1. Plot the demand and supply curves in a same diagram. Find the equilibrium price and quantity from the diagram. II. If the actual price in this market were above the equilibrium price, what will happen to the market situation and how the equilibrium will be restored?

1. Plot the demand and supply curves in a same diagram. Find the equilibrium price and quantity from the diagram. II. If the actual price in this market were above the equilibrium price, what will happen to the market situation and how the equilibrium will be restored?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 8PA

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Question

1. The market for Burger has the following demand and supply schedule:
Price (TK)
Quantity demanded
Quantity Supplied
Burgers
Burgers
4
21
18
10
15
15
12
19
8
8
22
9.
4
24
I. Plot the demand and supply curves in a same diagram. Find the equilibrium price and
quantity from the diagram.
II. If the actual price in this market were above the equilibrium price, what will happen to
the market situation and how the equilibrium will be restored?

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