Consider the market demandand supply schedulesfor chocolate bars Possible price of chocolatebars(pence) Quantity dem andedper Quantity supplied 50 40 m onth 100 000 150 000 per m onth 420 000 300 000 30 200 000 260 000 200 000 20 120 000 60 000 10 330000 400 000 40 000 On graph paper plot the demand and supply curvesfor chocolate bars on one graphwit 'price per chocolate bar" on the vertical axis and quantity per m onth' alongthe botton 1. Using the above table state at which price dem andequals gupply. This will be the m arketpricefor chocolate barsbecause at that price producers are will make and selljust asm anybars asconsumers are willing to buy.

Consider the market demandand supply schedulesfor chocolate bars Possible price of chocolatebars(pence) Quantity dem andedper Quantity supplied 50 40 m onth 100 000 150 000 per m onth 420 000 300 000 30 200 000 260 000 200 000 20 120 000 60 000 10 330000 400 000 40 000 On graph paper plot the demand and supply curvesfor chocolate bars on one graphwit 'price per chocolate bar" on the vertical axis and quantity per m onth' alongthe botton 1. Using the above table state at which price dem andequals gupply. This will be the m arketpricefor chocolate barsbecause at that price producers are will make and selljust asm anybars asconsumers are willing to buy.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Insert Draw Design Layout References Mailings Review View Table Design Layout O Tell me e Share Calibri 10.5 Aa v AaßbCcDdEe AaBbCcDdEe AaBbCcDc B I U. v A - ev A Heading 1 ce Normal No Spacing Styles Pane ab x, x Dictate Sensitiviti the Law of Demand. Also note that some values are already filled in. Do not adjust the numbers already given. s) Supply Schedule Take whatever value of Quantity Demanded you have at Price = $40 and use that same value for Quantity Supplied at Price = $40. Fill in values for Quantity Supplied at $50, $30, and $20 that make sense from what you understand about the Law of Supply. 中 Price Quantity Demanded (Qd) Quantity Supplied (Qs) 55 $60 $50 $40 $30 $20 35 $10 Qe = ) What is the equilibrium price and quantity in your market? Pe = aly2 How much? If the price was free to move, wha ou anticipate - s there excess demo