The market for ice cream bars on a hot day at the local beach is summarized in the table below.Market for Ice Cream BarsPrice(dollars)$2.102.302.502.702.983.183.30Quantity of IceCream BarsDemanded380350320290260TED 230200Quantity of IceCream BarsSupplied100WEDNE140180220268800Instructions: Enter your answer as a whole number.Determine whether there is a surplus or a shortage at a price of $250 per ice cream bar, and determine the size of the surplus orshortage.There is a (Click to select) ofice cream bars.

Surplus occurs when the quantity of a good exceeds demand, leading to unsold products and potential…

The market for ice cream bars on a hot day at the local beach is summarized in the table below. Market for Ice Cream Bars Price (dollars) $2.30 2.30 2.50 2.70 3.10 3.30 Quantity of Ice Crean Bars Demanded 380 358 Quantity of Ice Cream Bars Supplied 100/ 40 29€ NG WWW.20 JAN 260 ME VINTE200 DE MANA WIRE TER -- Instructions: Enter your answer as a whole number Determine whether there is a surplus or a shortage at a price of $2.50 per ice cream bar, and determine the size of the surplus or shortage. There is a Click to select) ice cream bars

The market for ice cream bars on a hot day at the local beach is summarized in the table below. Market for Ice Cream Bars Price (dollars) $2.30 2.30 2.50 2.70 3.10 3.30 Quantity of Ice Crean Bars Demanded 380 358 Quantity of Ice Cream Bars Supplied 100/ 40 29€ NG WWW.20 JAN 260 ME VINTE200 DE MANA WIRE TER -- Instructions: Enter your answer as a whole number Determine whether there is a surplus or a shortage at a price of $2.50 per ice cream bar, and determine the size of the surplus or shortage. There is a Click to select) ice cream bars

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The accompanying table shows the price and yearly quantity sold of souvenir t-shirts in the town of Crystal Lake, according to the average income of the tourists visiting. Price Qty. Demanded with Average Income of $20,000 Qty. Demanded when Average Income is $30,000 $4 3,000 5,000 $5 2,400 4,200 $6 1,600 3,000 $7 800 1,800 Using the midpoint method, calculate the price elasticity of demand when the price of a t-shirt rises from $5 to $6 and the average tourist income is $20,000. Also, calculate it when the average tourist income is $30,000. Using the midpoint method, calculate the income elasticity of demand when the price of a t-shirt is $4 and the average tourist income increases from $20,000 to $30,000. Also calculate it when the price is $7.
Please provide solution for A. & C I had sent this in before but they gave me the wrong solution
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using minitab