Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 1500 140 500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 (i) (ii) (iii) (iv) Draw the market equilibrium for Ice cream. Find out equilibrium price and quantity. Is there surplus or shortage in the market at price Rs.40? At price Rs.120? What is the maximum price that consumer is willing to pay for 1500 bottles? What is the minimum price that producer is willing to accept for 1500 bottles?
Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 1500 140 500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300 (i) (ii) (iii) (iv) Draw the market equilibrium for Ice cream. Find out equilibrium price and quantity. Is there surplus or shortage in the market at price Rs.40? At price Rs.120? What is the maximum price that consumer is willing to pay for 1500 bottles? What is the minimum price that producer is willing to accept for 1500 bottles?
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 23QP
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![Price per Ice-cream (Rs.)
Demand for Ice cream (Qd)
Supply for Ice cream (Qs)
1500
140
500
120
750
1200
100
1000
1000
80
1250
750
60
1500
600
40
1750
300
(i)
(ii)
(iii)
(iv)
Draw the market equilibrium for Ice cream.
Find out equilibrium price and quantity.
Is there surplus or shortage in the market at price Rs.40? At price Rs.120?
What is the maximum price that consumer is willing to pay for 1500 bottles?
What is the minimum price that producer is willing to accept for 1500 bottles?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Feebcc79c-7cd5-49a5-a80f-6e8c33dda747%2F21663057-4c5c-4f72-9914-74f3dc8fca26%2Foav6jdi.png&w=3840&q=75)
Transcribed Image Text:Price per Ice-cream (Rs.)
Demand for Ice cream (Qd)
Supply for Ice cream (Qs)
1500
140
500
120
750
1200
100
1000
1000
80
1250
750
60
1500
600
40
1750
300
(i)
(ii)
(iii)
(iv)
Draw the market equilibrium for Ice cream.
Find out equilibrium price and quantity.
Is there surplus or shortage in the market at price Rs.40? At price Rs.120?
What is the maximum price that consumer is willing to pay for 1500 bottles?
What is the minimum price that producer is willing to accept for 1500 bottles?
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