The following table gives the monthly supply and demand for facemask in the Philippines Quantity demanded (in million) Price Quantity supplied Surplus (+) or Shortage (in million) (-) 85,000,000 3.40 72,000,000 80,000,000 3.70 73,000,000 75,000,000 4.00 75,000,000 70,000,000 4.30 77,000,000 65,000,000 4.60 79,000,000 60,000,000 4.90 81,000,000 a. Calculate the surplus/shortage b. Plot the supply and demand curve of the above supply and demand schedule
The following table gives the monthly supply and demand for facemask in the Philippines Quantity demanded (in million) Price Quantity supplied Surplus (+) or Shortage (in million) (-) 85,000,000 3.40 72,000,000 80,000,000 3.70 73,000,000 75,000,000 4.00 75,000,000 70,000,000 4.30 77,000,000 65,000,000 4.60 79,000,000 60,000,000 4.90 81,000,000 a. Calculate the surplus/shortage b. Plot the supply and demand curve of the above supply and demand schedule
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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![The following table gives the monthly supply and demand for facemask in the Philippines
Quantity demanded
(in million)
Price
Quantity supplied
Surplus (+) or Shortage
(in million)
(-)
85,000,000
3.40
72,000,000
80,000,000
3.70
73,000,000
75,000,000
4.00
75,000,000
70,000,000
65,000,000
4.30
77,000,000
4.60
79,000,000
60,000,000
4.90
81,000,000
a. Calculate the surplus/shortage
b. Plot the supply and demand curve of the above supply and demand schedule](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F896c7763-bf5f-4c10-a45d-f42066d4f02e%2Fa197338a-ef2d-4a7e-bdc0-b86c6c4dcf1f%2Fkqa21zk_processed.png&w=3840&q=75)
Transcribed Image Text:The following table gives the monthly supply and demand for facemask in the Philippines
Quantity demanded
(in million)
Price
Quantity supplied
Surplus (+) or Shortage
(in million)
(-)
85,000,000
3.40
72,000,000
80,000,000
3.70
73,000,000
75,000,000
4.00
75,000,000
70,000,000
65,000,000
4.30
77,000,000
4.60
79,000,000
60,000,000
4.90
81,000,000
a. Calculate the surplus/shortage
b. Plot the supply and demand curve of the above supply and demand schedule
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