Use the table below to answer the following questions: Quantity Supplied 5000 6000 7000 8000 19000...
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Use the table below to answer the following questions: Quantity Supplied 5000 6000 7000 8000 19000 Price $2 $4 $6 $8 $10 Quantity Demanded 12,000 9500 7000 4500 2000 a) If the price in this market is $8, find quantity demanded. b) If the price in this market is $8, find quantity supplied. c) If the price in this market is $8, will there be a surplus (excess supply) or a shortage (excess demand)? d) If the price in this market is $8, how big is the imbalance in the market? e) Find the equilibrium price and quantity. Use the table below to answer the following questions: Quantity Supplied 5000 6000 7000 8000 19000 Price $2 $4 $6 $8 $10 Quantity Demanded 12,000 9500 7000 4500 2000 a) If the price in this market is $8, find quantity demanded. b) If the price in this market is $8, find quantity supplied. c) If the price in this market is $8, will there be a surplus (excess supply) or a shortage (excess demand)? d) If the price in this market is $8, how big is the imbalance in the market? e) Find the equilibrium price and quantity.
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Related Book For
Economics
ISBN: 978-0073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
Posted Date:
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