Suppose the market demand for sanitizer is given by Qd = 300 – 10P and the market supply for sanitizer is given by and Qs = 40P -200 where P= price (per sanitizer). a. Tabulate and graph the supply and demand schedules for sanitizer using GHC 5 through GHC 30 as the value of P. b. In equilibrium, how many sanitizers would be sold and atwhat price? c. What would happen if the price of sanitizer is set at GHC 20 or GHC 5? Explain the market adjustment process in both cases.

Suppose the market demand for sanitizer is given by Qd = 300 – 10P and the market supply for sanitizer is given by and Qs = 40P -200 where P= price (per sanitizer). a. Tabulate and graph the supply and demand schedules for sanitizer using GHC 5 through GHC 30 as the value of P. b. In equilibrium, how many sanitizers would be sold and atwhat price? c. What would happen if the price of sanitizer is set at GHC 20 or GHC 5? Explain the market adjustment process in both cases.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 25P

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