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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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