Find the equilibrium price for market

Assignment Help Microeconomics

Reference no: EM13126950

The information below represents the demand and supply schedules for a product:

Demand Schedule       Supply Schedule
Price Quantity Demanded   Price Quantity Supplied
      200              0               200        2100
      160    300              160        1700
      120            600    120        1300
       80             900              80          900
       40            1200             40          500
a. Using graph paper, plot the demand curve, with price on the vertical axis and quantity on the horizontal axis. Find the slope of the line you have drawn. (If you do not have access to graph paper, you can print graph paper from the following:

b. On the same graph, plot the supply curve.

c. If the price in this market were $160, explain why this would not be the market equilibrium price.

d. Find the equilibrium price and equilibrium quantity exchanged for this market.

Reference no: EM13126950

Questions Cloud

Explain how these differences affect the comparability : Provide an example of a difference between for-profit and not-for-profit organization financial reports. Explain how these differences affect the comparability of financial reports.

Income statement showed interest revenue : The 2010 income statement showed interest revenue in the amount of $4,900. You are to provide the missing adjusting entry that must have been made, assuming reversing entries are not made. For each journal entry write Dr for debit and Cr for credi..

What is the molarity of a solution : What is the molarity of a solution prepared by dissolving 13.1 g of glucose (of MW 180 amu) in 217 mL of solution?

Calculate the molar solubility of agcl : Calculate the molar solubility of AgCl in a 1.00L solution containing 10.0g of dissolved CaCl2. Compare the molar solubility of Mg(OH)2 in water and in a solution buffered at a pH of 9.0

Find the equilibrium price for market : If the price in this market were $160, explain why this would not be the market equilibrium price and find the equilibrium price and equilibrium quantity exchanged for this market.

What is the molarity of the ethanol in this solution : A solution of ethanol (C2H5OH) in water is prepared by dissolving 63.5 mL of ethanol (density = 0.79 g/cm3) in enough water to make 250.0 mL of solution.

Define important information about calculation : Important information about Calculation, A person ate 0.50 pound of cheese (an energy intake of 4000kJ). Suppose that none of the energy was stored in the body

At illustrate what price was the bond issued : The bond has a stated interest rate of 6 percent. On January 1, 2011, when the bond was issued, the market rate was 8 percent. The bond pays interest twice per year, on June 30 and December 31. At illustrate what price was the bond issued?

Available-for-sale debt securities : Assuming Marten Co. has a portfolio of Available-for-Sale Debt Securities, what should Marten Co. report as a gain or loss on the bonds?

User Account

All Pages