5 12. Market equilibrium and disequililbriumThe following graph shows the monthly demand and supply curves In the market for calendars.Use the graph Input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white fleld, the graph and any corresponding amounts In each grey field will change accordingly.Graph Input ToolMarket for Calend10090I Price(Dollars per calendar)3080Quantity Demanded(Calendars)Quantity Supplied(Calendars)Supply50070605040Demand30 +201050 100 150 200 250 300 350 400 450 500QUANTITY (Calendars)The equilibrium price In this market is sper calendar, and the equlibrium quantity Iscalendars bought and sold per month.Complete the following table by Indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, andwhether this places upward or downward pressure on prices.PriceShortage or Surplus Amount(Dollars per calendar) Shortage or Surplus(Calendars)Pressure6040PRICE (Dollars per calendar)

Market equilibrium is achieved when demand for good is equal to supply for goods. demand = SUPPLY

Graph Input Tool (2) Market for Calendars 100 90 I Price (Dollars per calendar) 30 80 Supply Quantity Demanded (Calendars) Quantity Supplied (Calendars) 500 70 60 50 40 Demand 30 20 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Calendars) The equilibrium price in this market is s per calendar, and the equilbrlum quantity Is calendars bought and sold per month. Complete the following table by Indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per calendar) Shortage or Surplus (Calendars) Pressure 60 40 PRICE (Dollars per calendar)

Graph Input Tool (2) Market for Calendars 100 90 I Price (Dollars per calendar) 30 80 Supply Quantity Demanded (Calendars) Quantity Supplied (Calendars) 500 70 60 50 40 Demand 30 20 10 50 100 150 200 250 300 350 400 450 500 QUANTITY (Calendars) The equilibrium price in this market is s per calendar, and the equilbrlum quantity Is calendars bought and sold per month. Complete the following table by Indicating at each price whether there is a shortage or surplus in the market, the amount of that shortage or surplus, and whether this places upward or downward pressure on prices. Price Shortage or Surplus Amount (Dollars per calendar) Shortage or Surplus (Calendars) Pressure 60 40 PRICE (Dollars per calendar)

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Consumers, Producers, And The Efficiency Of Markets

Section: Chapter Questions

Problem 11PA

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