The table shows the demand and supply schedules for magazines. What is the market equilibrium? If the price of a magazine is $4.50, what is the situation in the market? How is market equilibrium restored? If a fall in the price of a newspaper decreases the quantity of magazines demanded by 11 a week at each price, how does the market adjust to its new equilibrium? C The equilibrium price of a magazine is $ and the equilibrium and the equilibrium quantity is magazines a week. quantity is Price (dollars per magazine) 3.00 3.50 4.00 4.50 5.00 Quantity demanded Quantity supplied (magazines per week) 160 155 150 145 140 138 144 150 156 161

The table shows the demand and supply schedules for magazines. What is the market equilibrium? If the price of a magazine is $4.50, what is the situation in the market? How is market equilibrium restored? If a fall in the price of a newspaper decreases the quantity of magazines demanded by 11 a week at each price, how does the market adjust to its new equilibrium? C The equilibrium price of a magazine is $ and the equilibrium and the equilibrium quantity is magazines a week. quantity is Price (dollars per magazine) 3.00 3.50 4.00 4.50 5.00 Quantity demanded Quantity supplied (magazines per week) 160 155 150 145 140 138 144 150 156 161

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Equilibrium Price and Quantity

Equilibrium refers to a state of balance that comes about because there is equality in all forces.

Question

The table shows the demand and supply schedules for magazines.
What is the market equilibrium?
If the price of a magazine is $4.50, what is the situation in the market? How is market equilibrium
restored?
If a fall in the price of a newspaper decreases the quantity of magazines demanded by 11 a week at
each price, how does the market adjust to its new equilibrium?
The equilibrium price of a magazine is $ and the equilibrium quantity is
magazines a week.
Quantity
demanded
(magazines per week)
111
160
155
150
145
140
Price
(dollars per
magazine)
3.00
3.50
4.00
4.50
5.00
Quantity
supplied
138
144
150
156
161

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