The table shows the demand and supplyschedules for sandwiches. Use the table towork Problems 1 to 5.1. Based on the data in the table to theright, what is the efficient price andquantity of sandwiches in this market?Price(dollars persandwich)10234567-8Quantitysupplied(sandwiches per week)0Quantitydemanded40035030025020015010050050100150200250300350400

Quantity supplied The amount of a product that manufacturers are willing to provide at a specific…

Answered: The table shows the demand and supply…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

The table shows the demand and supply
schedules for sandwiches. Use the table to
work Problems 1 to 5.
1. Based on the data in the table to the
right, what is the efficient price and
quantity of sandwiches in this market?
Price
(dollars per
sandwich)
10
2
3
4
5
6
7
-8
Quantity
supplied
(sandwiches per week)
0
Quantity
demanded
400
350
300
250
200
150
100
50
0
50
100
150
200
250
300
350
400

Expert Solution

Step 1

Quantity supplied

The amount of a product that manufacturers are willing to provide at a specific price and at a specific time is known as the quantity supplied.
At a specific time, different amounts may be offered at various costs.
The supply curve is created when all of the prices and the quantity supplied get plotted on a graph.
Based on factors like the recession, shifts in the price of raw materials, etc., the volume delivered may alter within the same price.

Quantity demanded

In economics, the word "quantity demanded" refers to the overall amount of a product or service that consumers demand more than a specific period.
Regardless of whether a market is in equilibrium, it is dependent on the cost of an item or service.
The demand curve, or simply the demand, is the link between the amount demanded and the price.
The elasticity of demand refers to how much the amount sought varies in price.

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