A recent study found that the demand and supply schedules for frisbees are as follows:Price in PhP11010090807060Quantity Demandedin millions802810What is the equilibrium price of frisbees?Quantity Demandedin millions151231

Here, the given table provided information about quantity supplied and quantity demanded of frisbees…

A recent study found that the demand and supply schedules for frisbees are as follows: Price in PhP 110 100 90 80 70 60 Quantity Demanded 80 in millions 2 8 10 What is the equilibrium price of frisbees? Quantity Demanded in millions 15 12 3 1

A recent study found that the demand and supply schedules for frisbees are as follows: Price in PhP 110 100 90 80 70 60 Quantity Demanded 80 in millions 2 8 10 What is the equilibrium price of frisbees? Quantity Demanded in millions 15 12 3 1

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

A recent study found that the demand and supply schedules for frisbees are as follows:
Price in PhP
110
100
90
80
70
60
Quantity Demanded
in millions
80
2
8
10
What is the equilibrium price of frisbees?
Quantity Demanded
in millions
15
12
3
1

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9