Problem 1The total demand for books and the total supply of books per month in Country A book marketare as follows:Price of book$556065707580859095100105110Quantity of Quantity ofbooksbooksdemandedsupplied0133691018225035251714121086420313742Surplus (+)or shortage (--)a. Calculate shortages and surpluses and fill in the tableb. Construct the graph.c. Explain the situation on the market when price is $70. Show on the graph and calculated. Explain the situation on the market when price is $105. Show on the graph and calculate||

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The total demand for books and the total supply of books per month in Country A book market are as follows: Price of book $55 60 65 70 75 80 85 90 95 100 105 110 Quantity of Quantity of books books demanded 50 35 25 17 14 12 10 8 6 42 0 supplied 0 1 3 3 6 9 10 18 22 31 37 42 Surplus (+) or shortage (--) a. Calculate shortages and surpluses and fill in the table b. Construct the graph. c. Explain the situation on the market when price is $70. Show on the graph and calculate

The total demand for books and the total supply of books per month in Country A book market are as follows: Price of book $55 60 65 70 75 80 85 90 95 100 105 110 Quantity of Quantity of books books demanded 50 35 25 17 14 12 10 8 6 42 0 supplied 0 1 3 3 6 9 10 18 22 31 37 42 Surplus (+) or shortage (--) a. Calculate shortages and surpluses and fill in the table b. Construct the graph. c. Explain the situation on the market when price is $70. Show on the graph and calculate

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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