Number 3 Exercise 1:Read and graph the supply and demand schedules bebw to find the price where the market isat equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal)Price per Video Game indollars)Quantity Demanded (inmillions)Quantity Supplied (in millons)10010011009020010003009007040080060500700506006004070050030800400209003001010002001100100888888888 2. Ashortage is when there is more demand than there is supply. You can find it bysubtracting the quantity demanded from the quantity supplied for a certain price. In thechart above, if the price of a video game is $40, what is the shortage in number of videogames?3. Asurplus is when there is more supply than there is demand. You can find it bysubtracting the quantity supplied from the quantity demanded for a certain price. In thechart above, if the price of a video game is $80, what is the surplus in number of videogames?

Surplus is the amount of a good which exists when quantity supplied is more than the quantity…

3. Asurplus is when there is more supply than there is demand. You can find it by subtracting the quantity supplied from the quantity demanded for a certain price. In the chart above, if the price of a video game is $80, what is the surplus in number of video games?

3. Asurplus is when there is more supply than there is demand. You can find it by subtracting the quantity supplied from the quantity demanded for a certain price. In the chart above, if the price of a video game is $80, what is the surplus in number of video games?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 2CQQ

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Question

100%

Number 3

Exercise 1:
Read and graph the supply and demand schedules bebw to find the price where the market is
at equilibrium (Equilibrium is when quantity demanded and quantity supplied are equal)
Price per Video Game in
dollars)
Quantity Demanded (in
millions)
Quantity Supplied (in millons)
100
100
1100
90
200
1000
300
900
70
400
800
60
500
700
50
600
600
40
700
500
30
800
400
20
900
300
10
1000
200
1100
100
888888888

2. Ashortage is when there is more demand than there is supply. You can find it by
subtracting the quantity demanded from the quantity supplied for a certain price. In the
chart above, if the price of a video game is $40, what is the shortage in number of video
games?
3. Asurplus is when there is more supply than there is demand. You can find it by
subtracting the quantity supplied from the quantity demanded for a certain price. In the
chart above, if the price of a video game is $80, what is the surplus in number of video
games?

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