Ashortage is when there is more demand than there is supply. You can find it by subtracting the quantity demanded from the quantity supplied for a certain price. In the chart above, if the price of a video game is $40, what is the shortage in number of video games?
Ashortage is when there is more demand than there is supply. You can find it by subtracting the quantity demanded from the quantity supplied for a certain price. In the chart above, if the price of a video game is $40, what is the shortage in number of video games?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
100%
Number 2
Transcribed Image Text:Exercise 1:
Read and graph the supply and demand schedules bebw to find the price where the market is
at equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal)
Price per Video Game in
dollars)
Quantity Demanded (in
millions)
Quantity Supplied (in millons)
100
100
1100
90
200
1000
300
900
70
400
800
60
500
700
50
600
600
40
700
500
30
800
400
20
900
300
10
1000
200
1100
100
888888888
Transcribed Image Text:prehension Questions
At what point is the market at equilibrium?
Ashortage is when there is more demand than there is supply. You can find it by
subtracting the quantity demanded from the quantity supplied for a certain price. In the
chart above, if the price of a video game is $40, what is the shortage in number of video
games?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education