PriceQuantity Demanded/MonthQuantity Supplied/Month$5 6,00010,000$4 8,000 8,000$310,000 6,000$212,000 4,000$114,000 2,000 a.What is the equilibrium price and equilibrium quantity?b.Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price? Show this on your graph.c.Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price? Show this on your graph.

The objective of the question is to determine the equilibrium price and quantity, and to analyze the…

Answered: Price Quantity Demanded/Month…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Price	Quantity Demanded/Month	Quantity Supplied/Month
$5	6,000	10,000
$4	8,000	8,000
$3	10,000	6,000
$2	12,000	4,000
$1	14,000	2,000

a.	What is the equilibrium price and equilibrium quantity?
b.	Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price? Show this on your graph.
c.	Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price? Show this on your graph.