(Answered) The table below shows the demand and supply schedules for

Economics

The table below shows the demand and supply schedules for applesauce.

Observe the data and answer the questions that follow.

Price per 6 oz cup Quantity Demanded per day Quantity Supplied

per day $ .50 400 220 $ .69 375 260 $ .75 310 310 $ .90 250 340 $1.10 200 390 $1.29 150 460 a. The equilibrium price is _____________

b. If the price per cup is $ .50, there will be a surplus or shortage? __________

c. If the price per cup is $ 1.10, the amount of the surplus will be ___________

d. If the price should fall from $ .90 to $ .75, __________ will rise and ______ will fall. (Select answers from: Demand, Supply, Quantity Demanded, Quantity Supplied)

e. If consumer income rises, _____________ will rise at every possible price. (Select answers from: Demand, Supply, Quantity Demanded, Quantity Supplied)

f. The number of firms producing dog food falls, _______________will fall at every possible price. (Select answer from: Demand, Supply, Quantity Demanded, Quantity Supplied)

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