Refer to Figure E and fill in the blanks. if the market price is $7, a of keyboards would occur. Price $8 7

The Unique Gifts catalog lists a "super loud and vibrating alarm clock." Their records indicate the following information on the relation of monthly supply and demand quantities to the price of the clock. Demand Supply Price 166 131 $31 146 181 $43 Use this information to find the following. (a) points on the demand linear equation (x, p) (smaller x-value) (х, р) %3 (larger x-value) points on the supply linear equation (х, р) (smaller x-value) (x, p) = ( ) (larger x-value) (b) the demand equation p = (c) the supply equation p (d) the equilibrium quantity and price Equilibrium occurs when the price of the clock is $ and the quantity is

04. The maximum that buyers are willing to pay for the 8-th unit of this product is     (a) $4     (b) $12     (c) $18     (d) $22     (e) $24 05. The minimum that suppliers will accept for the twentieth unit of this product is     (a) $2     (b) $8     (c) $12     (d) $18     (e) $22   06. Assuming that this market is at equilibrium, what is the "consumer's surplus" and producer's surplus?     (a) consumer's surplus is $72; producer's surplus is $36     (b) consumer's surplus is $98; producer's surplus is $49     (c) consumer's surplus is $32; producer's surplus is $16     (d) consumer's surplus is $36; producer's surplus is $72     (e) consumer's surplus is $144; producer's surplus is $14

21. 11. A store is having a massive sale on margarine. What happens to the demand for the substitute item called butter-show on a demand graph. Label everything always.