The supply and demand curves for apples and given Qd = 79 – 8p and Qs = 14 + 5p Calculate the equilibrium price and equilibrium quantity Draw the graph. If the price of apples were p=3, is there a surplus (excess supply) or a shortage (excess demand) How many units of excess supply or an excess demand are there?
The supply and demand curves for apples and given Qd = 79 – 8p and Qs = 14 + 5p Calculate the equilibrium price and equilibrium quantity Draw the graph. If the price of apples were p=3, is there a surplus (excess supply) or a shortage (excess demand) How many units of excess supply or an excess demand are there?
Chapter4: Demand, Supply, And Market Equilibrium
Section: Chapter Questions
Problem 21P
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Question
- The
supply and demand curves for apples and given
Qd = 79 – 8p and Qs = 14 + 5p
- Calculate the
equilibrium price andequilibrium quantity - Draw the graph.
- If the price of apples were p=3, is there a surplus (
excess supply ) or a shortage (excess demand) - How many units of excess supply or an excess demand are there?
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