The equilibrium price in this market is s 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 ar surplus and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per keyboard) Shortage or Surplus (Keyboards) Pressure 48 32

ECON MACRO
5th Edition
ISBN:9781337000529
Author:William A. McEachern
Publisher:William A. McEachern
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 6.11P
icon
Related questions
Question

3. 

The equilibrium price in this market is s
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) Shortage or Surplus
(Keyboards)
Pressure
48
32
Transcribed Image Text:The equilibrium price in this market is s 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) Shortage or Surplus (Keyboards) Pressure 48 32
PRICE (Dollars per keyboard)
Graph Input Tool
Market for Keyboards
Supply
Price
(Dollars per
keyboard)
24
04
56
Quantity
Demanded
(Keyboards)
Quantity Supplied
(keyboavds
500
150
40
32
Demand
24
16
50 100 150 200 250 300 30 400 40 s00
QUANTITY (Keyboarde)
Transcribed Image Text:PRICE (Dollars per keyboard) Graph Input Tool Market for Keyboards Supply Price (Dollars per keyboard) 24 04 56 Quantity Demanded (Keyboards) Quantity Supplied (keyboavds 500 150 40 32 Demand 24 16 50 100 150 200 250 300 30 400 40 s00 QUANTITY (Keyboarde)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
ECON MACRO
ECON MACRO
Economics
ISBN:
9781337000529
Author:
William A. McEachern
Publisher:
Cengage Learning
Exploring Economics
Exploring Economics
Economics
ISBN:
9781544336329
Author:
Robert L. Sexton
Publisher:
SAGE Publications, Inc
Economics (MindTap Course List)
Economics (MindTap Course List)
Economics
ISBN:
9781337617383
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Macroeconomics
Macroeconomics
Economics
ISBN:
9781337617390
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Microeconomics
Microeconomics
Economics
ISBN:
9781337617406
Author:
Roger A. Arnold
Publisher:
Cengage Learning
Principles of Economics 2e
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax