R. Price $3 $4 $5 $6 $7 $8 Quantity Demanded 85 80 75 70 65 60 Quantity Supplied. 72 73 75 7 79 1 77 81 Surplus(+) or Shortage(-). a) What is the equilibrium price and quantity? Fill in the shortage-surplus column. b) Do surpluses drive prices up or down? What about shortages?

R. Price $3 $4 $5 $6 $7 $8 Quantity Demanded 85 80 75 70 65 60 Quantity Supplied. 72 73 75 7 79 1 77 81 Surplus(+) or Shortage(-). a) What is the equilibrium price and quantity? Fill in the shortage-surplus column. b) Do surpluses drive prices up or down? What about shortages?

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

R.
Price
$3
$4
$5
$6
$7
$8
Quantity
85
80
75
70
65
60
Demanded
Quantity Supplied.
72
73
75
77
79
81
Surplus(+) or Shortage(-).
a) What is the equilibrium price and quantity? Fill in the shortage-surplus column.
b) Do surpluses drive prices up or down? What about shortages?

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