12. Market equilibrlum and disequilibrlumThe following graph shows the monthly demand and supply curves in the market for keyboards.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Keyboards60I Price(Dollars perkeyboard)5418Supply48Quantity Supplied(Keyboards)420QuantityDemanded1,00042(Keyboards)3630Demand2418126.100 200 300 400 500 600 700 800 900 1000QUANTITY (Keyboards)keyboards bought and sold per month.per keyboard, and the equilibrium quantity isThe equilibrium price in this market isSPRICE (Dollars per keyboard) Graph Input ToolMarket for Keyboards60I Price(Dollars perkeyboard)5418Supply48Quantity Supplied(Keyboards)420QuantityDemanded(Keyboards)1,000423630Demand24+.1812100 200 300 400 500 600 700 800 900 1000QUANTITY (Keyboards)keyboards bought and sold per month.per keyboard, and the equilibrium quantity isThe equilibrium price in this market is $Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus,and whether this places upward or downward pressure on prices.Shortage or Surplus AmountPricePressure(Keyboards)(Dollars per keyboard)Shortage or Surplus4218PRICE (Dollars per keyboard)

The equilibrium price in this market is $ per keyboard, and the equilibrium quantity is keyboards bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per keyboard) (Keyboards) Shortage or Surplus Pressure 42 18

The equilibrium price in this market is $ per keyboard, and the equilibrium quantity is keyboards bought and sold per month. Complete the following table by indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per keyboard) (Keyboards) Shortage or Surplus Pressure 42 18

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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