NAME: SECTION: EXERCISE NO. 7 SCORE: RATING: EXERCISES Problem Solving Suppose the total demand for copra and total supply of copra per month in Luzon grain market are as follows: Quantity Demanded Price per Sack (thousands of sacks) Quantity Supplied (thousands of sacks) Surplus (+) or Shortage (-) 85 P600 73 80 625 78 75 700 85 70 720 88 65 750 93 60 800 96 1. Complete the above table, fourth column. 2. Using the above data, graph the demand for copra and supply of copra. Be sure to label the axes of your graph correctly. Label equilibrium price "P" and equilibrium quantity "Q". What is the market or equilibrium price? What is the equilibrium quantity? 67

NAME: SECTION: EXERCISE NO. 7 SCORE: RATING: EXERCISES Problem Solving Suppose the total demand for copra and total supply of copra per month in Luzon grain market are as follows: Quantity Demanded Price per Sack (thousands of sacks) Quantity Supplied (thousands of sacks) Surplus (+) or Shortage (-) 85 P600 73 80 625 78 75 700 85 70 720 88 65 750 93 60 800 96 1. Complete the above table, fourth column. 2. Using the above data, graph the demand for copra and supply of copra. Be sure to label the axes of your graph correctly. Label equilibrium price "P" and equilibrium quantity "Q". What is the market or equilibrium price? What is the equilibrium quantity? 67

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter5: Elastic And Its Application

Section: Chapter Questions

Problem 4QR

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