The Demand Curve is Qd = 22-P and Supply Curve is Qs = 10 + P %3D for kingfish (Qd is quantity demanded of kingfish, Qs is quantity supplied of kingfish and P is price (OR/Kg) of kingfish). 1. What is the quantity demanded of kingfish if price was 8 OR/kg? 2. What is the quantity supplied of kingfish if price was 8 OR/kg? 3. What is the excess supply of kingfish at 8 OR/kg? 4. What is the equilibrium price of kingfish in the market? 5. What is the equilibrium quantity of kingfish in the market?

The Demand Curve is Qd = 22-P and Supply Curve is Qs = 10 + P %3D for kingfish (Qd is quantity demanded of kingfish, Qs is quantity supplied of kingfish and P is price (OR/Kg) of kingfish). 1. What is the quantity demanded of kingfish if price was 8 OR/kg? 2. What is the quantity supplied of kingfish if price was 8 OR/kg? 3. What is the excess supply of kingfish at 8 OR/kg? 4. What is the equilibrium price of kingfish in the market? 5. What is the equilibrium quantity of kingfish in the market?

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter4: Prices: Free, Controlled, And Relative

Section: Chapter Questions

Problem 2WNG

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