(Answered) Use the following data to draw supply and demand curves on

Management Studies

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? $4.00

(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?

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