53. Table 3.8 shows information on the demand andsupply for bicycles, where the quantities of bicycles aremeasured in thousands.PriceQdQs$1205036$1504040$1803248$2102856$2402470Table 3.8a. What is the quantity demanded and the quantitysupplied at a price of $210?b. At what price is the quantity supplied equal to48,000?

Equilibrium Quantity demanded = quantity supplied

Answered: 53. Table 3.8 shows information on the…

53. Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles are measured in thousands. Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)

14th Edition

ISBN:9781305506381

Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris

Chapter3: Demand Analysis

Section: Chapter Questions

Problem 4E

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Question

53. Table 3.8 shows information on the demand and
supply for bicycles, where the quantities of bicycles are
measured in thousands.
Price
Qd
Qs
$120
50
36
$150
40
40
$180
32
48
$210
28
56
$240
24
70
Table 3.8
a. What is the quantity demanded and the quantity
supplied at a price of $210?
b. At what price is the quantity supplied equal to
48,000?

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