What's the formula to solve the quantity demanded

Question Set 1 (1) - Excel Home insert Draw Page Layout Formulas Data Review View Help Tell me what you want to do Curt Times New Roman - 14 - A A 29 Wrap Text Number IT185Uw W Copy Format Painter BIU EDA = Merge & Center $ % Conditional Format as Normal_C Formatting ~ Table ~ oard Font Alignment Number fx 7.65 G i) Is there a shortage or a surplus? j) How much is the shortage or surplus? There is a surplus equal to 178.20 million bottles. k) Trying prices in $1 increments between $18 and $24, at what price and quantity does the market equilibrium occur? Quantity Quantity Price demanded supplied (in millions) (in millions) $18.00 458.42 280.22 $19.00 423.31 304.51 $20.00 388.20 328.80 $21.00 353.09 353.09 $22.00 317.98 377.38 $23.00 282.87 401.67 $24.00 247.76 425.96 Equilibrium price - $21.00 Equilibrium quantity - 353.09 million bottles 1) Suppose the costs of production increase to 150.600. If the price of wine stays at the point determined in part k, what will be supplied in the market? PPI = 150.600 Qs =TE million bottles ) Wil this create a shortage? If the costs of production increase to 150.600 and the price of wine stays at the point determined in part k this will create a shortage. 1) With the increase in production costs to 150.600, at what price will the market be in equilibrium again? Quantity Quantity Price demanded supplied (in millions) (in millions) $20.00 $21.00 $22.00 $23.00 $24.00 Equilibrium price - o) What will be demanded and supplied at the price determined in part n? Equilibrium quantity million bottles Problem + Accessibility: Investigate Search