Per the graph below, what is the equilibrium price and quantity? Use only the numbers written on the graph as your answer. Market for Cucumbers S 2.00 1.50 1.00 1200 1600 2000 Quantity (pounds) Provide your answer below: p = $ Price per Pound (in USD)

Per the graph below, what is the equilibrium price and quantity? Use only the numbers written on the graph as your answer. Market for Cucumbers S 2.00 1.50 1.00 1200 1600 2000 Quantity (pounds) Provide your answer below: p = $ Price per Pound (in USD)

Microeconomics

13th Edition

ISBN:9781337617406

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section3.3: The Market: Putting Supply And Demand Together

Problem 3ST

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Question

Per the graph below, what is the equilibrium price and quantity? Use only the numbers written on the graph as
your answer.
Market for Cucumbers
S
2.00
1.50
1.00
1200
1600
2000
Quantity (pounds)
Provide your answer below:
q = p= $
Price per Pound (in USD)

Expert Solution

Step 1

Equilibrium quantity is decided when the quantity demanded is equal to the quantity supplied.

In the diagram, we can see that Quantity demanded and Quantity supplied intersect each other at 1600 pounds.

So, q=1600 pounds.

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