Identify the quantity and price where the demand and supply for product X meet. Identify the...

  

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Identify the quantity and price where the demand and supply for product X meet. Identify the equilibrium price and equilibrium quantity for product X. If the quantity is at 20 units of product X: a. What is the price at 20 product X? b. Is the price below or above the equilibrium? c. Is the market experiencing shortage or surplus at 20 units of product X? If the quantity is at 80 units of product X: a. What is the price at 80 units of product X? b. Is the price below or above the equilibrium? c. Is the market experiencing shortage or surplus at 80 units of product X? At a price of P135 of product X, is there a shortage or surplus in the market? Price of product X P220 200 P180 160 140 P120 P100 80 P60 P40 P20 PO 0 10 10 20 30 40 50 50 60 70 Quantity of product X 80 90 90 100 110 120 130 -Demand -Supply Identify the quantity and price where the demand and supply for product X meet. Identify the equilibrium price and equilibrium quantity for product X. If the quantity is at 20 units of product X: a. What is the price at 20 product X? b. Is the price below or above the equilibrium? c. Is the market experiencing shortage or surplus at 20 units of product X? If the quantity is at 80 units of product X: a. What is the price at 80 units of product X? b. Is the price below or above the equilibrium? c. Is the market experiencing shortage or surplus at 80 units of product X? At a price of P135 of product X, is there a shortage or surplus in the market? Price of product X P220 200 P180 160 140 P120 P100 80 P60 P40 P20 PO 0 10 10 20 30 40 50 50 60 70 Quantity of product X 80 90 90 100 110 120 130 -Demand -Supply