Question: Question 1 Given the table below: table [ [ Price , table [ [ Quantity Demanded ] , [ Per Month ] ]

Question

1

Given the table below:

\

table

[[

Price

, \

table

[[

Quantity Demanded

], [

Per Month

]], \

table

[[

Quantity Supplied

], [

Per Month

]]], [

5, 6, 000, 10, 000], [

4, 8, 000, 8, 000], [

3, 10, 000, 6, 000], [

2, 12, 000, 4, 000], [

1, 14, 000, 2, 000]]

What is the equilibrium price and the equilibrium quantity?

Suppose the price is currently $

5 .

What problem would exist in the market? What would you expect to happen to price?

Suppose the price is currently $

2 .

What problem would exist in the market? What would you expect to happen to price?

$Question 1 Given the table below: \table[[Price,\table[[Quantity Demanded],[Per Month]],\table[[Quantity Supplied],[Per Month]]],[$5,6,000,10,000],[$4,8,000,8,000],[$3,10,000,6,000],[$2,12,000,4,000],[$1,14,000,2,000]]$

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