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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 $3 $4 $5 80 60 35 60 40 20 85 110 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 $3 $4 $5 80 60 35 60 40 20 85 110 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?

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please answer #2 and #4 for me. Thanks.
**Supply and Demand Schedules for the Yo-Yo Market** Below are the supply and demand schedules for the yo-yo market, represented in a table. The table lists the price, quantity demanded (Qd), and quantity supplied (Qs) for yo-yos at various price points. | Price | Qd | Qs | |-------|-----|-----| | $1 | 100 | 10 | | $2 | 80 | 35 | | $3 | 60 | 60 | | $4 | 40 | 85 | | $5 | 20 | 110 | ### Questions 1. **What are the equilibrium price and quantity of yo-yos?** 2. **If the 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 the price is $2, will the 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 the price is $5, will it tend to increase, decrease, or stay the same over time?** ### Explanation of the Table - **Price**: Refers to the cost per yo-yo. - **Qd (Quantity Demanded)**: Represents the number of yo-yos consumers are willing to buy at each price. - **Qs (Quantity Supplied)**: Indicates the number of yo-yos producers are willing to sell at each price. From this table, you can analyze how changes in price affect the demand and supply of yo-yos, identify the equilibrium point where quantity demanded equals quantity supplied, and predict potential market behaviors based on surplus or shortage conditions.
Transcribed Image Text:**Supply and Demand Schedules for the Yo-Yo Market** Below are the supply and demand schedules for the yo-yo market, represented in a table. The table lists the price, quantity demanded (Qd), and quantity supplied (Qs) for yo-yos at various price points. | Price | Qd | Qs | |-------|-----|-----| | $1 | 100 | 10 | | $2 | 80 | 35 | | $3 | 60 | 60 | | $4 | 40 | 85 | | $5 | 20 | 110 | ### Questions 1. **What are the equilibrium price and quantity of yo-yos?** 2. **If the 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 the price is $2, will the 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 the price is $5, will it tend to increase, decrease, or stay the same over time?** ### Explanation of the Table - **Price**: Refers to the cost per yo-yo. - **Qd (Quantity Demanded)**: Represents the number of yo-yos consumers are willing to buy at each price. - **Qs (Quantity Supplied)**: Indicates the number of yo-yos producers are willing to sell at each price. From this table, you can analyze how changes in price affect the demand and supply of yo-yos, identify the equilibrium point where quantity demanded equals quantity supplied, and predict potential market behaviors based on surplus or shortage conditions.
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