a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?

a. What is the quantity demanded and the quantity supplied of Chicken at a price of GHS 210? b. At what price is the quantity supplied equal to 48,000 Chickens? c. Graph the demand and supply curve for Chickens. Determine the equilibrium price and quantity from the graph? d. If the price was GHS 120, what would the quantities demanded and supplied be? Would a shortage or surplus exist? If so, how large would the shortage or surplus be?

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter4: Demand, Supply, And Market Equilibrium

Section: Chapter Questions

Problem 21P

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Question

Solve d please

1. The table below shows information on the demand and supply for Chicken, where the
quantities of Chicken are measured in thousands.
Price
GHS 120
GHS 150
GHS 180
GHS 210
GHS 240
Table 1. Demand and Supply for Chicken
Qd
Qs
36
50
40
40
32
48
56
70
28
24
a. What is the quantity demanded and the quantity supplied of Chicken at a price of
GHS 210?
b. At what price is the quantity supplied equal to 48,000 Chickens?
c. Graph the demand and supply curve for Chickens. Determine the equilibrium price
and quantity from the graph?
d. If the price was GHS 120, what would the quantities demanded and supplied be?
Would a shortage or surplus exist? If so, how large would the shortage or surplus be?

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