Market for Teapots
54
Supply
IPrice
(Dollars per teapot)
24
Quantity
Demanded
(Teacots)
Quantity Supplied
(Teapots)
600
400
42
38
30
オ
4.
Demend
QUANTITY Teapots
arch
PRICE (Dollars per teapot)

30
24
18
Demand
12
0 100 200 300 400 500 600 700 800 900 1000
QUANTITY (Teapots)
The equilibrium price In this market is
per teapot, and the equilibrium quantity is
teapots bought and sold per month.
Complete the following table by indicating at each price whether there is a shortege or surplus in the market, the amount of that snortage or surplus,
and whether this places UDward or downwerd pressure co srices
Price
Shortage or Surplus Amount
(Dollars per teapot)
Shortage or Surplus
(Teapots)
Pressure
42
18
PRICE (Dollars p

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