Supply and Demand. Given the following data for individuals, draw the market demand curve and market...

  

 

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Supply and Demand. Given the following data for individuals, draw the market demand curve and market supply curve for CDs. Assume that these are the only individuals in the entire market. Price is per CD. $10.50 S10.00 $9.50 $9.00 $8.50 $8.00 12 15 18 21 24 27 3. Price $8.00 $8.50 $9.00 $9.50 $10.0 $10.5 Quantity demanded in units per week Mark 3 1 0. Lynn 8 7 6. 3 Jason 5. 4 Erin 10 9 7 4 Quantity supplied in units per week Jeff 2 3. 4. 6. Beth 3 6. 7. Chris 1 2 3 6. Abby 1 2 2 3 a. What would be the equilibrium price and quantity in this market? b. Which would there be-excess demand or excess supply-at a price of $8.00? How many? Would the price rise or fall to go back to equilibrium? c. Which would there be-excess demand or excess supply-at a price of $10.00? How many? Would the price rise or fall to go back to equilibrium? O102 NO LO Supply and Demand. Given the following data for individuals, draw the market demand curve and market supply curve for CDs. Assume that these are the only individuals in the entire market. Price is per CD. $10.50 S10.00 $9.50 $9.00 $8.50 $8.00 12 15 18 21 24 27 3. Price $8.00 $8.50 $9.00 $9.50 $10.0 $10.5 Quantity demanded in units per week Mark 3 1 0. Lynn 8 7 6. 3 Jason 5. 4 Erin 10 9 7 4 Quantity supplied in units per week Jeff 2 3. 4. 6. Beth 3 6. 7. Chris 1 2 3 6. Abby 1 2 2 3 a. What would be the equilibrium price and quantity in this market? b. Which would there be-excess demand or excess supply-at a price of $8.00? How many? Would the price rise or fall to go back to equilibrium? c. Which would there be-excess demand or excess supply-at a price of $10.00? How many? Would the price rise or fall to go back to equilibrium? O102 NO LO

Answer rating: 100% (QA)

Price Quantity demand units Quantity supply units 800 27 3 8 6 10 ... View the full answer