Homework Answers
a. Equilibrium is when Quantity demanded(Qd)= Quantity supplied(Qs).
At price $3 it is.
b.Qd and Qs at price $3 is 4 units.
c. At $6, surplus is 9 units as supply is 9 but demand is zero units.
d.At $2, shortage is 3 as demand is 6 but supply is 3 units.
e.Surplus contracts the price.
f. Shortage raises the prices.
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