2. Given below is the market demand and supply for fish in a small town.Quantity demanded(Kilos per week)Price of fishShortage orSurplus?How Much?PointsQuantity supplied(Kilos per week)(Per kilo)AP80100250300250В90100400200110550150a. Graph the market demand and supply curve and illustrate the equilibrium price andquantity.b. Fill in the last column above.С.What is the equilibrium price? What is the equilibrium quantity?

Demand Curve: - demand curve is the graphical way of showing the relationship between the quantity…

2. Given below is the market demand and supply for fish in a small town. Quantity demanded (Kilos per week) Shortage or Surplus? How Much? Points Price of fish Quantity supplied (Kilos per week) (Per kilo) A P80 90 100 250 300 250 В C 100 400 200 110 550 150 a. Graph the market demand and supply curve and illustrate the equilibrium price and quantity. b. Fill in the last column above. C. What is the equilibrium price? What is the equilibrium quantity?

2. Given below is the market demand and supply for fish in a small town. Quantity demanded (Kilos per week) Shortage or Surplus? How Much? Points Price of fish Quantity supplied (Kilos per week) (Per kilo) A P80 90 100 250 300 250 В C 100 400 200 110 550 150 a. Graph the market demand and supply curve and illustrate the equilibrium price and quantity. b. Fill in the last column above. C. What is the equilibrium price? What is the equilibrium quantity?

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 6QR

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