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Homework #2 Ecn-102

# Homework #2 Ecn-102 - Economics 102-02 Spring 2012...

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Economics 102-02 Spring 2012 Homework #2 Due February 27, 2012 Evelyn Tavares Chapter 3 Page 64 Question #9 parts g and h only Chapter 6 Page 132 Questions #9, 10 9- g - Price up, quantity indeterminate h - Price indeterminate and quantity down. Complete the following question as well. 1. The following table summarizes the market for new textbooks at the NCC Bookstore. Price Quantity Supplied Quantity Demanded \$175 3000 4000 \$200 3500 3500 \$225 4000 3000 \$250 4500 2500 \$275 5000 2000 a. Graph the above supply and demand schedules on the same graph. b. What are the equilibrium price and quantity? Show the point of equilibrium on your graph. The equilibrium is the point where the quantity supplied is equal the quantity demanded. In this case at the point \$200.00 - 3500 c. At all prices other than equilibrium, state whether there is a shortage or surplus of textbooks and how large this shortage or surplus is.

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\$175.00 =
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Homework #2 Ecn-102 - Economics 102-02 Spring 2012...

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