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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

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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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
Transcribed Image Text: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
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