P₁ Price P₂ P₁ P₁ P₁ P₁ P₁ P₂ S Q₂ Q₂ Q₁ Q₁ Q₂ Q₂ Quantity Assume that Q1-7029, Q2-5008, Q3=4976, Q4-3548, Q5-2984, Q6 1662, Q7-929, and Qg=329. Assume that the price in the market is P2. What would be the surplus or shortage in the market? (hint: if there is surplus input t shortage input the name as negative) Q₁

P₁ Price P₂ P₁ P₁ P₁ P₁ P₁ P₂ S Q₂ Q₂ Q₁ Q₁ Q₂ Q₂ Quantity Assume that Q1-7029, Q2-5008, Q3=4976, Q4-3548, Q5-2984, Q6 1662, Q7-929, and Qg=329. Assume that the price in the market is P2. What would be the surplus or shortage in the market? (hint: if there is surplus input t shortage input the name as negative) Q₁

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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