EXPLORING ECONOMICS
EXPLORING ECONOMICS
8th Edition
ISBN: 2818000015614
Author: Sexton
Publisher: SAGE
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Chapter 4, Problem 21P
To determine

(a)

Equilibrium price of macadamia nuts in Hawaii

Table shows the hypothetical monthly demand and supply of schedules for can of macadamia in Hawaii

    PriceQUANTITY DEMANDED(CANS)QUANTITY SUPPLIED(CANS)
      $6  700  100
      $7  600  200
      $8  500  300
      $9  400  400
      $10  300  500

To determine

(b)

At a price $7 per can, is the equilibrium a surplus or a shortage and how large is it.

Table shows the hypothetical monthly demand and supply of schedules for can of macadamia in Hawaii

    PriceQUANTITY DEMANDED(CANS)QUANTITY SUPPLIED(CANS)
      $6  700  100
      $7  600  200
      $8  500  300
      $9  400  400
      $10  300  500

To determine

(c)

At a price $10 per can, is the equilibrium a surplus or a shortage and how large is it Table shows the hypothetical monthly demand and supply of schedules for can of macadamia in Hawaii

    PriceQUANTITY DEMANDED(CANS)QUANTITY SUPPLIED(CANS)
      $6  700  100
      $7  600  200
      $8  500  300
      $9  400  400
      $10  300  500

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