7. (LO 1, 4) In Kirin, at a market price of $1 per kilo, there is a

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7. (LO 1, 4) In Kirin, at a market price of $1 per kilo, there is a shortage of 60 kilos of avocados. For each 50-cent increase in the price, the quantity demanded drops by 5 kilos while the quantity supplied increases by 10 kilos.

a) Complete Table 2.16.

b) What will be the equilibrium price?
Price:

c) What will be the surplus/shortage at a price of $4.50?
Surplus/shortage of kilos:

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Principles Of Macroeconomics

ISBN: 9780226818399

8th Edition

Authors: Sayre, J.E.; Morris, A.J.

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Question Posted: Nov 11, 2024 01:00 AM

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7. (LO 1, 4) In Kirin, at a market price of $1 per kilo, there is a

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Principles Of Macroeconomics

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