The market for wool in the economy of Odessa is shown in the table below (note that quantities are given in tonnes per year). Price ($)100200300400500600700 Quantity demanded160140120100806040 Quantity demanded 2 Quantity supplied10203040506070 Quantity supplied 2 find quantity demanded 2 and quantity supplied 2 from the above table

Answered: The market for wool in the economy of…

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 market for wool in the economy of Odessa is shown in the table below (note that quantities are given in tonnes per year).

Price ($)	100	200	300	400	500	600	700
Quantity demanded	160	140	120	100	80	60	40
Quantity demanded 2
Quantity supplied	10	20	30	40	50	60	70
Quantity supplied 2

find quantity demanded 2 and quantity supplied 2 from the above table

Expert Solution

Step 1: Define quantity demand and quantity supply-

Demand refers to the quantity of a particular product or service that consumers are willing and able to purchase at a given price in a given time period. It represents the relationship between the price of a product and the quantity that consumers are willing to buy at that price. The law of demand states that as the price of a product decreases, the quantity demanded will increase, ceteris paribus (all other factors remaining constant).

Supply, on the other hand, refers to the quantity of a particular product or service that producers are willing and able to offer for sale at a given price in a given time period. It represents the relationship between the price of a product and the quantity that producers are willing to supply at that price. The law of supply states that as the price of a product increases, the quantity supplied will also increase, ceteris paribus.

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