Homework Answers
As per the question
Price = $130
Quantity Supplied = 125 units
Quantity Demanded = 165 units
The question further says, with every increase of $1 in price, quantity supplied increase by 2 units and quantity demanded decreases by 2 units.
|
Price |
Quantity Supplied |
Quantity Demanded |
|
130 |
125 |
165 |
|
131 |
127 |
163 |
|
132 |
129 |
161 |
|
133 |
131 |
159 |
|
134 |
133 |
157 |
|
135 |
135 |
155 |
|
136 |
137 |
153 |
|
137 |
139 |
151 |
|
138 |
141 |
149 |
|
139 |
143 |
147 |
|
140 |
145 |
145 |
At the current price, the quantity demanded is MORE than the quantity supplied.
This means that the market is currently experiencing a SHORTAGE or EXCESS DEMAND.
In order to adjust, the market price will INCREASE until the quantity and quantity supplied are equal.
The result is an equilibrium quantity of 145 units and the equilibrium price of $145.
Add Answer to:
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