Question
The following table shows their respective supply and demand schedules: Price Quantity Supplied Quantity Demanded More than $7 4 0 $5 to $7 3 1
The following table shows their respective supply and demand schedules:
Price | Quantity Supplied | Quantity Demanded |
---|---|---|
More than $7 | 4 | 0 |
$5 to $7 | 3 | 1 |
$3 to $5 | 2 | 2 |
$1 to $3 | 1 | 3 |
$1 or less | 0 | 4 |
Use Charles's supply schedule and Yakov's demand schedule to find the quantity supplied and quantity demanded at prices of $2, $4, and $6. Enter these values in the following table.
Price | Quantity Supplied | Quantity Demanded |
---|---|---|
2 | ||
4 | ||
6 |
A price of ______ brings supply and demand into equilibrium.
At the equilibrium price, consumer surplus is____, producer surplus is________, and total surplus is______
If Charles produced and Yakov consumed one less bottle of water, total surplus would fall/rise .
If instead, Charles produced and Yakov consumed one additional bottle of water, total surplus would fall/rise .
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