Find the equilibrium price for market

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

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