Answered: #86. In the table shown, what would 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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#86. In the table shown, what would be the result if the price were $8?

A. A surplus of 30 units would exist and price would tend to fall.
B. A surplus of 60 units would exist and price would tend to rise.
C. A surplus of 60 units would exist and price would tend to fall.
D. A shortage of 30 units would exist and price would tend to rise.

#87. What would result if the price were set at $1.75

A. There would be a shortage of 40 units.
B. There would be a surplus of 40 units.
C. There would be a surplus of 20 units.
D. The market would be in equilibrium.

Please provide right answer tutor. GRACIE ^-^

Price
$8
7
6
5
4
3
2
1
10 20 30 40
S
D
50 60 70 80
Quantity

PRICE
$10
8
6
642
2
QUANTITY DEMANDED
10
20
30
40
50
QUANTITY SUPPLIED
100
80
60
40
20

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