Fill in the Demand Schedule below, and draw the Three Separate Private Demand functions. Then draw on a separate graph the Market Demand function and  the Market Supply function Show the market equilibrium price and quantity. Is there a shortage or a surplus when the price is P=10 and by how much? Explain the market mechanism that restores equilibrium when we have either a shortage or a surplus.   Price John James Jane Market Dem. Market Sup. 2 6 8 6   -- 4 4 6 5   5 6 2 4 4   10 10 0 2 3   15

ENGR.ECONOMIC ANALYSIS
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ISBN:9780190931919
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Chapter1: Making Economics Decisions
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  1. Fill in the Demand Schedule below, and draw the Three Separate Private Demand functions.

Then draw on a separate graph the Market Demand function and  the Market Supply function

Show the market equilibrium price and quantity.

Is there a shortage or a surplus when the price is P=10 and by how much?

Explain the market mechanism that restores equilibrium when we have either a shortage or a surplus.

 

Price

John

James

Jane

Market Dem.

Market Sup.

2

6

8

6

 

--

4

4

6

5

 

5

6

2

4

4

 

10

10

0

2

3

 

15

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