This table gives the demand and supply schedule for gadgets The equilibrium price in this market is $ The equilirium price  in this market is Units if the price in this market is $20 there would be a (shortage or surplus) or ___ units Price Quantity demanded Quantity Supplied 25 163 220 20 167 205 15 171 190 10 175 175 5 179 160

ENGR.ECONOMIC ANALYSIS
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Chapter1: Making Economics Decisions
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This table gives the demand and supply schedule for gadgets

The equilibrium price in this market is $

The equilirium price  in this market is Units

if the price in this market is $20 there would be a (shortage or surplus) or ___ units

Price Quantity demanded Quantity Supplied
25 163 220
20 167 205
15 171 190
10 175 175
5 179 160
Expert Solution
Step 1

The equilibrium price is when quantity demand is equal to the quantity demanded. This is$5.

The equilibrium quantity is when quantity demand is equal to the quantity demanded. This is 175 units.

 

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