Answered: 1. Refer to Table 4-16. Draw the supply…

1. Refer to Table 4-16. Draw the supply & demand curves. 2. Refer to Table 4-16. What is the equilibrium price in this market? 3. Refer to Table 4-16. What is the equilibrium quantity in this market?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

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

Table 4-16 The following table shows the supply and demand schedules in a market.
|Quantity
Supplied
(units)
|Quantity
Demanded
(units)
50
40
30
20
10
Price (S)
15
30
45
60
75
14
6
10
1. Refer to Table 4-16. Draw the supply & demand curves.
2. Refer to Table 4-16. What is the equilibrium price in this market?
3. Refer to Table 4-16. What is the equilibrium quantity in this market?
4. Refer to Table 4-16. At a price of $2, will there be a surplus or shortage of units in this market?
5. Refer to Table 4-16. At a price of $8, how large of a surplus will there be in this market?
6. Refer to Table 4-16. If the supply curve shifts to the right, will the price in this market rise or fall?

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