4. These are the supply and demand schedules for good X:QuantitySuppliedQuantityDemandedPrice$101839.1648.147126.6.10758.8.46.34102211112a) What is the equilibrium price and quantity? At this equilibrium, what is the producer's revenue?(Note: Producer's Revenue = Price * Quantity Sold)b) If the government sets a price of $8 for X, what will be the price, quantity, and revenue? Will therebe a shortage or surplus of X?c) If the government sets a price of $3, answer the same questions as in b).d) Suppose the demand for X increases, so that at each price, consumers want to buy three more unitsof the good. What happens to price, quantity, and revenue? Why has the quantity sold not increasedby three units?

NOTE: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…

Answered: 4. These are the supply and demand…

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 3PA

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