Question: I need help on this or I'm going to fail. Equilibrium Assignment Price Quantity Demanded Quantity So $10 12,000 18,000 I. Look at the demand

I need help on this or I'm going to fail.

I need help on this or I'm going to fail. Equilibrium Assignment

Equilibrium Assignment Price Quantity Demanded Quantity So $10 12,000 18,000 I. Look at the demand and supply schedules for wombles in the table below. Use a 13,000 17,000 graphing tool and insert your graph on page 3. You can use tools in word, excel, or web bases ones like ChartGo. You can draw on paper and scan. 14,000 6,000 15,000 15,000 6 16,000 14,000 Demand and Supply Schedule 7,000 13,000 Price 18,000 12,000 Quantity Quantity Price Demanded New Supplied New Quantity a. The equilibrium price for widgets is Quantity Demanded Supplied b. The equilibrium quantity for widgets is If a seller establishes a pre- set price of $5 on this product, there would be a $5.00 10 50 $5.00 decrease of quantity 4.00 20 40 4.00 d. If a seller establishes a pre- set price of $8 on this product, there would be an increase of quantity 3.00 30 30 3.00 2.00 40 20 2.00 LOO 50 1.00 a. Now demand increases by 10 units at each price and supply decreases by 10 wombles at each price, Enter the new numbers for quantity demanded and quantity supplied in the last two columns in the table above. b. What was the old equilibrium price? C. What will be the new equilibrium price? What was the old equilibrium quantity? e. What is the new equilibrium quantity? 2. The demand and supply schedules for widgets are those given in the table below. Create a graph for this schedule on p 3 and answer the questions below the table 3. Insert your graphs below

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!