Table 2:Market DataMarketQuantityQuantityPricesSuppliedDemanded(P)( Qs)( Qd )$5.00413$7.0011$9.00109.$11.0013$13.0016Refer to Table 2 for the market of a normal good. At the market price (P) of $13.00, thereis aofunit(s), respectively.O surplus; 11O surplus; 16

P=13then Qd=5 and Qs=16Qs>Qd so there is a surplusSurplus =Qs-Qd=16-5=11 unitsthere is a surplus of 11 units.The correct option is option 1.

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Economics

Table 2: Market Data Market Quantity Quantity Prices Supplied Demanded (P) ( Qs) ( Qd) $5.00 4 13 $7.00 7 11 $9.00 10 6. $11.00 13 7 $13.00 16 5 Refer to Table 2 for the market of a normal good. At the market price (P) of $13.00, there is a of unit(s), respectively. surplus; 11 surplus; 16

Table 2: Market Data Market Quantity Quantity Prices Supplied Demanded (P) ( Qs) ( Qd) $5.00 4 13 $7.00 7 11 $9.00 10 6. $11.00 13 7 $13.00 16 5 Refer to Table 2 for the market of a normal good. At the market price (P) of $13.00, there is a of unit(s), respectively. surplus; 11 surplus; 16

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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