Question

NAME SECTION PRINT LAST NAME, FIRST NAME MARKET EQUILIBRIUM 

Use the graph below to answer questions 1 through 10. 

If price is $4, quantity demanded is 1) _______ and quantity supplied is 2) _______ 

therefore, there would be a market 3) _______ equal to 4) _______ pizzas. 

If price is $10, quantity demanded is 5) _______ ,and quantity supplied is 6) _______ 

therefore, there would be a market 7) _______ equal to 8) _______ pizzas 

Equilibrium price is 9)_______  and equilibrium quantity is 10)  _______ pizzas

Use the graph below to answer questions 1 through 10. 

If price is $2.50, quantity demanded is 1) _______ and quantity supplied is 2) _______ 

therefore, there would be a market 3) _______ equal to 4)_______ bottles

If price is $0.5, quantity demanded is 5)_______ and quantity supplied is 6)  _______ .

therefore, there would be a market 7) _______ equal to 8) _______ bottles

Equilibrium price is 9) _______ and equilibrium quantity is 10) _______ bottles

Answer 1

Graph 1:

At the price of $4, quantity demanded is 1) 800 units and quantity supplied is 2) 400 units,

therefore there will be a market 3) shortage equal to 4) 400 pizzas.

If the price is $10, quantity demanded is 5) 200 pizzas and quantity supplied is 6) 1000 pizzas,

therefore there would be a market 7) surplus equal to 8) 800 pizzas.

Equilibrium price is 9) $6 and equilibrium quantity is 10) 600 pizzas.

Graph 2:

If the price is $2.50, quantity demanded is 1) 250 bottles and quantity supplied is 2) 1000 bottles

therefore there would be a market 3) surplus equal to 4) 750 bottles

If the price is $0.50, quantity demanded is 5) 1250 bottles and quantity supplied is 6) 500 bottles

therefore there would be a market 7) shortage equal to 8) 750 bottles

Equilibrium price is 9) $1.50 and equilibrium quantity is 10) 750 bottles of water