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Given the table, respond to the questions below. (attachment)

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This question deals with demand and supply and refers you to the table below;a.;Given the table, respond to the questions below. It may be helpful to graph the data as you respond to the questions.;Price;Quantity Demanded/Month;Quantity Supplied/Month;$5;6,000;10,000;$4;8,000;8,000;$3;10,000;6,000;$2;12,000;4,000;$1;14,000;2,000;b.;What is the equilibrium price and equilibrium quantity?;c.;Suppose the price is currently at $5. What problem would exist in the economy? What would you expect to happen to price?;d.;Suppose the price is currently $2. What problem exists in the economy? What would you expect to happen to price?

 

Paper#81910 | Written in 18-Jul-2015

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