At a price of $360 per tonne, is there excess supply or excess demand? How much? If the price is $280 per tonne, describe the forces that will cause the price to change. If the price is $360 per tonne, describe the forces that will cause the price to change.

At a price of $360 per tonne, is there excess supply or excess demand? How much? If the price is $280 per tonne, describe the forces that will cause the price to change. If the price is $360 per tonne, describe the forces that will cause the price to change.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Price
($ per ton)
280
300
320
340
360
380
Quantity Supplied
(million tons)
8.5
9.0
9.5
10.0
10.5
11.0
Quantity Demanded
(million tons)
12.5
11.0
9.5
8.0
6.5
5.0

V.
vi.
vii.
At a price of $360 per tonne, is there excess supply or excess
demand? How much?
If the price is $280 per tonne, describe the forces that will cause
the price to change.
If the price is $360 per tonne, describe the forces that will cause
the price to change.

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