The table below displays hypothetical demand and supply schedules for the market for Tables in Canada. Price in $ Quantity Demanded (in numbers) Quantity Supplied (in numbers) Year 2 95 Year 1 140 Year 2 125 Year 1 30 26 90 105 135 120 22 100 115 130 115 18 110 125 125 110 14 120 135 120 105 10 130 145 115 100 Graph the above data foryearl andyear2 using a separate diagram. 3. b. What is the equilibrium price and quantity for tables in year 1? C. What is the equilibriumprice andquantity for tables in year 2?

The table below displays hypothetical demand and supply schedules for the market for Tables in Canada. Price in $ Quantity Demanded (in numbers) Quantity Supplied (in numbers) Year 2 95 Year 1 140 Year 2 125 Year 1 30 26 90 105 135 120 22 100 115 130 115 18 110 125 125 110 14 120 135 120 105 10 130 145 115 100 Graph the above data foryearl andyear2 using a separate diagram. 3. b. What is the equilibrium price and quantity for tables in year 1? C. What is the equilibriumprice andquantity for tables in year 2?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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