The following graph shows the monthly demand and supply curves in the market for hats. (graph in image) The equilibrium price in this market is $______ per hat, and the equilibrium quantity is ___ hats 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. PriceShortage or SurplusShortage or Surplus AmountPressure60 40 PRICE (Dollars per hat)10090807060504020100SupplyDemand0 50 100 150 200 250 300 350 400 450 500QUANTITY (Hats)The equilibrium price in this market is $Graph Input ToolMarket for HatsPrice(Dollars per hat) Shortage or Surplus6040Price(Dollars per hat)QuantityDemanded(Hats)per hat, and the equilibrium quantity is30Shortage or Surplus Amount(Hats)500Quantity Supplied(Hats)hats 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.Pressure(210

Equilibrium level is the point where demand curve and supply curve are equal that is demand curve is…

Answered: The equilibrium price in this market is…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The following graph shows the monthly demand and supply curves in the market for hats.

(graph in image)

The equilibrium price in this market is $______ per hat, and the equilibrium quantity is ___ hats 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	Shortage or Surplus Amount	Pressure
60
40

PRICE (Dollars per hat)
100
90
80
70
60
50
40
20
10
0
Supply
Demand
0 50 100 150 200 250 300 350 400 450 500
QUANTITY (Hats)
The equilibrium price in this market is $
Graph Input Tool
Market for Hats
Price
(Dollars per hat) Shortage or Surplus
60
40
Price
(Dollars per hat)
Quantity
Demanded
(Hats)
per hat, and the equilibrium quantity is
30
Shortage or Surplus Amount
(Hats)
500
Quantity Supplied
(Hats)
hats 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.
Pressure
(
210

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