Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question 3
Transcribed Image Text:The table shows the demand and supply schedules for bread.
Quantity
demanded
Quantity
supplied
What is the equilibrium price and equilibrium quantity of bread?
Price
(dollars
per loaf)
(loaves per day)
1.30
250
25
1.65
200
50
The equilibrium price is $a loaf.
2.00
150
75
2.35
100
100
The equilibrium quantity is
loaves a day.
2.70
50
125
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Expert Solution
Step 1 EQUILIBRIUM
Equilibrium is the point where quantity demanded is equal to quantity supplied.
QUANTITY DEMANDED = QUANTITY SUPPLIED
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