R. Price $3 $4 $5 $6 $7 $8 Quantity Demanded 85 80 75 70 65 60 Quantity Supplied. 72 73 75 7 79 1 77 81 Surplus(+) or Shortage(-). a) What is the equilibrium price and quantity? Fill in the shortage-surplus column. b) Do surpluses drive prices up or down? What about shortages?
R. Price $3 $4 $5 $6 $7 $8 Quantity Demanded 85 80 75 70 65 60 Quantity Supplied. 72 73 75 7 79 1 77 81 Surplus(+) or Shortage(-). a) What is the equilibrium price and quantity? Fill in the shortage-surplus column. b) Do surpluses drive prices up or down? What about shortages?
Chapter3: Supply And Demand: Theory
Section3.3: The Market: Putting Supply And Demand Together
Problem 3ST
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Transcribed Image Text:R.
Price
$3
$4
$5
$6
$7
$8
Quantity
85
80
75
70
65
60
Demanded
Quantity Supplied.
72
73
75
77
79
81
Surplus(+) or Shortage(-).
a) What is the equilibrium price and quantity? Fill in the shortage-surplus column.
b) Do surpluses drive prices up or down? What about shortages?
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