Draw the corresponding supply and demand curves

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Assume the following information for the demand and supply schedules for Good Z.

a. Draw the corresponding supply and demand curves.

b. What is the equilibrium price per unit and quantity traded?

c. If the price was $9, would there be a shortage or a surplus? How large?

d. If the price was $3, would there be a shortage or a surplus? How large?

e. If the demand for Z increased by 15 units at every price, what would be the new equilibrium price and quantity traded?

f. Given the original demand for Z, if the supply of Z was increased by 15 units at every price, what would be the new equilibrium price and quantity traded?

Reference no: EM131430803

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