Module 2 - price and quantity Price Quantity Demanded...

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Unformatted text preview: price and quantity. Price Quantity Demanded Quantity Suppplied $1.00 500 100 $2.00 400 120 $3.00 350 150 $4.00 320 200 $5.00 300 300 $6.00 275 410 $7.00 260 500 $8.00 230 650 $9.00 200 800 $10.00 150 975 Equilibrium price and equilibrium quantity is where quantity demanded equals quantity supplied. we see highleted yellow on the table, aslo the greenline on the graph that at $5, quantity demanded and quantity supplied are equal at 300. So, equilibrium price = $5 and equilibrium quantity = 300. a. Using the following schedule, define the equilibrium 1 2 3 4 5 6 7 8 9 10 200 400 600 800 1000 1200 Quantit Quantit Price Q u a n t i t y E ty Demanded ty Suppplied Equilibrium $10. What will occur? Price Quantity Demanded Quantity Suppplied $1.00 500 100 $2.00 400 120 $3.00 350 150 $4.00 320 200 $5.00 300 300 $6.00 275 410 $7.00 260 500 $8.00 230 650 $9.00 200 800 $10.00 150 975 the table and graph shows that as price rises, demand falls, and supply rises. at a price of $10 demand is 150 and supply is 975 creating a surplus or excees of 825 (975 - 150) b. Describe the situation at a price of 1 2 200 400 600 800 1000 1200 2 3 4 5 6 7 8 9 10 150 975 Quantity Deman Quantity Suppp nded lied $2. What will occur?$2....
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Module 2 - price and quantity Price Quantity Demanded...

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