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.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Use the table below to answer the following questions:
Quantity Supplied
Price
Quantity Demanded
5000
$2
12,000
6000
$4
9500
7000
$6
7000
8000
$8
4500
9000
$10
2000
Transcribed Image Text:Use the table below to answer the following questions: Quantity Supplied Price Quantity Demanded 5000 $2 12,000 6000 $4 9500 7000 $6 7000 8000 $8 4500 9000 $10 2000
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.
Transcribed Image Text: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.
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