Refer to the following supply and demand schedules for the market for yo-yos. Price Qd Qs $1 100 10 $2 80 35 $3 60 60 $4 40 85 $5 20 110 1. What are the equilibrium price and quantity of yo-yos? 2. If price in the market is $2, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work. 3. If price is $2, will price tend to increase, decrease, or stay the same over time? 4. If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work. 5. If price is $5, will it tend to increase, decrease, or stay the same over time?
Refer to the following supply and demand schedules for the market for yo-yos. Price Qd Qs $1 100 10 $2 80 35 $3 60 60 $4 40 85 $5 20 110 1. What are the equilibrium price and quantity of yo-yos? 2. If price in the market is $2, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work. 3. If price is $2, will price tend to increase, decrease, or stay the same over time? 4. If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large will the surplus/shortage be? Show your work. 5. If price is $5, will it tend to increase, decrease, or stay the same over time?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![Refer to the following supply and demand schedules for the market for yo-yos.
Price
Qd
Qs
$1
100
10
$2
80
35
$3
60
60
$4
40
85
$5
20
110
1. What are the equilibrium price and quantity of yo-yos?
2. If price in the market is $2, will there be a surplus or shortage of yo-yos and how large will
the surplus/shortage be? Show your work.
3. If price is $2, will price tend to increase, decrease, or stay the same over time?
4. If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large
will the surplus/shortage be? Show your work.
5. If price is $5, will it tend to increase, decrease, or stay the same over time?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F06502064-7ef5-4e47-a33b-9cf7421ea614%2F3ee06cd5-f416-47ee-bf9a-030689f7fc29%2F7xrt6c_processed.png&w=3840&q=75)
Transcribed Image Text:Refer to the following supply and demand schedules for the market for yo-yos.
Price
Qd
Qs
$1
100
10
$2
80
35
$3
60
60
$4
40
85
$5
20
110
1. What are the equilibrium price and quantity of yo-yos?
2. If price in the market is $2, will there be a surplus or shortage of yo-yos and how large will
the surplus/shortage be? Show your work.
3. If price is $2, will price tend to increase, decrease, or stay the same over time?
4. If the price in the market is $5, will there be a surplus or shortage of yo-yos and how large
will the surplus/shortage be? Show your work.
5. If price is $5, will it tend to increase, decrease, or stay the same over time?
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