Use the supply and demand schedule below to plot the supply and demand curves for tequila in this market.| Tequila Price | Quantity Demanded | Quantity Supplied ||---------------|-------------------|------------------|| 10 | 100 | 0 || 15 | 70 | 10 || 20 | 42 | 22 || 25 | 12 | 35 || 30 | 0 | 48 |**Question:**What is the equilibrium price?- a) 23 dollars- b) 43 dollars- c) 13 dollars- d) 33 dollars**Explanation:**To find the equilibrium price, you must identify the price at which the quantity demanded equals the quantity supplied. Based on the schedule given:- At $20, the quantity demanded (42) matches the quantity supplied (22).Therefore, the equilibrium price is likely around $20, but the exact equilibrium price is not listed in the options. Check the consistent scenario with closest options or reconsider the options if any misplacement or misinterpretation occurred.

The demand for a commodity is the desire of the commodity backed by ability to buy and willingness…

Use the supply and demand schedule below to plot the supply and demand curves for tequila in this market. Tequila Price Quantity Demanded Quantity Supplied 10 100 15 70 10 20 42 22 25 12 35 30 48 What is the equilibrium price? O a 23 dollars 43 dollars O c 13 dollars O d 33 dollars

Use the supply and demand schedule below to plot the supply and demand curves for tequila in this market. Tequila Price Quantity Demanded Quantity Supplied 10 100 15 70 10 20 42 22 25 12 35 30 48 What is the equilibrium price? O a 23 dollars 43 dollars O c 13 dollars O d 33 dollars

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

Use the supply and demand schedule below to plot the supply and demand curves for tequila in this market.

| Tequila Price | Quantity Demanded | Quantity Supplied |
|---------------|-------------------|------------------|
| 10 | 100 | 0 |
| 15 | 70 | 10 |
| 20 | 42 | 22 |
| 25 | 12 | 35 |
| 30 | 0 | 48 |

**Question:**

What is the equilibrium price?

- a) 23 dollars
- b) 43 dollars
- c) 13 dollars
- d) 33 dollars

**Explanation:**

To find the equilibrium price, you must identify the price at which the quantity demanded equals the quantity supplied. Based on the schedule given:

- At $20, the quantity demanded (42) matches the quantity supplied (22).

Therefore, the equilibrium price is likely around $20, but the exact equilibrium price is not listed in the options. Check the consistent scenario with closest options or reconsider the options if any misplacement or misinterpretation occurred.

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