Refer to the following supply and demand schedules for the market for yo-yos. Qs 10 Price Qd $1 $2 $3 $4 $5 100 80 35 60 60 40 85 110 20 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, 4 LO %24
Refer to the following supply and demand schedules for the market for yo-yos. Qs 10 Price Qd $1 $2 $3 $4 $5 100 80 35 60 60 40 85 110 20 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, 4 LO %24
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Please answer #5 for me. Thanks
![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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F39759def-b010-4eb4-8bba-f3fa23187bdc%2F7fdc2fcf-3703-4b5b-b47d-debb3bdc91e9%2Fjlyt979_processed.jpeg&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
$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?
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