the table below shows the market demand and supply of shoes. use the information in the table to answer the questions that follows price ( c ) quantity demanded quantity supplied 2 24,000 4,000 4 20,000 8,000 6 16,000 12,000 8 12,000 16,000 10 8,000 20,000 12 4,000 24,000 a) with quantity on the x-axis and price on the y-axis draw on the same graph the demand and supply curves. b) from the graph: (i) determine the equilibrium price and quantity (ii) with examples from the table, describe the relationship between price and quantity supplied ( c) if price is fixed at Ghc 6.0, what will be the effect on (i) quantity demanded (ii) quantity supplied (iii) the market?
the table below shows the market demand and supply of shoes. use the information in the table to answer the questions that follows price ( c ) quantity demanded quantity supplied 2 24,000 4,000 4 20,000 8,000 6 16,000 12,000 8 12,000 16,000 10 8,000 20,000 12 4,000 24,000 a) with quantity on the x-axis and price on the y-axis draw on the same graph the demand and supply curves. b) from the graph: (i) determine the equilibrium price and quantity (ii) with examples from the table, describe the relationship between price and quantity supplied ( c) if price is fixed at Ghc 6.0, what will be the effect on (i) quantity demanded (ii) quantity supplied (iii) the market?
Microeconomics: Principles & Policy
14th Edition
ISBN:9781337794992
Author:William J. Baumol, Alan S. Blinder, John L. Solow
Publisher:William J. Baumol, Alan S. Blinder, John L. Solow
Chapter4: Supply And Demand: An Initial Look
Section: Chapter Questions
Problem 4TY: The following table summarizes information about the market for principles of economics textbooks:...
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Question
the table below shows the market
| quantity demanded | quantity supplied | |
| 2 | 24,000 | 4,000 |
| 4 | 20,000 | 8,000 |
| 6 | 16,000 | 12,000 |
| 8 | 12,000 | 16,000 |
| 10 | 8,000 | 20,000 |
| 12 | 4,000 | 24,000 |
a) with quantity on the x-axis and price on the y-axis draw on the same graph the demand and supply
b) from the graph:
(i) determine the
(ii) with examples from the table, describe the relationship between price and quantity supplied
( c) if price is fixed at Ghc 6.0, what will be the effect on
(i) quantity demanded
(ii) quantity supplied
(iii) the market?
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