April 19, 2014

Homework Help: weonomics

Posted by sean on Monday, February 2, 2009 at 8:58pm.

Original quanity | new quantity . |price. |quanity supplied
demanded demanded
40 12$ 80
45 11$ 75
50 10$ 70
55 9$ 65
60 8$ 60
65 7$ 55
70 6$ 50
75 5$ 45

1. what is the equilibrium price and quanity? explain
2.what will occur if the price is instially set a $12
3.what will occur if the price is originally set at $5
4.draw a graph that illustrates the information for example

Now suppose that the demand increases by 10 units at each price. fill in the new quanity demanded in table above
5.determine the new equilibrium price and quanity
6.reproduce the graph tha u drew for question 4 and label oringinal demand and supply schedules and labal oringinal equilibium price and quanity. now draw new curves for new equilibrium aon same graph

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