Illustrate what problem exists in the economy

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Table below shows demand and supply schedule for flashlights. A. Given the table, graph the demand and supply curves for flashlights. What is the equilibrium price and equilibrium quantity? B. Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price? Show this on your graph. C. Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price?

Price Quantity Demanded

Per Month Quantity Supplied

Per 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

Reference no: EM1364386

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