12. Market equilibrium and disequilibriumThe following graph shows the monthly demand and supply curves in the market for teapots.Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.Graph Input ToolMarket for Teapots54SupplyIPrice(Dollars per teapot)24QuantityDemanded(Teacots)Quantity Supplied(Teapots)600400423830オ4.DemendQUANTITY TeapotsarchPRICE (Dollars per teapot) 302418Demand120 100 200 300 400 500 600 700 800 900 1000QUANTITY (Teapots)The equilibrium price In this market isper teapot, and the equilibrium quantity isteapots bought and sold per month.Complete the following table by indicating at each price whether there is a shortege or surplus in the market, the amount of that snortage or surplus,and whether this places UDward or downwerd pressure co sricesPriceShortage or Surplus Amount(Dollars per teapot)Shortage or Surplus(Teapots)Pressure4218PRICE (Dollars p

At equilibrium both the demand and supply will meet.

Answered: 60 54 Supply 48 42 36 30 24 18 Demand…

60 54 Supply 48 42 36 30 24 18 Demand 200 300 40t 500 800 TO0 3od eco 1e00 QUANTITY Tespots ch PRICE (Dollars per teapot)

ECON MICRO

5th Edition

ISBN:9781337000536

Author:William A. McEachern

Publisher:William A. McEachern

Chapter4: Demand, Supply, And Markets

Section: Chapter Questions

Problem 6.11P

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