Supply and demand schedules-what is the equilibrium price

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Reference no: EM13833397

Below are supply and demand schedules for calzones at a local pizzeria. Use the information in these tables to answer the following five questions.

Demand

P: $13 $12 $11 $10 $9 $8 $7 $6 $5 $4

Q: 20 40 60 80 100 120 140 160 180 200

Supply

P: $4 $5 $6 $7 $8 $9 $10 $11 $12 $13

Q: 10 20 30 40 50 60 70 80 90 100 110

1. What is the equilibrium price?

2. At what price is there a shortage of 60 calzones?

3. At what price is there a surplus of 60 calzones?

4. At a price of $13, there is a surplus of how many calzones?

5. At a price of $10, there is a shortage of how many calzones?

Reference no: EM13833397

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