Graph the demand and supply curves. What is the equilibrium price and quantity in the market for pens? Suppose, if the price of the pen is fixed at 40 and 10, analyze its impact on the market for pens.
Graph the demand and supply curves. What is the equilibrium price and quantity in the market for pens? Suppose, if the price of the pen is fixed at 40 and 10, analyze its impact on the market for pens.
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 8PA
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Question
- Given the following individual demand and supply schedules for pen and answer the following the questions using completely labeled graph for each part.
Price |
Demand by Ali |
Demand by Eman |
Supply by Piano |
Supply by Parker |
10 |
500 |
750 |
100 |
350 |
20 |
400 |
650 |
200 |
450 |
30 |
300 |
550 |
300 |
550 |
40 |
200 |
450 |
400 |
650 |
50 |
100 |
350 |
500 |
750 |
- Graph the demand and supply
curves. What is theequilibrium price and quantity in the market for pens? - Suppose, if the price of the pen is fixed at 40 and 10, analyze its impact on the market for pens.
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Step 1- Calculation of Market Demand schedule
VIEWStep 2- Calculation of Market Supply schedule
VIEWStep 3- Graphical depiction of individual demand schedules and market demand schedule
VIEWStep 4- Graphical depiction of individual supply schedules and market supply schedule
VIEWStep 5- Determination of equilibrium price and quantity in the market
VIEWStep 6- Impact of fixed price 40 on the given market
VIEWStep 7- Impact of fixed price 10 on the given market
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