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There are two questions * 5. The market for ice cream has the following demand and supply schedules: Quantity Quantity Price demanded supplied (per quart)
There are two questions
* 5. The market for ice cream has the following demand and supply schedules: Quantity Quantity Price demanded supplied (per quart) (quarts) (quarts) $2 100 20 $3 80 $4 60 460 $5 40 80 $6 20 100 a. What are the equilibrium price and equilib- rium quantity in the ice cream market? Con- firm your answer by graphing the demand and supply curves. b. If the actual price is $3 per quart, what would drive the market toward equilibrium?
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Managerial Economics and Business Strategy
Authors: Michael R. baye
7th Edition
978-0073375960, 71267441, 73375969, 978-0071267441
