Equilibrium price and quantityWe are given the market information of phone asbelow:Price ($) Quantity Demanded Quantity Supplied20026,00012,00024523,00016,00029020,00020,00033517,00024,00038014,00028,000a) Define the market demand equation and supplyequation.b) Find the equilibrium price and quantity in a marketc) Draw the graph to show this market.

The demand curve is downward sloping and the supply curve is upward sloping which determines the…

Answered: Define the market demand equation and…

Define the market demand equation and supply equation. Find the equilibrium price and quantity in a market Draw the graph to show this market.

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 8PA

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Question

Equilibrium price and quantity
We are given the market information of phone as
below:
Price ($) Quantity Demanded Quantity Supplied
200
26,000
12,000
245
23,000
16,000
290
20,000
20,000
335
17,000
24,000
380
14,000
28,000
a) Define the market demand equation and supply
equation.
b) Find the equilibrium price and quantity in a market
c) Draw the graph to show this market.

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