7215755

# 7215755 - a. Using the following schedule, define the...

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Unformatted text preview: a. Using the following schedule, define the equilibrium price and quantity. Price \$1.00 \$2.00 \$3.00 \$4.00 \$5.00 \$6.00 \$7.00 \$8.00 \$9.00 \$10.00 Quantity Demanded 500 400 350 320 300 275 260 230 200 150 Quantity Suppplied 100 120 150 200 300 410 500 650 800 975 Equilibrium price and equilibrium quantity is quantity demanded equals quantity supplied. the table, we see that at \$5, quantity demande quantity supplied are equal at 300. Hence, equilibrium price = \$5 and equilibrium rice and equilibrium quantity is where anded equals quantity supplied. From see that at \$5, quantity demanded and lied are equal at 300. brium price = \$5 and equilibrium quantity = 300. ...
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## This note was uploaded on 08/04/2011 for the course ECN 601 taught by Professor Professor during the Spring '10 term at Grand Canyon.

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