1. Refer to the following demand and supply values of rice at different prices. Calculate equilibrium price and quantity traded based on the given data. Quantity Quantity Price Supplied Demanded $2.00 400 840 $2.25 480 680 $2.50 550 550 $2.75 600 450 $3.00 640 350 $3.25 670 250 $3.50 700 200

1. Refer to the following demand and supply values of rice at different prices. Calculate equilibrium price and quantity traded based on the given data. Quantity Quantity Price Supplied Demanded $2.00 400 840 $2.25 480 680 $2.50 550 550 $2.75 600 450 $3.00 640 350 $3.25 670 250 $3.50 700 200

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

AA
1. Refer to the following demand and supply values
of rice at different prices. Calculate equilibrium price
and quantity traded based on the given data.
Quantity Quantity
Price
Supplied Demanded
$2.00
400
840
$2.25
480
680
$2.50
550
550
$2.75
600
450
$3.00
640
350
$3.25
670
250
$3.50
700
200
Your Answer:

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