The following table describes the market for waffles in Pawnee, Indiana. Quantity Price Quantity Supplied Demanded $0 150 $2 130 40 $4 110 80 $6 90 120 Use the information in the table to answer the questions below. Please enter your answers as numbers and not words. For price please enter your answer as a whole number (ie. 8 not "Eight" or "Eight dollars"). For quantity please enter your answer as a whole number as well (ie. 60 not "Sixty" or "Sixty waffles"). What is the equilibrium price for waffles in this market? What is the equilibrium quantity for waffles in this market?

The following table describes the market for waffles in Pawnee, Indiana. Quantity Price Quantity Supplied Demanded $0 150 $2 130 40 $4 110 80 $6 90 120 Use the information in the table to answer the questions below. Please enter your answers as numbers and not words. For price please enter your answer as a whole number (ie. 8 not "Eight" or "Eight dollars"). For quantity please enter your answer as a whole number as well (ie. 60 not "Sixty" or "Sixty waffles"). What is the equilibrium price for waffles in this market? What is the equilibrium quantity for waffles in this market?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Use the table below to answer the question that follows: Price Quantity Demanded Quantity Supplied $25 75 175 $24 100 150 $23 125 125 $22 150 100 $21 175 75 $20 200 50 Assuming the good is selling at its equilibrium price, discuss factors that might cause the equilibrium price of the good to change to $21 and the equilibrium quantity to change to 75.
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