Homework Answers
Question 1
ANSWER : The quantity demanded will be 200 and quantity supplied will be 700 . Theses are the values corresponding to price $6 in the table given.
Thus answer is 200 and 700.
QUESTION 2
ANSWER : There is a surplus of 500
At market price = $6, from the table it is clear thta quantity demanded is 200 and quantity supplied is 700. Here 500 units are surplus. There is demand for only 200 units.
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