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?
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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
- 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 theequilibrium 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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