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Price Demand Supply 300 7400 8320 290 7480 8200 280 7520 8080 270 7600 7960 260 7640 7840 250 7720 7720 240 7760 7600 230
Price | Demand | Supply |
300 | 7400 | 8320 |
290 | 7480 | 8200 |
280 | 7520 | 8080 |
270 | 7600 | 7960 |
260 | 7640 | 7840 |
250 | 7720 | 7720 |
240 | 7760 | 7600 |
230 | 7840 | 7480 |
220 | 7880 | 7360 |
10.4 The table contains demand and supply data for eyeglasses in a local market.
a. At $280, how many pairs will consumers want to buy?
b. How many pairs will consumers want to buy if the price is $290?
c. How many pairs will stores want to sell at $290?
d. Is $290 the equilibrium price?
e. Is there excess supply or excess demand at $290?
f. What is the equilibrium price? How can you tell?
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