Please give a detailed answer with a full explanation.Please answer the fill in the blanks too. For the last part, I made it easier for you to answer by giving you the options for the answer.The equilibrium price in this market is $ (blank) per calendar and the equilibrium quantity is (blank) calendars bought and sold per month.Price Shortage or Surplus Shortage Or Surplus Amount Pressure40 shortage or surplus (blank) downward or upward60 shortage or surplus (blank) downward or upward The equilibrium price in this market isper calendar, and the equilibrium quantity iscalendars bought and sold per month.Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus,and whether this places upward or downward pressure on prices.PriceShortage or Surplus Amount(Dollars per calendar)Shortage or Surplus(Calendars)Pressure4060 12. Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for calendars.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input Tool?Market for Calendars10090I Price(Dollars percalendar)3080SupplyQuantityDemanded(Calendars)Quantity Supplied(Calendars)70500210605040Demand30201050 100 150 200 250 300 350 400 450 500QUANTITY (Calendars)PRICE (Dollars per calendar)

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Please give a detailed answer with a full explanation.
Please answer the fill in the blanks too. For the last part, I made it easier for you to answer by giving you the options for the answer.

The equilibrium price in this market is $ (blank) per calendar and the equilibrium quantity is (blank) calendars bought and sold per month.
Price Shortage or Surplus Shortage Or Surplus Amount Pressure
40 shortage or surplus (blank) downward or upward
60 shortage or surplus (blank) downward or upward

The equilibrium price in this market is
per calendar, and the equilibrium quantity is
calendars bought and sold per month.
Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus,
and whether this places upward or downward pressure on prices.
Price
Shortage or Surplus Amount
(Dollars per calendar)
Shortage or Surplus
(Calendars)
Pressure
40
60

12. Market equilibrium and disequilibrium
The following graph shows the monthly demand and supply curves in the market for calendars.
Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.
Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.
Graph Input Tool
?
Market for Calendars
100
90
I Price
(Dollars per
calendar)
30
80
Supply
Quantity
Demanded
(Calendars)
Quantity Supplied
(Calendars)
70
500
210
60
50
40
Demand
30
20
10
50 100 150 200 250 300 350 400 450 500
QUANTITY (Calendars)
PRICE (Dollars per calendar)

Definition Video Definition Point where the demand and supply curves intersect. At the equilibrium price the quantity supplied of a good is equal to the quantity demanded. When the market is not in equilibrium, market surplus or market shortage occurs. The region that is above the price equilibrium indicates market surplus and the region below the price equilibrium indicates market shortage. Video

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