Q3 The market for Nissan Navara has the following demand and supply as scheduled as in TableQ3.Table Q3Price (Thousand Quantity demandedRM)92.0Quantity supplied1204094.01027098.0908510280951066010410850112(i) Sketch the demand and supply curves and determine the equilibrium price and quantity inthis market.(ii) If the actual price in this market were above the equilibrium price, what would drive themarket toward the equilibrium?

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Q3 The market for Nissan Navara has the following demand and supply as scheduled as in Table Q3. Table Q3 Price (Thousand Quantity demanded RM) 92.0 Quantity supplied 120 40 94.0 102 70 98.0 90 85 102 80 95 106 60 104 108 50 112

Q3 The market for Nissan Navara has the following demand and supply as scheduled as in Table Q3. Table Q3 Price (Thousand Quantity demanded RM) 92.0 Quantity supplied 120 40 94.0 102 70 98.0 90 85 102 80 95 106 60 104 108 50 112

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 45CTQ: Suppose both of these events took place at the same time. Combine your analyses of the impacts of...

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Question

Q3 The market for Nissan Navara has the following demand and supply as scheduled as in Table
Q3.
Table Q3
Price (Thousand Quantity demanded
RM)
92.0
Quantity supplied
120
40
94.0
102
70
98.0
90
85
102
80
95
106
60
104
108
50
112
(i) Sketch the demand and supply curves and determine the equilibrium price and quantity in
this market.
(ii) If the actual price in this market were above the equilibrium price, what would drive the
market toward the equilibrium?

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