Following are the supply and demand schedules for the market of Burgers:  Price                          Quantity Demanded              Quantity Supplied Rs.400                                     130 burgers                               30 burgers      500                                     100                                            50      600                                       80                                            80      700                                       60                                            90      800                                       50                                          100      900                                       40                                          120 Graph the demand and supply curves. What are the equilibrium price and quantity in this market?    If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium?    If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?

Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
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  1. Following are the supply and demand schedules for the market of Burgers:

 Price                          Quantity Demanded              Quantity Supplied

Rs.400                                     130 burgers                               30 burgers

     500                                     100                                            50

     600                                       80                                            80

     700                                       60                                            90

     800                                       50                                          100

     900                                       40                                          120

  • Graph the demand and supply curves. What are the equilibrium price and quantity in this market? 

 

  • If the actual price in this market were above the equilibrium price, what would drive the market toward the equilibrium? 

 

  • If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium?
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