The demand and supply schedules for sunscreen at a small beach are shown below. Market for Sunscreen Price (dollars per bottle) $40 35 30 25 20 15 Quantity of Quantity of Sunscreen Sunscreen Demanded Supplied (bottles) (bottles) 1,200 4,800 2,200 4,000 3.200 3,208 4,200 2,408 $,200 1,600 6,200 Nea Instructions: Enter your answers as a whole number. a. If the price is $35 per bottle, how many bottles of sunscreen are demanded and supplied in equilibrium? Qd= bottles bottles In this case, there would be [Click to select) pressure on the price. b. What is the equilibrium price and quantity in the market for sunscreen? P= $ bottles
The demand and supply schedules for sunscreen at a small beach are shown below. Market for Sunscreen Price (dollars per bottle) $40 35 30 25 20 15 Quantity of Quantity of Sunscreen Sunscreen Demanded Supplied (bottles) (bottles) 1,200 4,800 2,200 4,000 3.200 3,208 4,200 2,408 $,200 1,600 6,200 Nea Instructions: Enter your answers as a whole number. a. If the price is $35 per bottle, how many bottles of sunscreen are demanded and supplied in equilibrium? Qd= bottles bottles In this case, there would be [Click to select) pressure on the price. b. What is the equilibrium price and quantity in the market for sunscreen? P= $ bottles
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter6: Consumer Choices
Section: Chapter Questions
Problem 15CTQ: Income Effects depend on the income elasticity of demand for each good limit you buy. If one of the...
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