Q4. Following is the data of Quantity Demanded and Quantity Supplied of chicken in a chicken market of Riyadh. Price 10 12 14 16 18 Quantity Demand (Kilogram) Quantity Supplied (Kilogram) Shortage or Surplus Total Revenues 20 10 18 14 16 16 14 20 12 24 Identify the shortage or surplus at each level of the price and calculate the Total Revenues. Draw the demand and supply curves and find the market equilibrium quantity and Price.

Q4. Following is the data of Quantity Demanded and Quantity Supplied of chicken in a chicken market of Riyadh. Price 10 12 14 16 18 Quantity Demand (Kilogram) Quantity Supplied (Kilogram) Shortage or Surplus Total Revenues 20 10 18 14 16 16 14 20 12 24 Identify the shortage or surplus at each level of the price and calculate the Total Revenues. Draw the demand and supply curves and find the market equilibrium quantity and Price.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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