Quantity Demanded Price (thousands of sacks) per sack Quantity Supplied Surplus (+) or (thousands of sacks Shortage (-) 85 600 73 -12 80 625 78 -2 75 700 85 +10 70 720 65 750 60 800 659 88 +18 93 +30 96 +36

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Graph the demand and supply and indicate the equilibrium price and equilibrium quantity.
Quantity Demanded
Price
(thousands of sacks)
per sack
Quantity Supplied Surplus (+) or
(thousands of sacks Shortage (-)
85
600
73
-12
80
625
78
-2
75
700
85
+10
70
720
65
750
60
800
659
88
+18
93
+30
96
+36
Transcribed Image Text:Quantity Demanded Price (thousands of sacks) per sack Quantity Supplied Surplus (+) or (thousands of sacks Shortage (-) 85 600 73 -12 80 625 78 -2 75 700 85 +10 70 720 65 750 60 800 659 88 +18 93 +30 96 +36
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