If the price of a table in year and year 2 is S30, is there excess or shortage! How much? h. If the price of a tabla in year 1 and 2 is $14, is there axcess or shortaga? How much? If the price of a table is $26, describe the forcas that will cause the price to chan ge in vear I and 2.
I want the answers of g, h, i
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g.
At the price of $30 in year 1 in the economy, there will be a demand for tables which is equal to 80 tables. Thus, the economy demands only 80 tables at the price of $30 per table in year 1. The quantity supplied at the price of $30 in year 1 in the economy is equal to 140 which means that there will be an excess supply of 60 tables in the economy when the price of the table is $30 per table in year 1. Similarly, at the price of $30 in year 2 in the economy, there will be a demand for tables which are equal to 95 tables. Thus, the economy demands only 95 tables at the price of $30 per table in year 2. The quantity supplied at the price of $30 in year 2 in the economy is equal to 125 which means that there will be an excess supply of 30 tables in the economy when the price of the table is $30 per table in year 2.
h.
At the price of $14 in year 1 in the economy, there will be a demand for tables which is equal to 120 tables. Thus, the economy demands 120 tables at a price of $14 per table in year 1. The quantity supplied at the price of $14 in year 1 in the economy is equal to 120 which means that there will be equilibrium in the economy when the price of the table is $14 per table in year 1, meaning that there will be no excess demand or supply in the economy in year 1. Similarly, at the price of $14 in year 2 in the economy, there will be a demand for tables which is equal to 135 tables. Thus, the economy demands 135 tables at a price of $14 per table in year 2. The quantity supplied at the price of $14 in year 2 in the economy is equal to 105 which means that there will be a shortage of 30 tables in the economy when the price of the table is $14 per table in year 2.
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