The following table depicts the weekly demand and supply of office visits at a local children's clinic staffed by four physicians.
|
Price per visit
|
Quantity demanded
|
Quantity supplied
|
|
$20
|
300
|
150
|
|
25
|
275
|
175
|
|
30
|
250
|
200
|
|
35
|
225
|
225
|
|
40
|
200
|
250
|
|
45
|
175
|
275
|
|
50
|
150
|
300
|
Draw the demand and supply curve for office visits
What is the equilibrium price and quantity of office visits per week?
If one of the physicians moves to another city, reducing quantity supplied by 25 percent, what are the price and quantity at the new equilibrium?