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)

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
icon
Related questions
Question

5

12. Market equilibrium and disequililbrium
The 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 Tool
Market for Calend
100
90
I Price
(Dollars per calendar)
30
80
Quantity Demanded
(Calendars)
Quantity Supplied
(Calendars)
Supply
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 equlibrium 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)
Transcribed Image Text:12. Market equilibrium and disequililbrium The 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 Tool Market for Calend 100 90 I Price (Dollars per calendar) 30 80 Quantity Demanded (Calendars) Quantity Supplied (Calendars) Supply 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 equlibrium 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)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Nash Equilibrium
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.
Recommended textbooks for you
ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
Economics
ISBN:
9780190931919
Author:
NEWNAN
Publisher:
Oxford University Press
Principles of Economics (12th Edition)
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education