Table 4-16 The following table shows the supply and demand schedules in a market. |Quantity Demanded |Quantity Supplied (units) (units) 50 40 30 20 Price (S) 15 30 45 60 75 10 10 1. Refer to Table 4-16. Draw the supply & demand curves. 2. Refer to Table 4-16. What is the equilibrium price in this market? 3. Refer to Table 4-16. What is the equilibrium quantity in this market? 4. Refer to Table 4-16. At a price of $2, will there be a surplus or shortage of units in this market? 5. Refer to Table 4-16. At a price of $8, how large of a surplus will there be in this market? 6. Refer to Table 4-16. If the supply curve shifts to the right, will the price in this market rise or fall?

Table 4-16 The following table shows the supply and demand schedules in a market. |Quantity Demanded |Quantity Supplied (units) (units) 50 40 30 20 Price (S) 15 30 45 60 75 10 10 1. Refer to Table 4-16. Draw the supply & demand curves. 2. Refer to Table 4-16. What is the equilibrium price in this market? 3. Refer to Table 4-16. What is the equilibrium quantity in this market? 4. Refer to Table 4-16. At a price of $2, will there be a surplus or shortage of units in this market? 5. Refer to Table 4-16. At a price of $8, how large of a surplus will there be in this market? 6. Refer to Table 4-16. If the supply curve shifts to the right, will the price in this market rise or fall?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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