a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter3: Demand And Supply
Section: Chapter Questions
Problem 20RQ: What is the difference between the demand and the quantity demanded of a product, say milk? Explain...
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Transcribed Image Text:1. The table below shows information on the demand and supply for Chicken, where the
quantities of Chicken are measured in thousands.
Price
GHS 120
GHS 150
GHS 180
GHS 210
GHS 240
Table 1. Demand and Supply for Chicken
Qd
Qs
36
50
40
40
32
48
56
70
28
24
a. What is the quantity demanded and the quantity supplied of Chicken at a price of
GHS 210?
b. At what price is the quantity supplied equal to 48,000 Chickens?
c. Graph the demand and supply curve for Chickens. Determine the equilibrium price
and quantity from the graph?
d. If the price was GHS 120, what would the quantities demanded and supplied be?
Would a shortage or surplus exist? If so, how large would the shortage or surplus be?
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