Directions: Plot the following hypothetical market demand and supply schedules for commodity X in a graphing paper,or you can draw your own graph in one whole sheet of раper. Quantity Demanded Price Quantity Supplied (Peso) (Units) 150 (Units) 900 Р 30.00 300 25.00 800 350 20.00 700 600 15.00 600 800 10.00 400 1000 5.00 200 1. What is the equilibrium price? Equilibrium quantity?
Directions: Plot the following hypothetical market demand and supply schedules for commodity X in a graphing paper,or you can draw your own graph in one whole sheet of раper. Quantity Demanded Price Quantity Supplied (Peso) (Units) 150 (Units) 900 Р 30.00 300 25.00 800 350 20.00 700 600 15.00 600 800 10.00 400 1000 5.00 200 1. What is the equilibrium price? Equilibrium quantity?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Transcribed Image Text:lore, the equilibrium quantity is
equal to 55 units and the equilibrium price is P2.19
Activity 1: Show Me The Plot 3
Directions: Plot the following hypothetical market demand and
supply schedules for commodity X in a graphing paper,or you can
draw your own graph in one whole sheet of paper.
Quantity
Demanded
Price
Quantity
Supplied
(Peso)
(Units)
150
(Units)
900
P 30.00
300
25.00
800
350
20.00
700
600
15.00
600
800
10.00
400
1000
5.00
200
1. What is the equilibrium price? Equilibrium quantity?
Transcribed Image Text:consumers and sold by sellers in the market.
e Detween price and quantity of goods bought by
Table 3. Supply and Demand Schedules Indicating the
Equilibrium Priceand Equilibrium
Quantity
Quantity
Supplied
50
Quantity
Demanded
Price
250
10.00
100
200
20.00
150
150
30.00
200
P
100
40.00
250
P
50
50.00
Equilibrium Market Price
Equilibrium market price is the price agreed by the seller to offer
its good or service for sale and for the buyer to pay for it. Specifically
it is the price at which quantity demanded of a good is exactiy
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