What is the equilibrium price and the equilibrium quantity

Reference no: EM13242431

Given the table below, graph the demand and supply curves for flashlights. Make certain to label the equilibrium price and equilibrium quantity.

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

b. What is the equilibrium price and the equilibrium quantity?

c. Suppose the price is currently $5. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

d. Suppose the price is currently $2. What problem would exist in the market? What would you expect to happen to price? Show this on your graph.

Reference no: EM13242431

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