2. The following data represent the demand schedule andsupply schedules of a certain commodity. Based on thisinformation, answer questions 1, 2, 3 and 4 properly.Price$987654quantitydemanded5047444138353229quantitysupplied222630343842465032126541. Sketch the demand schedule and supply schedule inthe same Label the equilibrium price (Pe) and the equilibriumquantity (Qe) properly.2. Determine (tabulate) the equilibrium and equilibriumquantity. Use the surplus and shortage columns to illustrateyour analysis.3. Is a price of $7.50 an equilibrium price? If yes why and if notwhy not?4. Is a price of 3.75 an equilibrium price? If yes, why and if notwhy not?

supply schedules of a certain commodity. Based on this information, answer questions 1, 2, 3 and 4 properly. Price $9 8 7 6 5 4 3 quantity demanded 50 47 44 41 38 35 32 quantity supplied 22 26 30 34 38 42 46

supply schedules of a certain commodity. Based on this information, answer questions 1, 2, 3 and 4 properly. Price $9 8 7 6 5 4 3 quantity demanded 50 47 44 41 38 35 32 quantity supplied 22 26 30 34 38 42 46

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter6: Consumer Choices

Section: Chapter Questions

Problem 17P: If a 10 decrease in the price of one product that you buy causes an 8 increase in quantity demanded...

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Equilibrium is the level at which supply and demand curves are equal . At this level there is no shortage and no surplus.

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