Based on the following schedules, graph the demand and supply curve, and answer the questions below....

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Based on the following schedules, graph the demand and supply curve, and answer the questions below. These are the supply and demand schedules for good X: Quantity Quantity Price Supplied Demanded $10 19 3 9 16 4 8 14 5 7 12 6 6 10 7 9 9 4 6 10 4 12 2 2 14 15 a) What is the equilibrium price and quantity for the schedule above? b) At this equilibrium, what is the producer's revenue c) If the government sets a price of $7 for X, what will be the price, quantity, and revenue? d) For scenario c) Will there be a shortage or surplus of X? e) if the government sets a price of $4, what will be the price, quantity, and revenue? f) For scenario e) Will there be a shortage or surplus of X? g) Suppose the demand for X increases, so that at each price, consumers want to buy four more units of the good. What happens to price, quantity, and revenue? h) Why has the quantity sold not increased by four units? 1) Suppose the supply for X decreases, so that at each price, suppliers want to sell one less unit of the good. What happens to price, quantity, and revenue? ת Why has the quantity sold not decreased by one unit? Focus Based on the following schedules, graph the demand and supply curve, and answer the questions below. These are the supply and demand schedules for good X: Quantity Quantity Price Supplied Demanded $10 19 3 9 16 4 8 14 5 7 12 6 6 10 7 9 9 4 6 10 4 12 2 2 14 15 a) What is the equilibrium price and quantity for the schedule above? b) At this equilibrium, what is the producer's revenue c) If the government sets a price of $7 for X, what will be the price, quantity, and revenue? d) For scenario c) Will there be a shortage or surplus of X? e) if the government sets a price of $4, what will be the price, quantity, and revenue? f) For scenario e) Will there be a shortage or surplus of X? g) Suppose the demand for X increases, so that at each price, consumers want to buy four more units of the good. What happens to price, quantity, and revenue? h) Why has the quantity sold not increased by four units? 1) Suppose the supply for X decreases, so that at each price, suppliers want to sell one less unit of the good. What happens to price, quantity, and revenue? ת Why has the quantity sold not decreased by one unit? Focus

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ANSWER A Equilibrium occurs where demand equals supply Equilibrium Price 5 Equilibrium Quantity9 ... View the full answer