Use the supply and demand schedules below to answer the following questions: Price Quantity Demanded Quantity Supplied $10 100 20 15 80 40 20 60 60 25 40 80 30 20 100 Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Market equilibrium price: $ Market equilibrium quantity: units b. What is the market price if there is a shortage of 40 units? $

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14-09-2020
Business

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Use the supply and demand schedules below to answer the following questions: Price Quantity Demanded Quantity Supplied $10 100 20 15 80 40 20 60 60 25 40 80 30 20 100 Instructions: Enter your answers as a whole number. a. What is the equilibrium price and quantity? Market equilibrium price: $ Market equilibrium quantity: units b. What is the market price if there is a shortage of 40 units? $

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ewomazinoade ewomazinoade · Answer 1 · 2020-09-15T02:42:33+02:00

Answer:

$20

60

$15

Explanation:

equilibrium is the point where quantity supplied equals quantity demanded.

Equilibrium price is the price at which quantity supplied equals quantity demanded. = $20

equilibrium quantity is the quantity at which quantity supplied equals quantity demanded. = $60

There is a shortage at the point where quantity demanded exceeds quantity supplied. shortage occurs below equilibrium. At $15, quantity demanded exceeds quantity supplied by 40 units