nat5841
18.02.2022 •
Mathematics
Use the supply and demand schedules below to answer the following questions:
Price Quantity Demanded Quantity Supplied
$ 5 100 40
10 85 55
15 70 70
20 55 85
25 40 100
Instructions: Enter your answers as a whole number.
a. What is the market equilibrium price and quantity?
Market equilibrium price: $
Market equilibrium quantity:
units
b. What is the market price if there is a shortage of 30 units?
$
30
c. At a price of $20, the market experiences a
surplus
of
55
units.
Solved
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