8. Use the graph below to answer the questions: Price $30 $28 $26 $24 $22 $20 100 200 300 400 500 a. Which curve is the demand curve: A or B? b. If the price is $28, find: A i. Quantity demanded B Quantity ii. Quantity supplied iii. Will there be a surplus (excess supply) or a shortage (excess demand)? iv. How big will the imbalance be?

8. Use the graph below to answer the questions: Price $30 $28 $26 $24 $22 $20 100 200 300 400 500 a. Which curve is the demand curve: A or B? b. If the price is $28, find: A i. Quantity demanded B Quantity ii. Quantity supplied iii. Will there be a surplus (excess supply) or a shortage (excess demand)? iv. How big will the imbalance be?

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter7: Demand And Supply

Section7.2: The Demand Curve And Elasticity Of Demand

Problem 5R

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