Question
Q3) The demand and supply schedule for potato chips are Price Quantity Demanded Quantity Supplied 50 1600 1300 60 1500 1400 70 1400 1500 80
Q3) The demand and supply schedule for potato chips are
Price
Quantity Demanded
Quantity Supplied
50
1600
1300
60
1500
1400
70
1400
1500
80
1300
1600
90
1200
1700
100
1100
1800
a)Draw the graph of the potato chip market and mark in the equilibrium price and quantity.
b)If the price is 60 cents a bag, is there a shortage or surplus in the market? How does the price will adjust?
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Modeling Monetary Economies
Authors: Bruce Champ, Scott Freeman, Joseph Haslag
4th Edition
1316508671, 1316508676, 9781316723302 , 978-1107145221
