8. Use the graph below to answer the questions: Price $30 $28 $26 $24 $22 $20 100 200 300 400 500 a. Which curve is the demand curve: A or B? b. If the price is $28, find: A i. Quantity demanded B Quantity ii. Quantity supplied iii. Will there be a surplus (excess supply) or a shortage (excess demand)? iv. How big will the imbalance be?

8. Use the graph below to answer the questions: Price $30 $28 $26 $24 $22 $20 100 200 300 400 500 a. Which curve is the demand curve: A or B? b. If the price is $28, find: A i. Quantity demanded B Quantity ii. Quantity supplied iii. Will there be a surplus (excess supply) or a shortage (excess demand)? iv. How big will the imbalance be?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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