Graph the supply and demand curves from the table. P ($) QD Qs 6.00 130 | 100 6.50 120 120 7.00 110 140 7.50 100 160 8.00 90 180 8.50 80 200 9.00 70 220 What is the market clearing price? What is the equilibrium quantity? When the price is $8.00 is there a surplus or shortage and how much is it?

Graph the supply and demand curves from the table. P ($) QD Qs 6.00 130 | 100 6.50 120 120 7.00 110 140 7.50 100 160 8.00 90 180 8.50 80 200 9.00 70 220 What is the market clearing price? What is the equilibrium quantity? When the price is $8.00 is there a surplus or shortage and how much is it?

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section: Chapter Questions

Problem 1WNG

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Question

Graph the supply and demand curves from the table.
P ($)
QD
Qs
6.00 130 100
6.50 120 120
7.00 110 140
7.50 100 160
90 180
8.00
8.50 80 200
9.00 70 220
What is the market clearing price?
What is the equilibrium quantity?
When the price is $8.00 is there a surplus or shortage and how much is it?

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Step 1: Define demand-supply equilibrium:

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Step 2: Calculate market clearing price:

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Step 3: Calculate equilibrium quantity:

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Step 4: Calculate shortage and surplus:

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al.pdf ceFinal.pdf (1.35 MB) Demand P=50-200 Q=25-0.5P R F G Search or type URL % 5 V Supply P=35+ QS QS-P-35 24) Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are $40 and 5 thousand units. What is the value of producer surplus? B) $12.5 thousand C) $25 thousand D) $37.5 thousand A) $5 thousand Page Ref: 144-146 T G ^ 6 MacBook Pro B Y H & 7 N U J * Page of 18 0 < I 36 ) 0 L O command P • : ; 24) T option ZOOM + 11 ? = 1 C 11
al.pdf ceFinal.pdf (1.35 MB) Demand P=50-200 QD=25-0.5P R F G Search or type URL % 5 V Supply P=35+ QS QS-P-35 23) Refer to Table 4-12. The equations above describe the demand and supply for Bubba's Fried Jellybeans. The equilibrium price and quantity for Bubba's Fried Jellybeans are $40 and 5 thousand units. What is the value of consumer surplus? B) $12.5 thousand C) $25 thousand A) $5 thousand Page Ref: 144-146 D) $37.5 thousand T G ^ 6 MacBook Pro B Y H & 7 N U J * Page < I 36 of 18 ) 0 0 P O L command • : ; 22) 23) T option ZOOM + 11 ? = 1 C 11