Price -------------------------------- $4 --------------$5 ----------------- $6 ------------------ $7 ---------------- $8 ------------------ $9

Quantity Demanded ------------135 -------------104 ----------------- 81 ------------------ 68 ---------------- 53 ------------------39

Quantity Supplied --------------- 26 -------------- 53 ----------------- 81 ------------------ 98 ---------------- 110 ---------------121

1.What's the equilibrium price?How did you get it?

2.At $5, is there a shortage or a surplus? How much?How can you tell?

Answer rating: 100% (QA)

To find the equilibrium price we need to identify the price at which the quantity demanded equal... View the full answer