1. Plot the graph with demand and supply curves using this schedule. (Use table below) 2. Show equilibrium price and equilibrium quantity. 3. Calculate shortage at price $15. Calculate surplus at price $30.
1. Plot the graph with demand and supply curves using this schedule. (Use table below) 2. Show equilibrium price and equilibrium quantity. 3. Calculate shortage at price $15. Calculate surplus at price $30.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The below table gives an annual
1. Plot the graph with demand and supply
(Use table below)
2. Show
3. Calculate shortage at price $15. Calculate surplus at price $30.
4. If quantity supplied increases by 2 products, what is the new
equilibrium (don’t show this on a graph)
Kindly answer all parts
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