Price Qs Qd Surplus or Shortage
$6.00 30000 0
$5.00 35000
$4.00 40000
$3.00 45000
$2.00 50000
$1.00 55000 -20000 Shortage
Q=65,000 - 10,000 P
Q = -35,000 + 15,000 P
Fill in the table
To fill in the table, we need to calculate the quantity supplied (Qs), the quantity demanded (Qd), and determine whether there is a surplus or shortage in the market based on the given price.
To calculate Qs, we need to use the first equation:
Q = 65,000 - 10,000P
To calculate Qd, we need to use the second equation:
Q = -35,000 + 15,000P
Let's fill in the table:
Price Qs Qd Surplus or Shortage
$6.00 30,000 (calculated) (to be determined)
$5.00 (calculated) (calculated) (to be determined)
$4.00 (calculated) (calculated) (to be determined)
$3.00 (calculated) (calculated) (to be determined)
$2.00 (calculated) (calculated) (to be determined)
$1.00 55,000 (calculated) (to be determined)
To calculate Qd, we substitute each price value into the Qd equation:
At $6.00:
Qd = -35,000 + 15,000(6)
= -35,000 + 90,000
= 55,000
Now let's fill in Qd for $6.00:
Price Qs Qd Surplus or Shortage
$6.00 30,000 55,000 (to be determined)
$5.00 (calculated) (calculated) (to be determined)
$4.00 (calculated) (calculated) (to be determined)
$3.00 (calculated) (calculated) (to be determined)
$2.00 (calculated) (calculated) (to be determined)
$1.00 55,000 (calculated) (to be determined)
Now let's calculate Qs using the Qs equation:
At $6.00:
Qs = 65,000 - 10,000(6)
= 65,000 - 60,000
= 5,000
Now let's fill in Qs for $6.00:
Price Qs Qd Surplus or Shortage
$6.00 5,000 55,000 (to be determined)
$5.00 (calculated) (calculated) (to be determined)
$4.00 (calculated) (calculated) (to be determined)
$3.00 (calculated) (calculated) (to be determined)
$2.00 (calculated) (calculated) (to be determined)
$1.00 55,000 (calculated) (to be determined)
We can continue this process for each price value to fill in the rest of the table.