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Assignment 1 for macro

Assignment 1 for macro - Karina Santana March 2 2011...

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Karina Santana March 2, 2011 Macroeconomics Assignment 1: Chapter 3 Problem 6 Tuesday and Thursday 9:05-10:45 a.m. What is Supply? Supply represents how much quantity the market can offer at a given price. What is demand? Demand refers to how much quantity of a product buyers are willing to pay at given price for a desire service. When we do a supply and demand table we can tell the two apart because a demand curve slopes downward and a supply curve slopes upward. When the two curves intercept this is called Equilibrium. This basically means that the quantity demanded is the same as the quantity supplied at a given price. In this problem, we take a look at the schedule for Maine Lobster sold in the United States. As we can see in the table the supply column shows that at $25 per pound the quantity supplied is 800 pounds, $20 per pound the quantity supplied is 700 pounds, $15 per pound the quantity supplied is 600 pounds, $10 per pound the quantity supplied is 500 pounds and at $5 per pound the quantity supplied is 400 pounds. In this case, we noticed the supply curve going upward
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