Use the table below to answer the following questions: Quantity Supplied Price Quantity Demanded 5000 $2 12,000 6000 $4 9500 7000 $6 7000 8000 $8 4500 9000 $10 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 Price Quantity Demanded 5000 $2 12,000 6000 $4 9500 7000 $6 7000 8000 $8 4500 9000 $10 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.
Chapter3: Supply And Demand: Theory
Section: Chapter Questions
Problem 20QP
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Question
Use the table below to answer the following questions:
Quantity Supplied |
Price |
Quantity Demanded |
5000 |
$2 |
12,000 |
6000 |
$4 |
9500 |
7000 |
$6 |
7000 |
8000 |
$8 |
4500 |
9000 |
$10 |
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 (
d)If the price in this market is $8, how big is the imbalance in the market?
e) Find the
Question 3 options:
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