The following table shows the demand for, and supply of, soya milk in a particular market (he qqutiies n in theds m per dayy S Price per litre Demand 1.80 160 1.90 156 2.00 152 Supply 142 144 146 148 150 2.10 148 2.20 144 2.30 140 2,40 136 152 154 a- Suppose the current price is $2.3. What is the quantity of soya milk sold? b- At the price $1.90, there a shortage or a surplus? How big is it? Explain. Explain how the market adjusts - Suppose that the quantity supplied increase by 6 units at all prices. What's the new equilibrium price and the new equilibrium qu d- Compared to the first equilibrium point do we have a shortage or a surplus? the toolbar, press ALT+F10 (Pg or ALT+FN+F10 (Mac).

The following table shows the demand for, and supply of, soya milk in a particular market (he qqutiies n in theds m per dayy S Price per litre Demand 1.80 160 1.90 156 2.00 152 Supply 142 144 146 148 150 2.10 148 2.20 144 2.30 140 2,40 136 152 154 a- Suppose the current price is $2.3. What is the quantity of soya milk sold? b- At the price $1.90, there a shortage or a surplus? How big is it? Explain. Explain how the market adjusts - Suppose that the quantity supplied increase by 6 units at all prices. What's the new equilibrium price and the new equilibrium qu d- Compared to the first equilibrium point do we have a shortage or a surplus? the toolbar, press ALT+F10 (Pg or ALT+FN+F10 (Mac).

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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