The graph on the right shows the market for squash. Show a price at which there is a shortage in the market. 10- 1.) Using the point drawing tool, indicate a price on the supply curve consistent with a shortage and label it Qg. 8- 2.) Using the point drawing tool, indicate the point on the demand curve that corresponds with the same price and label it Qp. Carefully follow the instructions above, and only draw the required objects. 10 Price of squash 4-
The graph on the right shows the market for squash. Show a price at which there is a shortage in the market. 10- 1.) Using the point drawing tool, indicate a price on the supply curve consistent with a shortage and label it Qg. 8- 2.) Using the point drawing tool, indicate the point on the demand curve that corresponds with the same price and label it Qp. Carefully follow the instructions above, and only draw the required objects. 10 Price of squash 4-
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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MBA-502-Q3789 Economics for Business 21TW3
Amy McAllister & 02/22/21 2:01 PM
Homework: 2-1 MyEconLab: Module Two Homework
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Concept Question 5.13
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The graph on the right shows the market for squash.
Show a price at which there is a shortage in the market.
10-
1.) Using the point drawing tool, indicate a price on the supply curve consistent
with a shortage and label it Qs.
2.) Using the point drawing tool, indicate the point on the demand curve that
corresponds with the same price and label it Qn:
Carefully follow the instructions above, and only draw the required objects.
D
10
Quantity of squash
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Price of squash
Expert Solution
Step 1
A shortage occurs when the quantity demanded is greater than the quantity supplied. Prices below the equilibrium are the ones where shortage occurs.
From the graph, we can see that the equilibrium price is $5 and the equilibrium quantity 5units of squash.
If the price is below $5, the shortage will occur. It is also called excess demand. So, we are taking price=$4 at which shortage occurs. At this point, 7 units of quantity are demanded but the quantity supplied is only 4 units.
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