The table contains demand and supply data for eyeglasses in a local market. a. At $280, how

Question:

The table contains demand and supply data for eyeglasses in a local market. Price $300 $290 $280 $270 $260 Demand 7,400 7,480 7,520 7,600 7,640 Supply 8,320 8,200 8,080 7,960 7,840

Price $250 $240 $230 $220 Demand 7,720 7,760 7,840 7,880 Supply 7,720 7,600 7,480 7,360

a. At $280, how many pairs will consumers want to buy?

b. How many pairs will consumers want to buy if the price is $290?

c. How many pairs will stores want to sell at $290?

d. Is $290 the equilibrium price?

e. Is there excess supply or excess demand at $290?

f. What is the equilibrium price? How can you tell?

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Economics For Healthcare Managers

ISBN: 9781640550483

4th Edition

Authors: Robert Lee

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Question Posted: Oct 28, 2023 03:17 AM

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The table contains demand and supply data for eyeglasses in a local market. a. At $280, how

Question:

Price $300 $290 $280 $270 $260 Demand 7,400 7,480 7,520 7,600 7,640 Supply 8,320 8,200 8,080 7,960 7,840

Step by Step Answer:

a At a price of 280 the quantity of eyeglasses consumers want to buy is 7520 This information is giv...View the full answer

Economics For Healthcare Managers

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