Question 4 Depending on the table below, answer the following questions Price Quantity demand Quantity supply(x) 100 885 15 70 20 23 40 28 20 20 40 50 60 60 80 90 1. Draw the demand and supply curve (in the same diagram) 2. Determine the equilibrium price and quantity 3. At price equal 23, determine the surplus or deficit in quantity demand? 4) If the consumers' tastes for hamburger increase, what happen for the equilibrium price and quantity? Show by graph?

Question 4 Depending on the table below, answer the following questions Price Quantity demand Quantity supply(x) 100 885 15 70 20 23 40 28 20 20 40 50 60 60 80 90 1. Draw the demand and supply curve (in the same diagram) 2. Determine the equilibrium price and quantity 3. At price equal 23, determine the surplus or deficit in quantity demand? 4) If the consumers' tastes for hamburger increase, what happen for the equilibrium price and quantity? Show by graph?

Principles of Microeconomics

7th Edition

ISBN:9781305156050

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter6: Supply, Demand And Government Policies

Section: Chapter Questions

Problem 4PA

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