Use the table below to answer the following questions:Quantity SuppliedPriceQuantity Demanded5000$212,0006000$495007000$670008000$845009000$102000 a) If the price in this market is $8, find quantity demanded.b) If the price in this market is $8, find quantity supplied.c) If the price in this market is $8, will there be a surplus (excess supply) or a shortage(excess demand)?d)lf the price in this market is $8, how big is the imbalance in the market?e) Find the equilibrium price and quantity.

Equilibrium is achieved where quantity demanded is equal to quantity supplied.

Answered: a) If the price in this market is $8,…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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