Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8

Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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ISBN:9781305506381
Author:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher:James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Chapter14: Pricing Techniques And Analysis
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Table 3.8 shows information on the demand and
supply for bicycles, where the quantities of bicycles are
measured in thousands.

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?
c. Graph the demand and supply curve for bicycles.
How can you determine the equilibrium price
and quantity from the graph? How can you
determine the equilibrium price and quantity
from the table? What are the equilibrium price
and equilibrium quantity?
d. If the price was $120, what would the quantities
demanded and supplied be? Would a shortage
or surplus exist? If so, how large would the
shortage or surplus be?

Price
Qd
Qs
$120
50
36
$150
40
40
$180
32
48
$210
28
56
$240
24
70
Table 3.8
Transcribed Image Text:Price Qd Qs $120 50 36 $150 40 40 $180 32 48 $210 28 56 $240 24 70 Table 3.8
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