2. The following data represent the demand schedule andsupply schedules of a certain commodity. Based on thisinformation, answer questions 1, 2, 3 and 4 properly.Price$987654quantitydemanded5047444138353229quantitysupplied222630343842465032126541. Sketch the demand schedule and supply schedule inthe same Label the equilibrium price (Pe) and the equilibriumquantity (Qe) properly.2. Determine (tabulate) the equilibrium and equilibriumquantity. Use the surplus and shortage columns to illustrateyour analysis.3. Is a price of $7.50 an equilibrium price? If yes why and if notwhy not?4. Is a price of 3.75 an equilibrium price? If yes, why and if notwhy not?

supply schedules of a certain commodity. Based on this information, answer questions 1, 2, 3 and 4 properly. Price $9 8 7 6 5 4 3 quantity demanded 50 47 44 41 38 35 32 quantity supplied 22 26 30 34 38 42 46

supply schedules of a certain commodity. Based on this information, answer questions 1, 2, 3 and 4 properly. Price $9 8 7 6 5 4 3 quantity demanded 50 47 44 41 38 35 32 quantity supplied 22 26 30 34 38 42 46

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter4: The Market Forces Of Supply And Demand

Section: Chapter Questions

Problem 11PA

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Equilibrium is the level at which supply and demand curves are equal . At this level there is no shortage and no surplus.

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