Suppose the prevailing price is $9 per bushel. Is there a shortage or a surplus in the market?

None

Why doesn’t the change to equilibrium happen immediately when there is surplus in the market?

You are given the following market data for Venus automobiles in Saturnia. Demand: P = 35,000 - 0.5Q Supply: P = 8,000 + 0.25Q where P = Price and Q = Quantity. a. b. C. Calculate the equilibrium price and quantity. Calculate the consumer surplus in this market. Calculate the producer surplus in this market. Use the editor to format your answer

Suppose the Hong Kong government imposes a price ceiling above the equilibrium price of flour. How does this price ceiling affect the price and the quantity sold of flour? Explain.

This is the market for HOT CHOCOLATE, which is a normal good and is produced with cocoa beans. We know that hot tea is a substitute for hot chocolate and whipped cream is a complement. Quantity Surplus or Price Quantity Supplied Demanded Shortage $5 6,000 10,000 $4 8,000 8,000 $3 10,000 6,000 $2 12,000 4,000 $1 14,000 2,000 1. Complete the table above finding a Shortage or a Surplus. Draw a graphical illustration of the market and find the equilibrium price and equilibrium quantity. For the remaining questions, explain by words or show graphically how equilibrium price and equilibrium quantity of hot chocolate would change (due to changes in Supply or Demand) if: 2. The price of cocoa beans falls; 3. The price of tea falls; 4. Consumer income falls because of a recession.

There is a price ceiling below the equilibrium price. The new equilibrium quantity sold in this market is-

The table below illustrates the market's demand and supply for cheddar cheese.  Price Per Pound[$] Quantity demanded Quantity Supplied 3.00 320 200 3.50 280 220 4.00 240 240 4.50 200 260 5.00 160 280 What will the excess demand or the shortage(that is, quantity demanded minus quantity supplied) be if the government institutes a price ceiling for cheese of $3.50,

True or false. There is no surplus or shortage when there is an equilibrium in the market.

Equilibrium Price: Skateboards The demand for your hand-made skateboards, in weekly sales, is q = -3p + 500 if the selling price is $p. You are prepared to supply q = 2p - 400 per week at the price $p. What price should you sell your skateboards for so that there is neither a shortage nor a surplus? per skateboard