Question
PRICE PER CD QUANTITY DEMANDED PER MONTH QUANTITY SUPPLIED PER MONTH $20 500 9000 18 1000 6000 16 1500 4500 14 2000 3500 12 2500
PRICE PER CD QUANTITY DEMANDED PER MONTH QUANTITY SUPPLIED PER MONTH
$20 500 9000
18 1000 6000
16 1500 4500
14 2000 3500
12 2500 2500
10 3000 1500
8 3500 800
6 4000 100
Looking at the table above identify:
equilibrium and why?
a price where there will be excesses of supply and why?
a price at which there will be shortages and why?
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Economics Principles and Policy
Authors: William J. Baumol, Alan S. Blinder
12th edition
978-0538453677, 538453672, 978-0538453622, 538453621, 978-0538453653
