Demand Schedule Use your sum above to start your Demand schedule for Fidget Spinners. Use this number for the Quantity Demanded (Od) at $10. For example, if you had "17", then the last value in the table under "Quantity Demanded (Ogly" would be "17". Complete the demand schedule for the other prices in the table. For prices $50- $20, fll in numbers of your choosing based on what you know about the Law of Demand and what you used for Qd at a Price of $10. Note that there is no specific "correct" set of numbers, but any set of numbers you choose should be consistent with the Law of Demand. Also note that some values are already filled in. Do not adjust the numbers already given. 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. Quantity Demanded (Od) Quantity Supplied (Qs) Price 55 $60 $50 $40 10 $30 14 $20 18 $10 22 3. ;What is the equilibrium price and quantity in your market? Pe = 4. ( , would happen to the price? )At $30, is there excess demand or supply? How much? If the price was free to move, what do you anticipate wAt $60, is there excess demand or supply? How much? If the price was free to move, what do you anticipate would happen to the price?
Demand Schedule Use your sum above to start your Demand schedule for Fidget Spinners. Use this number for the Quantity Demanded (Od) at $10. For example, if you had "17", then the last value in the table under "Quantity Demanded (Ogly" would be "17". Complete the demand schedule for the other prices in the table. For prices $50- $20, fll in numbers of your choosing based on what you know about the Law of Demand and what you used for Qd at a Price of $10. Note that there is no specific "correct" set of numbers, but any set of numbers you choose should be consistent with the Law of Demand. Also note that some values are already filled in. Do not adjust the numbers already given. 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. Quantity Demanded (Od) Quantity Supplied (Qs) Price 55 $60 $50 $40 10 $30 14 $20 18 $10 22 3. ;What is the equilibrium price and quantity in your market? Pe = 4. ( , would happen to the price? )At $30, is there excess demand or supply? How much? If the price was free to move, what do you anticipate wAt $60, is there excess demand or supply? How much? If the price was free to move, what do you anticipate would happen to the price?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
can you help me fill out the table. the number you should start at is 22.
Transcribed Image Text:Demand Schedule
Use your sum above to start your Demand schedule for Fidget Spinners. Use this number for the Quantity Demanded
(od) at $10. For example, if you had "17", then the last value in the table under "Quantity Demanded (Od)" would be
"17".
Complete the demand schedule for the other prices in the table. For prices $50- $20, fil in numbers of your choosing
based on what you know about the Law of Demand and what you used for od at a Price of $10.
Note that there is no specific "correct set of numbers, but any set of numbers you choose should be consistent with
the Law of Demand. Also note that some values are already filled in. Do not adjust the numbers already given.
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.
Quantity Demanded (Od)
Quantity Supplied (Qs)
Price
55
$60
$50
10
$40
$30
14
$20
18
$10
22
3. (
;What is the equilibrium price and quantity in your market? Pe =
)At $30, is there excess demand or supply? How much? If the price was free to move, what do you anticipate
4. (-
would happen to the price?
At $60, is there excess demand or supply? How much? If the price was free to move, what do you anticipate
would happen to the price?
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