Elucidate the equilibrium price and equilibrium quantity

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Reference no: EM1364039

2. This question deals with demand and supply and refers you to the table below:
Price Quantity Demanded/Month Quantity Supplied/Month
$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

a. What is the equilibrium price and equilibrium quantity?

b. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price?

Reference no: EM1364039

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