If one of the physicians moves to another city, reducing quantity supplied by 25 at each price, what are the price and quantity at the new equilibrium (roughly)?

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Question

If one of the physicians moves to another city, reducing quantity supplied by 25 at each price, what are the price and quantity at the new equilibrium (roughly)?

Price per visit	Quantity demanded	Quantity supplied
$20	300	150
25	275	175
30	250	200
35	225	225
40	200	250
45	175	275
50	150	300

a. P= between 35 & 40, Q= between 200 & 225

b. P= between 25 & 30, Q= between 175 & 200

c. P= between 45 & 50, Q= between 275 & 300

d. P= between 20 & 25, Q= between 150 & 175

e. None of the above

business economics

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Answer 1

Answer #1

Solution: P= between 35 & 40, Q= between 200 & 225

Working:

Price	Quantity demanded	Quantity supplied	New Quantity supplied	Diff between Demand and new quantity supplied
20	300	150	125	175
25	275	175	150	125
30	250	200	175	75
35	225	225	200	25
40	200	250	225	-25
45	175	275	250	-75
50	150	300	275	-125

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Answer 2

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If one of the physicians moves to another city, reducing quantity supplied by 25 at each price, what are the price and quantity at the new equilibrium (roughly)?

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If one of the physicians moves to another city, reducing quantity supplied by 25 at each price, what are the price and quantity at the new equilibrium (roughly)?

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If one of the physicians moves to another city, reducing quantity supplied by 25 at each price, what are the price and quantity at the new equilibrium (roughly)?

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If one of the physicians moves to another city, reducing quantity supplied by 25 at each price, what are the price and quantity at the new equilibrium (roughly)?