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answer the following questions based on the provided data. 1.) what is the balue of equilbrium price? 2.) what is the value of qd at equilibrim? 3.) what is the value of qs ar equilibrium? 4.) if marker price is $2 then 5.) if market price is $5 then

Module 1/ Module 1 Excel Assignment (graded non pr / ECON705-33230-FALL2019 Using Module 1 Excel Assignment Data Set What is
lag tion c. 300 d 120 Using Module 1 Excel Assignment Data Set If market price is at $2, then Cuestion 4 Not yet answered Sel
Quantity Quantity Demanded Supplied 0.0 60.0 120.0 180.0 240.0 300.0 Price 1 200.0 160.0 120.0 1.0 2.0 3.0 80.0 40.0 4.0 5 5.
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Answer #1

1) equilibrium price is $3. This is because at this price the quantity demanded and quantity supplied are equal to each other at 120 units

2) equilibrium quantity demanded is 120 units

3) equilibrium quantity supplied is also 120 units

4) when the market price is reduced to 2 dollar, there is a shortage of (160-60) = 100 units

5) when the price is $5 it is greater than the equilibrium price which means there is a surplus of 200 units.

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