Following are the supply and demand schedules for the market of Burgers:  Price                          Quantity Demanded              Quantity Supplied Rs.400                                     130 burgers                               30 burgers      500                                     100                                            50      600                                       80                                            80      700                                       60                                            90      800                                       50                                          100      900                                       40                                          120 Graph the demand and supply curves. What are the equilibrium price and quantity in this market?    If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?    If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
Author:NEWNAN
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Chapter1: Making Economics Decisions
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  1. Following are the supply and demand schedules for the market of Burgers:

 Price                          Quantity Demanded              Quantity Supplied

Rs.400                                     130 burgers                               30 burgers

     500                                     100                                            50

     600                                       80                                            80

     700                                       60                                            90

     800                                       50                                          100

     900                                       40                                          120

  • Graph the demand and supply curves. What are the equilibrium price and quantity in this market? 

 

  • If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? 

 

  • If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
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