Use the following data to draw supply and demand curves on, Ask an Expert

Economics

Use the following data to draw supply and demand curves on the accompanying graph.

Price	$ 8	7	6	5	4	3	2	1
Quantity demanded	2	3	4	5	6	7	8	9
Quantity supplied	10	9	8	7	6	5	4	3

(a) What is the equilibrium price?

(b) If a minimum price (price floor) of $6 is set,

(i) What kind of disequilibrium situation results?

(ii) How large is it?

(i) What disequilibrium situation results?

(ii) How large is it? Illustrate these answers.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91599179

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